Q2 Revenues Increased 18% Year over Year
FORT WORTH, TX, Aug. 15, 2024 (GLOBE NEWSWIRE) -- Just Right Products Inc., the wholly owned subsidiary of ADM Endeavors (“ADM” or the “Company”) (OTCQB: ADMQ), announces its financial results for the three- and 6-months ended June 30, 2024. Unless otherwise stated, all dollar amounts are U.S. dollars.
Financial Highlights
Operating Results for the 3-Months Ended June 30, 2024:
- Revenue was $1,222,600, a 5% decrease over $1,291,250 reported in Q2 2023 but a 16% improvement over the prior quarter’s $1,056,138.
- Gross margin of 35% fell from 38% in Q2 2023 but increased from the prior quarter’s 32%.
- Operating income of $1,564 was $85,689 less than the $87,253 operating income in Q2 2023 but increased $74,227 over the prior quarter’s $59,163 operating loss.
- Net income of $201 decreased $117,347 versus $117,548 in Q2 2023 but increased $64,337 over Q1 2024’s net loss of $64,136.
- At June 30, 2024, the Company had cash of $124,192, access to a $3,000,000 line of credit, and accounts receivable of $431,252.
Operating Results for the 6-Months Ended June 30, 2024:
- Revenue of $2,278,738 increased 18% over the $1,931,694 reported for the comparable year-ago period.
- Gross margin of 33% improved from 32% during the first 6-months of 2023.
- Operating loss of $44,099 improved $22,961 over the $67,060 operating loss during the first 6-months of 2023.
- Net loss of $63,935 versus net income of $6,951 during the comparable year-ago period.
Management Commentary
“The second quarter showed continued strength over our first quarter results, as we continue to build upon our strategic government sector pivot,” said ADM Endeavors CEO Marc Johnson. "We added several new customers in the quarter as well as a number of contract renewals, giving us confidence that sales momentum should continue as we head into the strongest part of the year for our business. Construction of our new facility is on track and scheduled to open towards the end of this year, adding up to five times our current production capacity.”
About ADM Endeavors
ADM Endeavors is a diversified, direct marketing and value-added manufacturing company providing customers with customized promotional products and wearables. Since 2010, our wholly owned subsidiary, Just Right Products, Inc., has been consistently increasing our recession resistant customer base, with sales topping $5.6 million for the last reported 12 months. The Company sells "Anything With A Logo" on its website, www.JustRightProducts.com, developing products ranging from unique business cards to coffee cups, T-shirts to boots, with tens of thousands of other unique products from which to select. Just Right Products, Inc. operates a diverse vertical integrated business in the Dallas/Fort Worth area, consisting of a retail sales division, screen print production, embroidery production, digital production, import wholesale sourcing, and uniforms. For more information, please visit:
Forward-Looking Statement
This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Any statements that are not historical facts contained in this press release are "forward-looking statements" that involve a number of risks and uncertainties and are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Words such as "strategy," "expects," "continues," "plans," "anticipates," "believes," "would," "will," "estimates," "intends," "projects," "goals," "targets" and other words of similar meaning are intended to identify forward-looking statements but are not the exclusive means of identifying these statements. Such forward-looking statements are based on current expectations, involve known and unknown risks, a reliance on third parties for information, transactions that may be cancelled, and other factors that may cause our actual results, performance or achievements, or developments in our industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties related to the fluctuation of global economic conditions or economic conditions with respect to the retail industry, the COVID-19 pandemic, the performance of management, actions of government regulators, vendors, and suppliers, our cash flows and ability to obtain financing, competition, general economic conditions and other factors that are detailed in our filings with the Securities and Exchange Commission. We intend that all forward-looking statements be subject to the safe -harbor provisions. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
For further information about ADM Endeavors, please contact:
Marc Johnson, CEO
Phone: 817.231.8048
E-mail: info@admendeavors.com
For investor information for ADM Endeavors, please contact:
Sean Peasgood, Investor Relations
Phone: 647.255.7570
E-mail: sean@sophiccapital.com
