Business
Amfil Technologies Inc. Announces Fiscal Q2 2018 Revenues up 114% year over year to $3,307,549
Amfil Technologies Inc. Announces Fiscal Q2 2018 Revenues up 114% year over year to $3,307,549.
About this update from Amfil Technologies Inc.
[{"type":"text","content":"Amfil Technologies Inc. (OTC: AMFE) is pleased to provide our shareholders with a summary of our Fiscal Q2 2018 Financials.Revenues were up over 114% fiscal year over year from $1,542,389 in Q2 2017 to $3,307,549 in Q2 2018. Cash on hand as at December 31st 2017 was $352,213 with $74,484 in Prepaid Expenses, $484,243 in Accounts Receivable, $2,927,595 in Inventory and $2,742,279 in Property & Equipment putting the company at $6,580,814 in Total Assets. The company ended the quarter profitable with $1,518,337 in Gross Profit which was heavily reinvested in the construction, staffing, and general/admin costs associated with the opening of ‘Midtown’, the largest location to date, leaving a net income of $88,766.Q2 has historically been the largest revenue generating quarter for the Snakes & Lattes Inc. subsidiary which currently has the largest impact on the overall company’s financial statements. This year however, some retailers placed larger orders through the distribution arm in Q1, and these orders were received, fulfilled, and shipped during the first fiscal quarter resulting in Q1 absorbing the majority of the holiday sales spike. These increased purchase orders from a few large retailers in Q1 ended up being their holiday season stock and therefore the re-orders did not appear in Q2 but are anticipated for Q3 and Q4. The Q2 revenue numbers also do not include a number of large sales made during the quarter, where the contract was not fully completed or fulfilled by the end of the quarter and therefore not recognized in Q2.The company remains on an upward trajectory, with revenues exceeding $9M only two quarters in to Fiscal 2018 thus already surpassing the entire 2017 Fiscal year by 39% or over $2.5M USD. The Snakes & Lattes ‘Midtown’ location soft launched in the final few weeks of the quarter and therefore did not contribute to revenue in any significant way. The location is now fully operational and generating revenue as anticipated which should significantly contribute to increased retail revenues for Q3 and beyond. A number of US and Canadian franchise and joint venture initiatives have already been capitalized on and there are more in the works. We therefore anticipate further positive impact moving forward as additional retail locations continue to open this year. With revenues doubling year over year in ...