Bergio International Announces Year End Results
April 16 2014 - 8:00AM
Marketwired
Bergio International Announces Year End Results
FAIRFIELD, NJ--(Marketwired - Apr 16, 2014) - Bergio
International, Inc. (OTCQB: BRGO) ("Bergio" or the "Company")
announced today its results for the year ending December 31,
2013.
For the year ended December 31st, the Company reported revenues
of $1,999,496 as compared to $2,017,614 for the same period in the
prior year. Total liabilities at December 31st, 2013 were $666,420
as compared to $1,537,582 at December 31, 2012 as the Company has
been making a concerted effort to improve its balance sheet.
Stockholders' equity at December 31st, 2013 was $1,855,311 as
compared to $1,506,796 at December 31, 2012. The net loss for 2013
was $835,740 as compared to $388,434 for 2012.
Berge Abajian, CEO of Bergio International, stated, "The
increase in the loss is partially attributed to an increase in the
provision for bad debts associated with receivables from our
Russian customer and a few other customers. Management feels that
we have had slower than expected collections due to economic
conditions, but considering our past we feel confident that
collections will be made, but felt that it was prudent to recognize
a provision in our financial statements. Our gross margins were
lower than expected due to selling certain slow-moving inventory at
substantially discounted prices. I am personally satisfied that we
were to maintain sales at same level as the prior year given the
current economic conditions. I am also satisfied with decreasing
our liabilities by approximately $900,000 as well as increasing our
stockholder's equity by approximately 20% while keeping our asset
to liability ratio at 4:1, the highest in company history."
He continued, "The Company has been preparing for our major show
in Las Vegas, which will be from May 30th to June 2nd. We are
working diligently to establish relationships with major stores
that could expand the distribution and name recognition of Bergio
products."
He added, "As stated in previous press releases, we are
reevaluating every aspect of our business, such as reducing long
term investments in projects in exchange for those with more
immediate contribution to revenue and the bottom line. We also plan
to open our first Bergio retail store in the near future. We are
also in the final stages of continuing the process of securing
non-toxic financing."
We encourage everyone to read our full results of operations
contained in our Form 10-K filed on April 15th, 2014 at
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
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