Business
Innovest Global Announces Second Quarter 2019 Earnings
Innovest Global Announces Second Quarter 2019 Earnings.
About this update from Innovest Global Inc
[{"type":"text","content":"\nInnovest Global Inc. (OTC Markets: IVST), today announced financial results for the second quarter ended June 30, 2019. Second quarter 2019 net sales were $17.3 million; an increase of $16.2 million from $1.1 million in the second quarter 2018, and $4.4 million or 34% higher compared with $12.9 million in the first quarter 2019. Year to date through June 30, 2019, net sales were $30.2 million, over 20% ahead of year to date 2019 guidance (click here for guidance).\n\n\nDan Martin, Chief Executive Officer and Chairman said, “We are incredibly proud of our tremendous progress in 2019 resulting from acquisitions coupled with strong organic growth particularly in our building materials and energy divisions. Over the last two quarters we have had positive cash flows with no long-term debt which is a testament to our team’s efforts around execution and strategy.”\n\n\nMartin continued, “Every member of the Innovest Global family has contributed to our success and growth thus far. In particular, the dedication and focus of our President, Damon Mintz and our team of global leaders, Tony Crookston, Tom Eichele, Sally Emch, Dennis Giancola, Mark Kelly, Shawn Nadolski, Bill Oler, and John Yenges have created great value and a strong foundation on which incremental shareholder value can be obtained.”\n\n\nThe Company has also recently announced plans to spin-off its biotechnology holdings to focus on industrial revenue opportunities. In the planned spin-off, Innovest Global Inc. will hold stock in the Biotech spin-out company with dividends paid to IVST shareholders quarterly. In addition to achieving value from the stock of its Biotech effort, this action is expected to provide a focused and dedicated environment for Innovest to take advantage of rapidly growing traditional industrial and commercial sales. This action is expected to be completed no later than the end of the year.\n\n\nNotable information from the second-quarter 2019 financial report:\n\n\n\nSecond quarter ended June 30, 2019 net sales of $17.3 million; an increase of $16.2 million over the second quarter of 2018, and $4.4 million or 34% higher than the first quarter of 2019.\n\n\nSix months ended June 30, 2019 net sales of $30.2 million, an increase of $28.3 million over $1.8 million reported in the six month period ended June 30, 2018.\n\n\...