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mCig, Inc. Announces (Unaudited) Fiscal Year 2017 Financial Results -- Best Year in Corporate History
mCig, Inc. Announces (Unaudited) Fiscal Year 2017 Financial Results -- Best Year in Corporate History.
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[{"type":"text","content":"\n \n \n mCig, Inc. Announces (Unaudited) Fiscal Year 2017 Financial Results -- Best Year in Corporate History\n \n \nmCig, Inc. Announces (Unaudited) Fiscal Year 2017 Financial Results -- Best Year in Corporate History\n \n HENDERSON, NV--(Marketwired - May 15, 2017) - mCig, Inc., (OTCQB: MCIG), a leading distributor of innovative products, technologies, and services for the global medical cannabis industry is pleased to announce some highlights of its year-end financial results: \n \n \n Net Sales increased to $4.5 million, a 158% increase year to year comparison, and a 1,294% increase for the 4th quarter compared to same period last fiscal year\n \nNet income of $1.5 million compared to a $1.4 million loss from the previous year, and an increase of $2.9 million net earnings\n \nCash and cash equivalents of $1.6 million compared to $0.1 million from the previous year (a 1,369% increase), and a 400% increase from last quarter. mCig generated $2.1 million in cash from operating activities\n \nmCig assets increased to $6.8 million, having 6 times more assets than it does liabilities\n \n \n In addition to the highlights mentioned above, mCig Inc. was able to reduce its operating expenses by $730K (43%) from the previous year. In addition, mCig increased its gross profit by 20% to 36% compared to 16% from the previous year.\n mCig's top three reporting segments were all profitable and have established a niche market for their respective products and services. An overview of the three segments are as follows:\n \n \n \n  \n  \n  \n  \n  \n \n \n Segment\n  \n Sales\n  \n Net Income\n \n \n Construction\n  \n $2.4M\n  \n $212K\n \n \n CBD\n  \n $1.2M\n  \n $888K\n \n \n e-Cig\n  \n $870K\n  \n $143K\n \n \n \n \"We are proud to report a strong record year for mCig and its shareholders. With sales and profits soaring at exponential rates, our cash position increasing, more than $14M in backlog sales, our new and innovative solutions that are projected to have a significant impact on our future financial statements, the 616% CAGR for our shareholders, and still NO TOXIC DEBT, the MCIG story is bright,\" says Paul Rosenberg, the company's Chief Executive Officer. He went on to say, \"We have just touched the tip ...