Phillipsburg, NJ, Feb. 01, 2022 (GLOBE NEWSWIRE) — Today, OMID Holdings, Inc. (OTC Pink: OMID) is pleased to share the results of an initial financial review of its fourth-quarter operations. The Unaudited Key Financial Highlights are provided below for the Fourth Quarter as well as the Year which ended on December 31, 2021.
Operating Results for the Fourth Quarter of 2021
- Revenue for 4Q2021 was $1,179,409 compared to $1,084,325 for 3Q2021, a 9% improvement. In addition, 4Q2021 Revenue increased by $690,263 or 141% from $489,146 for 4Q2020.
- Gross Profit for 4Q2021 was $590,749 compared to $488,397 for the 3Q2021, a 21% improvement. In addition, 4Q2021 Gross Profit increased by $303,663 or 106% from $287,086 for 4Q2020.
- Net Income before Income Taxes* for 4Q2021 was $469,034 compared to $422,729 for 3Q2021, an 11% improvement. In addition, 4Q2021 Net Income before Income Taxes* increased by $228,510 or 95% from $240,524 for 3Q2020.
Operating Results for the Year of 2021
- Annual Revenue for 2021 was $2,768,543 compared to $1,330,068 for the prior year, a 108% improvement.
- Annual Gross Profit for 2021 was $1,351,704 compared to $649,435 for the prior year, a 108% improvement.
- Annual Net Income before Income Taxes* for 2021 was $994,521, compared to $425,757 for the prior year, a 134% improvement.
“OMID’s financial highlights, which detail record revenues for both the fourth quarter and the year of 2021, convey a narrative of profitable growth organically-fueled by business operations. We inherited an ‘Accumulated Deficit’ as a direct result of our reverse merger with AVOP and I’m proud to say that we’ve converted this term on our balance sheet into ‘Retained Earnings’ – a goal of mine since day one. Having officially pulled this off, our future ambitions begin with an uplist to the OTCQB.” stated Adam Frank, Chairman & CEO of OMID Holdings, Inc.
Please use the following link to view a short video with the CEO regarding these financial highlights: https://youtu.be/noK_3JfrB9A
*These figures exclude income tax expenses and all unrealized gains and/or losses on investments.
About OMID Holdings, Inc.
OMID Holdings, Inc. is a publicly-traded (OTC Pink: OMID) Florida corporation which focuses on developing and manufacturing various health and wellness products at its FDA-registered manufacturing facility in Phillipsburg, NJ. With a diverse portfolio of product types, OMID specializes in formulations which contain cannabis extracts, primarily CBD, as well as other herbal ingredients. The company’s objective is to provide quality, integrity, and value with notable consumer benefits derived from all of its finished goods. Acts 2:12.
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.
Contact:
Adam Frank
Phone: +1 908-386-2880
Email: info@omidholdingsinc.comhttps://www.globenewswire.com/newsroom/ti?nf=ODQ2NjY3MSM0NzAzNDQ0IzUwMDA5ODI1Ng==
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