Business
Groupe Athena, Inc. Sets Pace for Record Fiscal Year With 22% Increase in First Quarter Revenues
Groupe Athena, Inc. Sets Pace for Record Fiscal Year With 22% Increase in First Quarter Revenues.
About this update from Ayujoy Herbals Ltd.
[{"type":"text","content":"\n \n \n Groupe Athena, Inc. Sets Pace for Record Fiscal Year With 22% Increase in First Quarter Revenues\n \n \nGroupe Athena, Inc. Sets Pace for Record Fiscal Year With 22% Increase in First Quarter Revenues\n \n MUMBAI, INDIA--(Marketwired - Oct 21, 2013) - Groupe Athena, Inc. (OTC Pink: GATA) today posted their quarterly results for the three months ending September 30, 2013. The company reported revenues of $18,762,589 which is an increase of 22% when compared to the corresponding period in 2012 and is the most revenue for a single quarter reported by the company to date. Operating income for the quarter also increased dramatically to $3.15 million from $2.14 million for the same period in 2012. The company notes that the very healthy 47% increase compared to the previous year is due to a 20% increase in operating margins. Groupe Athena attributed the increase to a revised mix of order flow that enabled more work to be done in-house as opposed to more costly outsourcing. \n Net income after taxes for the period increased 23% to $1.61 million or $.034 per share despite a one time impairment charge of $618,281 related to the recent property acquisition. Excluding this charge, net income increased 70% to $2.23 million for the period. \n The company's order position is also healthy and management expects total revenues of $65 million for the current fiscal year. As mentioned in previous updates, additions to equipment continue to result in savings and as a result, operating margins increased to 16.77% from 13.93% in the corresponding quarter of 2012. Management remains focused on attaining operating margins of 40% of revenues. Cash reserves remain strong and continue to grow and long term debt remains virtually non-existent. \n To review the complete quarterly report please go to www.otcmarkets.com/stock/GATA/quote and click on \"Financials\"\n The Indian pharmaceutical industry is increasingly focusing on exports to the United States and GATA is well positioned to help them get their products approved by the FDA for sales in the US. All of these are potential clients and the Company believes it has an advantage over competitors due to the facilities based in India, and their ability to deliver quick feedback to clients that could result in expedited order generation. With recent additions to equipment, the company will continu...