OMID Reports
Strong Second-Quarter Financial Results
Alpha, NJ --
September 16, 2020 -- InvestorsHub NewsWire
-- OMID Holdings,
Inc. (OTC
Pink: OMID), a publicly-traded
health and
wellness company, today provides
a corporate update for shareholders.
In
addition to obtaining a current information reporting status with
OTC Markets Group,
OMID is
pleased to highlight its unaudited
second quarter
financial results.
Key Financial
Highlights of OMID
Holdings, Inc. operations*:
Operating
Results for the Three Months Ended June 30,
2020
-
Revenue
was
$463,270, increasing by 2084.4%
Q/Q
and 116.9%
compared
to the same period last year.
-
Gross
Profit was $201,757,
compared
to $56,549 for the same period last year, a
256.8%
improvement.
-
Net
income was $109,311, compared to $18,228
for the
same period last year, a 599.7%
improvement.
Operating
Results for the Six Months Ended June 30, 2020
-
Revenue
was $484,478,
a 48.2%
increase
compared
to the same period last year.
-
Gross
Profit was $205,637,
a 140.7%
increase compared to the same period last year.
-
Net
income
was
$88,414,
compared to $16,970
for the
same period last year,
a 421.1%
improvement.
*All
comparative
figures reflect the
operations of OMID Holdings,
Inc. (successor)
detailed
in the consolidated financials beginning in the first quarter of
2020 per
the
acquisition in February 2020. The predecessor
reporting
entity's
operations
are not factored
into these calculations; they are no longer statistically
relevant.
"I
am thrilled with the
exceptional execution of my
entire team during
the second quarter - continuing
into the third quarter - as we
overcame many
challenges
related to
the coronavirus."
stated Adam Frank, OMID's chairman and CEO. "Our
organization's commitment to safety,
quality,
integrity, and value combined with consistent
innovation and operational
flexibility
is
steadily generating exciting
opportunities.
In
recognition of our current reporting status, I look forward to
providing more detailed and consistent updates for
our
shareholders."
About OMID Holdings, Inc.
OMID Holdings,
Inc. is a
publicly-traded (OTC
Pink: OMID) health and wellness company which owns and operates
a manufacturing
facility in Alpha, New Jersey.
The headquarters is FDA-registered and Food Grade Certified for
production within its clean room environment. The company is
currently
focused on the development, manufacture, and sale of hemp-based
products for private label and in-house brands. For more
information about the
company,
please visit
https://omidholdingsinc.com/.
Safe Harbor Act:
Forward-Looking
Statements are included within the meaning of Section 27A of the
Securities Act of 1933, and Section 21E of the Securities Exchange
Act of 1934, as amended. All statements regarding our expected
future financial position, results of operations, cash flows,
financing plans, business strategy, products and services,
competitive positions, growth opportunities, plans and objectives
of management for future operations, including words such as
"anticipate," "if," "believe," "plan," "estimate," "expect,"
"intend," "may," "could," "should," "will," and other similar
expressions are forward-looking statements and involve risks,
uncertainties and contingencies, many of which are beyond our
control, which may cause actual results, performance, or
achievements to differ materially from anticipated results,
performance, or achievements. We are under no obligation to (and
expressly disclaim any such obligation to) update or alter our
forward-looking statements, whether as a result of new information,
future events or
otherwise.
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