First quarter income increases 53% and gross profit up 83% over the corresponding period in 2018
SANTA MONICA, CA, May 23, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Oliveda International, Inc. (OTC Pink: OLVI), a leading international natural cosmetics and wearable beauty and health technology innovator, has commented on the significant revenue growth reflected in its first quarter 2019 financial report and disclosure statement recently posted to the OTC Markets Group website at http://www.otcmarkets.com/stock/OLVI/disclosure.
In the revenue category, OLVI reported first quarter 2019 income of $1,242,648, as compared to $814,404 in the first quarter of 2018, an increase of 53%. At the same time, cost of sales decreased by 17%. As a result, gross profit grew to $1,036,357 in the first quarter, as compared to $565,938 in the same period in 2018, an increase of over 83%.
OLVI management believes its first quarter results support the company’s projection revenue growth in 2019 resulting from new products, growth in current markets, and expansion into new territories. The company is just now beginning to realize revenues from its recently launched operation in the U.S., and there is considerable capacity to grow in new markets in Asia and elsewhere around the world.
By posting its financial report and disclosure statement on the OTC Markets site within the required reporting period, OLVI is continuing its commitment to maintain timely disclosure for stockholders and interested investors.
“We are pleased to report that OLVI’s financial performance in the first quarter of 2019 exceeded our own expectations, and we are on track to meet or exceed our income targets for the entire year,” said Chairman and CEO Thomas Lommel. “In addition to maintaining this revenue growth, we plan to continue with our expansion into additional North American and Asian markets as well as entering new market sectors with our innovative wearable beauty and health products.”
Oliveda International also recently added Claudia Schwahlen, Oliveda’s General Manager, Europe, as the company’s Vice President. Ms. Schwahlen is very familiar with Oliveda’s company-wide processes, practices and developments and will provide insight and guidance as part of OLVI’s management team.
Oliveda International Inc.
Founded in 2003 by German real estate investor Thomas Lommel, Oliveda International, Inc. is a leading international natural cosmetic company in the premium segment. The company has also developed a globally-unique wearable beauty and health technology. In addition to online sales and a global branch network of 650 retail stores, the company’s wholly owned Oliveda Deutschland GmbH subsidiary operates flagship stores, Olive Tree Pharmacy, in Berlin and Dusseldorf with plans to open new locations in Los Angeles, Taipei and Seoul. Overall, the company believes that it will be able to operate a total of 60 of its own flagship stores worldwide and increase the retail store network worldwide to 1,200 over the next five years. Through subsidiary operations, Oliveda International is the largest investor in eco-certified mountain olive trees as well as the largest conservationist in Arroyomolinos de Leó, Spain. Further information on Oliveda International can be found at http://www.oliveda.com and http://www.olivetreepeople.com.
Forward-Looking Statements
This press release may contain statements, estimates or projections that constitute "forward-looking statements" pursuant to the safe harbor provisions of the U.S. federal securities laws. Generally, the words "believe," "expect," "intend," "estimate," "anticipate," "project," "will" and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties, which may be found in the Company’s filings with OTC Markets Group Inc., that could cause actual results to differ materially from the Company's historical experience and present expectations or projections. Investors should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Company expressly disclaims any obligation or intention to publicly update or revise any forward-looking statements unless otherwise required by law.
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