Weston, Florida, Sept. 06, 2017 (GLOBE NEWSWIRE) --
Petrone Worldwide, Inc. (OTCQB: PFWI), leader in the hospitality industry with global operations capabilities., announced today its financial results for the second quarter and six months ended June 30, 2017.
Three Months Ended June 30, 2017 and Recent Business Highlights
- Total revenues for the three months ended June 30, 2017 increased by 98% compared to the corresponding period of 2016.
- Reported results include approximately $90,516 in non-recurring expenses related to professional fees incurred
- On June 14, 2017, the Company Purchases Inventory to Satisfy the Increased Demand in the European and India Marketplace to strategically transition the Company and accelerate the Company’s growth and expansion plans and subsequent to the three month period ended June 30, 2017, the Company has consummated a multi-million dollar forecasts for insights-driven transactions with large brands under exclusive agreement.
Victor Petrone, Petrone Worldwide’s Chief Executive Officer commented, “My clear mission as CEO is to drive long-term growth and unlock sustainable value for all our shareholders. Since the end of June, the new focus has begun by implementing new initiatives that leverage the full capabilities of our innovative platform with the goal of differentiating us within the hospitality and retail industry. The key element of our new strategy is the leveraging of our unique geographical footprints and slated e-commerce website platform assembled to help brands drive more effective campaigns.”
“Petrone Worldwide’s relationships and know-how to properly market a data-driven offering will guide our repositioning and the focus on large dollar transactions that are syndicated over multiple years with recurring revenues. Over the long-term, these larger, multi-year deals will provide us with a more stable foundation to accelerate growth and drive increased visibility into future revenues,” Petrone concluded. “In the near term, as we advance our strategic transition efforts, we will be focused on securing new business. The announcement of new customers and larger deals will be the most effective way to track our progress and based on our bookings to date, we expect quarterly revenues to increase year-over-year and be sequentially higher than the second quarter, and our operating and net losses should narrow in the absence of non-recurring costs related to activities that occurred and concluded in the second quarter.”
Year to Date Financial Summary
Total revenues for the six months ended June 30, 2017 increased 112% compared to the total revenues in the corresponding period of 2016. This increase was driven by an increase in new item revenues, as the Company continued to expand its direct sales force and increase its customer base.
Balance Sheet Summary
The Company completed the second quarter with $3.7 million in net income compared to -$508,576 at June 30, 2016. Management believes that our current cash levels and our cash flows are below average; although, from future operations will be adequate to meet anticipated working capital needs, anticipated levels of capital expenditures and contractual obligations for the next twelve months.
On September 05, 2017, and subsequent to the end of the second quarter, the Company completed the retirement of $175,000 of toxic debt in an effort to pay outstanding principal, accrued and unpaid interest with respect to the Company’s indebtedness of convertible debt loans. The company currently trades on the OTCQB Venture Market and has plans on up-listing to the OTCQX Market by year end; December 31, 2017.
About Petrone Worldwide, Inc. (OTCQB: PFWI):
Petrone Worldwide, Inc. is a leader in the hospitality industry with global operations capabilities. Now providing third party logistics for overseas manufacturing companies attempting to sell their goods in North America, PFWI sells and markets products under its own proprietary name and acts as distributor for a wide variety of companies to the hospitality trade. For more information visit www.petroneworldwide.com .
Forward-Looking Statements Disclaimer:
Forward-Looking Statements Disclaimer: This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by the following words: "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "ongoing," "plan," "potential," "predict," "project," "should," "will," "would," or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements are not a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time the statements are made and involve known and unknown risks, uncertainty and other factors that may cause our results, levels of activity, performance or achievements to be materially different from the information expressed or implied by the forward-looking statements in this press release. This press release should be considered in light of all filings of the Company that are contained in the Edgar Archives of the Securities and Exchange Commission at www.sec.gov.
Source: Uptick Newswire
For further information, please contact: Victor Petrone 2200 N. Commerce Parkway Suite 200 Weston, FL 33326 954-529-2000
Source:Petrone Worldwide, Inc.