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EVIO Inc. Reports Second Fiscal Quarter 2018 Results
EVIO Inc. Reports Second Fiscal Quarter 2018 Results.
About this update from Evio, Inc.
[{"type":"text","content":"\n\n\n\nEVIO Inc. Reports Second Fiscal Quarter 2018 Results\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nEVIO Inc. Reports Second Fiscal Quarter 2018 Results\nPR Newswire\nBEND, Ore., May 16, 2018\n\n\n\nBEND, Ore., May 16, 2018 /PRNewswire/ -- EVIO Inc. (OTCQB: EVIO) (\"EVIO\" or \"the Company\") a leading provider of cannabis testing and scientific research for the regulated cannabis industry, announces its financial and operating results for the quarter and six months ended March 31, 2018.\n\n\n \n \n\n \nSecond Quarter Fiscal 2018 Financial Summary\n\n\nSecond quarter revenue was $732,311, a decrease of $56,415 or 12.1% from second quarter last year.\nSecond quarter gross loss was $66,077, a decrease of $284,800 or 130.2% from second quarter last year.\nSecond quarter testing revenue was $689,011, a decrease of $56,415 or 7.6% from second quarter last year.\nSecond quarter cash position has increased to $3,021,247. \nSix Months Ending March 31, 2018 Financial Summary\n\n\nSix months revenue was $1,679,176, an increase of $177,997 or 11.9% from the first six months of last year.\nSix months gross profit was $144,525, a decrease of $152,575 or 51.4% from the first six months of last year.\nSix months testing revenue was $1,576,360, an increase of $262,356 or 20.0% from the first six months of last year. \nExecutive Commentary\n\n\"EVIO's second quarter focused greatly on broadening the Company's portfolio. With our recent private placement of $5.973 million, we expanded the Company's footprint by acquiring additional labs, namely in California, a market that we have identified as having unparalleled potential,\" said William Waldrop, CEO of EVIO. \"We expect the state of California to enforce mandated compliance testing by July 1, 2018. With operational facilities in both Humboldt and Berkeley and the goal of further expansion into the state, we feel like EVIO is well-positioned to meet California's demand for cannabis testing. Another significant milestone was our entrance into the Canadian market and launched EVIO Canada with the acquisition of Keystone Labs ahea...