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":"Groupe\nAthena, Inc. (Pink sheets GATA.PK) today posted their quarterly results for the\nthree months ending September 30, 2013. The company reported revenues of\n$18,762,589 which is an increase of 22% when compared to the corresponding\nperiod in 2012 and is the most revenue for a single quarter reported by the\ncompany to date. Operating income for the quarter also increased dramatically\nto $3.15 million from $2.14 million for the same period in 2012. The company\nnotes that the very healthy 47% increase compared to the previous year is due\nto a 20% increase in operating margins. Groupe Athena attributed the increase to\na revised mix of order flow that enabled more work to be done in-house as\nopposed to more costly outsourcing. Net income after\ntaxes for the period increased 23% to $1.61 million or $.034 per share despite\na one time impairment charge of $618,281 related to the recent property\nacquisition. Excluding this charge, net income increased 70% to $2.23 million\nfor the period. The company?s order position is also healthy and management\nexpects total revenues of $65 million for the current fiscal year. As\nmentioned in previous updates, additions to equipment continue to result in\nsavings and as a result, operating margins increased to 16.77% from 13.93% in\nthe corresponding quarter of 2012. Management remains focused on attaining\noperating margins of 40% of revenues. Cash reserves remain strong and\ncontinue to grow and long term debt remains virtually non-existent.To review the complete\nquarterly report please go to www.otcmarkets.com/stock/GATA/quote\nand click on ?Financials?.The Indian\npharmaceutical industry is increasingly focusing on exports to the United States and GATA is well positioned to\nhelp them get their products approved by the FDA for sales in the US. All of\nthese are potential clients and the Company believes it has an advantage over\ncompetitors due to the facilities based in India, and their ability to deliver\nquick feedback to clients that could result in expedited order generation. With\nrecent additions to equipment, the company will continue to take on additional\ncontracts and continue to anticipate further growth.About\nGroupe Athena, Inc.Groupe Athena Inc. was\nincorporated in June 2008 and began operations on July 1 of that year. The\ncompany is a research and tes...