Business
RealBiz Media Group/Verus Foods Reports Q3 Fiscal 2018 Results
RealBiz Media Group/Verus Foods Reports Q3 Fiscal 2018 Results.
About this update from Verus International, Inc.
[{"type":"text","content":"\nGAITHERSBURG, MD, Sept. 24, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE - RealBiz Media Group, Inc. (OTC: RBIZ), currently operating as Verus Foods (the “Company”), today announced the financial results for its third quarter of fiscal 2018, ended July 31, 2018. In conjunction with these results, the Company is also providing a corporate update. \n In terms of Q3/2018, management is noting the following items of importance: Compared to the same periods in 2017, the Company posted a 77% increase in sales for the first nine months of fiscal 2018 and a 31% year-over-year increase for Q3 2018.The company achieved a gross margin of 16.3%, within the higher range of expectations.  Q3 2018 results were significantly impacted by the inclusion of one-time line items associated with the reorganization and a large, conservative reserve for certain default provisions of the convertible notes payable. We expect that much of this reserve will be reversed in a future quarter. On an organizational basis, the Company successfully completed the spin-off of the NestBuilder real estate division.The Company undertook a complete reorganization of its Dubai operations, forming Verus Middle East General Trading. This change will have major long-term ramifications, because Verus now controls 100% of its intellectual property and brands; has a broader product license and can begin to sell non-food items (previously restricted to food only) into the same retail network; and is now completely independent with autonomous control over its GCC operations. “This is a quarter that ended with the spin-off of the real estate division, so it will be the last quarter that includes financial information incorporating the legacy RealBiz operations,” explained Verus CEO, Anshu Bhatnagar. “Investors can look at this as the ‘kitchen sink’ quarter, filled with charges and not yet reflecting the upcoming revenue that will be generated from our newest order and major reorganization in Dubai. In addition, because we reached our authorized share limit, we will need to make some important changes to satisfy the terms of our existing debt. We are currently in discussions to recapitalize the company to remedy this situation.” On a forward basis, the Company would like to provide the following update: Verus has filed ...