Bergio International Announces Second Quarter Results
August 19 2013 - 4:38PM
Marketwired
Bergio International, Inc. (OTCQB: BRGO) ("Bergio" or the
"Company") announced today its results for the six months ended
June 30, 2013.
For the first six-month period, which ended on June 30, 2013,
the Company reported revenues of $695,256 as compared to $780,500
for the same period in the prior year. This decline is due to
slowdowns in sales in the U.S. and Russian markets as well as lower
gold prices. During this time, we have invested in marketing in
order to penetrate the market with the expectation of increased
revenues in the future. Additional unexpected legal fees to address
the chill from the Depository Trust & Clearing Corporation
caused the Company to report operating loss for the first six
months ending on June 30, 2013 of $269,378 as compared to operating
income of $16,616 for the same period in the prior year.
Due to the increase in stock price the Company incurred a large
derivative liability, which created a non-cash derivative liability
on its balance sheet of $1,487,796. This caused the company to show
a stockholder equity of $548,082 compared to $1,506,796 as of
December 31, 2012. If the non-cash derivative liability is reversed
the stockholder equity should be $2,035,878, which is an increase
by 26% since the beginning of 2013. Looking at the balance sheet
our inventory has improved by 11%, and after the derivative
liability is reversed our asset to liability ratio is 3:1.
Berge Abajian, CEO of Bergio, stated, "We had flat revenue for
the first six months of 2013, but we are hopeful that investments
made in marketing as well as existing negotiations could improve
the revenue numbers for the second half of the year."
He spoke, "I would like to report that we are working on several
potential avenues of expansion including: continued negotiations
with a large jewelry wholesaler, as previous reported; sustained
sales of Bergio products in conjunction with Sterling proven by
their last sales report; the introduction of the Bergio Amazon
web-store which we anticipate will launch within the next two
weeks; and the planned addition of ten new stores in Moscow, Russia
carrying Bergio products. These expansion opportunities are in
development, but these processes have taken longer than originally
anticipated."
He added, "We will be on the air with ShopHQ once again on
October 17, 2013 although this date is still tentative. A press
release will be sent out once we have received a final confirmation
of airing time and date. We expect positive publicity and revenue
from this based on the results of our first appearance with ShopHQ,
which garnered net sales of $42,978.91 during a 45-minute time
span."
He continued, "I would like to announce that we are advancing
negotiations involving several different leasing agents in order to
locate a store on Madison Ave in New York, NY to open the very
first exclusive Bergio boutique, furthering brand exposure in the
American and International consumer markets. Thank you again to all
of our shareholders for your support and patience."
We will endeavor to continue to update our shareholders as the
Company progresses with execution of the Company's business
plan.
We encourage everyone to read our full results of operations
contained in our Quarterly Report on Form 10-Q filed on August 19,
2013 with the United States Securities and Exchange Commission and
accessible at www.sec.gov.
About Bergio International, Inc.
Bergio International, Inc. is a leading jeweler creating a
diversified jewelry designer and manufacturer through acquisitions
and consolidation in the estimated $160 billion a year highly
fragmented independently owned jewelry industry. Bergio currently
sells its jewelry to approximately 50 jewelry retailers across the
United States. Bergio has manufacturing control over its line
through its manufacturing facility in New Jersey, as well as
subcontracts with facilities in the United States and Italy.
The information contained herein includes forward-looking
statements. These statements relate to future events or to our
future financial performance, and involve known and unknown risks,
uncertainties and other factors that may cause our actual results,
levels of activity, performance, or achievements to be materially
different from any future results, levels of activity, performance
or achievements expressed or implied by these forward-looking
statements. You should not place undue reliance on forward-looking
statements since they involve known and unknown risks,
uncertainties and other factors which are, in some cases, beyond
our control and which could, and likely will, materially affect
actual results, levels of activity, performance or achievements.
Any forward-looking statement reflects our current views with
respect to future events and is subject to these and other risks,
uncertainties and assumptions relating to our operations, results
of operations, growth strategy and liquidity. We assume no
obligation to publicly update or revise these forward-looking
statements for any reason, or to update the reasons actual results
could differ materially from those anticipated in these
forward-looking statements, even if new information becomes
available in the future.
Contact: Bergio International, Inc. Investor Relations
973-227-3230 Ext13 www.bergio.com
Bergio (PK) (USOTC:BRGO)
Historical Stock Chart
From Apr 2024 to May 2024
Bergio (PK) (USOTC:BRGO)
Historical Stock Chart
From May 2023 to May 2024