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mCig, Inc. Announces Preliminary Record Numbers for Third Quarter
mCig, Inc. Announces Preliminary Record Numbers for Third Quarter.
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[{"type":"text","content":"\n \n \n mCig, Inc. Announces Preliminary Record Numbers for Third Quarter\n \n \nmCig, Inc. Announces Preliminary Record Numbers for Third Quarter\n\nBest quarter in corporate history; 1.3mil in revenues\n\n \n HENDERSON, NV--(Marketwired - Feb 6, 2017) - mCig, Inc. (OTCQB: MCIG)\n \n \n Net Sales increase to $1.3M, a 546% increase year to year comparison and a 204% increase from previous quarter\n \nNet Income of $845K with an Adjusted Net Income of $118K is highest in company history for single quarter performance\n \nCash position increases for third consecutive quarter with $341K generated by operating activities\n \n4.3:1 Current Acid Test Ratio signifies healthy company with strong ability to pay current liabilities\n \n \n mCig, Inc., (OTCQB: MCIG), a diversified company servicing the legal cannabis, hemp, and CBD markets announced today its preliminary earnings and financial results for its third quarter for FY 2017, ending January 31, 2017.\n MCIG generated $1.3M in revenue through its construction, CBD, and e-Cig divisions during the third quarter bringing its total revenue for the FY to $2.2M. The revenue generated represents a 546% increase from the same period last year, and a 204% increase from last quarter. MCIG's net income for the quarter was $898K (with a $118K adjusted net income) bringing its total net income YTD to $716K ($227K adjusted net income), a 32% net margin. The company generated $341K in cash from operations and has increased its cash, and cash equivalents, position by 311% this fiscal year to $420K. MCIG reports $1.26M in current assets with only $287K in current liabilities giving it an acid test ratio of 4.3:1, its highest rating in company history. \n Michael Hawkins, Chief Financial Officer, stated, \"For the third straight quarter MCIG has recorded record numbers. With its current contracts and booked revenue the Company will continue to see quarter over quarter growth in revenue.\" He went on to say, \"During this quarter we will revamp our segment reporting; changing from construction, wholesale, and retail; to construction, CBD, and e-Cig operations. We feel reporting on the segments under these new categories will provide a greater in depth review of our operations to our shareholders and investors.\"\n Mr. Hawkins went on to explain the net income and ...