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AMERICAN AIRES INC. ANNOUNCES FILING OF 2022 FINANCIAL STATEMENTS AND MD&A
American Aires Inc., further to the corporation update on March 20, 2023, has filed its audited 2022 financial statements, and management discussion and analysis.
The company reported 2022 revenues of $5.8-million, which was $3.3-million higher than a year ago, while the advertising expense increased $1.1-million to $2.4-million. Gross margin improved to $3.5-million from $1.1-million last year, or 61 per cent and 45 per cent as a percentage of sales, respectively. The marketing expense increased $100,000 year over year (YOY) to $2.0-million. Lastly, due to some targeted cost cutting, the consulting fees decreased $200,000 to $800,000. As a result, the company reported net loss improvement of $2.0-million year over year to $4.1-million, largely due to strong sales growth.
"I am truly energized by the outstanding performance and growth we've achieved at Aires over the past year despite the challenges. But even more than the impressive performance, I am deeply inspired by the extraordinary capabilities and dedication of our operations and financial teams. Over a very short period, they have built a robust foundation that will enable us to confidently execute our aggressive growth strategy in the coming years. Our timely and thorough completion of the 2022 audit is a testament to their diligence and expertise. As we continue to innovate, explore new business opportunities and expand our global presence, I have unwavering faith in our team's ability to drive sustainable and responsible growth, further solidifying American Aires's position as an industry leader," said Josh Bruni, chief executive officer.
"I'm very pleased with how this audit went over all. We were able to gain an in-depth understanding of the company's financials, accounting procedures and the expectations of the auditor in a very short time by working as a true team. Having the right people on our accounting team with significant experience in public company auditing allowed us to realign the company's accounting policies and record keeping procedures to ensure timely filing of quarterly and annual results. We have already started preparing for the 2023 audit," commented Vitali Savitski, chief financial officer.