Revenues increased by $1.4MM
HOLLYWOOD, FL / ACCESSWIRE / August 22, 2019 / Aluf Holdings, Inc. (OTC PINK:AHIX) announced today the company’s financial results for the second quarter ended June 30, 2019.
Key Financial Highlights for Q2 2019:
- Revenues increased to $1,430,394 from $0
- Gross margin of 74.7%
- Operating loss decreased by 163.03% for an operating profit of $170,612
- Assets increased by 377.73%
Key Business Highlights for Q2 2019:
- Appointed Dany M. Bouchedid as President/CEO
- Appointed Dr. Robert Capretto, Benjamin Richter, and Shaun Shankel to the Corporate Advisory Board
- Board voted to appoint Salberg & Company PA as company’s auditor
- Closed acquisition of Interaqt Corporation, an advisory firm, operating as COLOTRAQ
“Our second-quarter results reflect the consummation of the acquisition of COLOTRAQ and the planned business traction and growth we will continue achieving through acquisitions and mergers . Our focus on the Biometric and NexGen verticals is our key in driving our growth” commented, Aluf Chairman, Donald C. Bennett. “This is our first major milestone as we seek to become a major player in shaping the future through acquiring “NexGen” technology companies and propelling them into greater profitability” says Dany Bouchedid, President and CEO of Aluf and COLOTRAQ.
Financial Results for the Six Months Ended June 30, 2019:
Revenue for the six months ended June 30, 2019 was $1,430,394, an increase of $1,430,394 compared to $ -0- for the six months ended June 30, 2018.
Gross profit for the six months ended June 30, 2019, was $1,068,424, an increase of $1,068,424 compared to $ -0- for the six months ended June 30, 2018. The resulting gross margin was 74.7% for the six months ended June 30, 2019, compared to 0% for the six months ended June 30, 2018.
Operating expenses for the six months ended June 30, 2019, were $897,812, an increase of $627,111 or 231.66%, compared to $270,701 for the six months ended June 30, 2018. For the six months ended June 30, 2019, operating expenses included non-cash stock-based compensation of $ -0- paid to officers, employees, and service of consultants, compared to $500 for the six months ended June 30, 2018.
Operating income for the six months ended June 30, 2019 was $170,612, an increase of $441,313, or 163.03%, compared to a net operating loss of $270,701 for the six months ended June 30, 2018.
Net income for the six months ended June 30, 2019 was $158,633, an increase of $429,334, or -158.6%, compared to a net loss of $270,701 for the six months ended June 30, 2018. The resulting EPS for the six months ended June 30, 2019, was $0.003 per diluted share, compared to ($0.001) per diluted share for the six months ended June 30, 2018.
About Aluf Holdings, Inc.
Aluf Holdings, Inc. is a holding company whose primary focus is the identification, acquisition, management, and aggressive growth of companies in the burgeoning biometric and other “NexGen” technologies. Aluf’s M&A model targets unique biometric enterprises with common key attributes and parameters. For further information see our website at www.aluf.com
Safe Harbor Statement:
This release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E and/or 27E of the Securities Exchange Act of 1934 that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements as to the future performance of the company and the risks and uncertainties detailed from time to time in reports filed by the company with the Securities and Exchange Commission. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Although the company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Factors that could cause results to differ include, but are not limited to, the company’s ability to raise necessary financing, retention of key personnel, timely delivery of inventory from the company’s suppliers, timely product development, product acceptance, and the impact of competitive services and products, in addition to general economic risks and uncertainties.
Aluf Holdings, Inc.
Teresa McWilliams, CFO
SOURCE: Aluf Holdings, Inc.
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