PLANO, Texas, Feb. 28, 2024 (GLOBE NEWSWIRE) -- Rocky Mountain High Brands, Inc. (OTC: RMHB) today briefly explained last year’s quarterly results through September 30, 2023.
The following is a recap of 2023 now that the second and third quarters are filed. It includes a comparison of first quarter 2023 to first quarter 2022 and a comparison of nine months 2023 to nine months 2022.
Even though the Company limited production in 2023 due to the relocation of the manufacturing facility, the comparison is favorable when gauging past / future growth and illustrates the Company’s decrease in expenses. For further explanation of RMHB’s lost production during the relocation, see the bottom three paragraphs contained on page 26 of the third quarter financials.
FIRST QUARTER FISCAL 2023 – Three Month Financial Performance:
| 1st Quarter 2023 | 1st Quarter 2022 | |
| Net Sales: | $2,466,714 | $121,352 |
| Cost of Sales: | $1,408,119 | $35,060 |
| Gross Profit: | $1,058,594 | $86,292 |
| Operating Expenses (OpEx): | $1,276,304 | $1,427,782 |
| Net Loss: | ($217,709) | ($1,341,490) |
In First Quarter 2023, RMHB increased Gross Profit by $972,302 while decreasing OpEx by $151,478 and reducing Net Loss by $1,123,781 for same period in Fiscal 2022.
THREE QUARTERS FISCAL 2023 – Nine Month Financial Performance:
| 9 Months 2023 | 9 Months 2022 | |
| Net Sales: | $3,438,121 | $2,185,450 |
| Cost of Sales: | $1,766,882 | $981,081 |
| Gross Profit: | $1,671,239 | $1,204,370 |
| Operating Expenses (OpEx): | $2,717,105 | $4,089,710 |
| Net Loss: | ($1,045,866) | ($2,885,340) |
For nine months 2023, RMHB increased Gross Profit by $466,869 while decreasing OpEx by $1,372,605 with a major reduction in Net Loss of $1,839,474 for same period in Fiscal 2022.
The Company is now current with all of its filing requirements with the OTC Markets Group, and certain internal improvements have been implemented to ensure timely filings going forward.
Rocky Mountain High Brands, Inc. (RMHB) is a diversified and dynamic Company committed to making a difference by raising the quality and expectations in the beverage sector. Our DNA is rooted in innovation. We have built the teams and assets to ensure our growth continues. The Company is headquartered in Plano, Texas.
Rocky Mountain Productions, Inc., a wholly owned subsidiary of RMHB, specializes in cold and hot fill beverages, concentrates and ready-to-drink beverages, and is uniquely positioned to co-pack our brand drinks as well as private label with all the best-in-class services needed to get products ready for market.
Rocky Mountain NexBev, Inc., a wholly owned subsidiary of RMHB, specializes in non-alcoholic beverages, including energy drinks, custom drinks, CBD & hemp, and other specialty drinks. The Company is experienced in managing the development, design, and production of beverages for a variety of categories.
Information about Forward-Looking Statements: This release may include forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involves risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment, or human resources, the effect of economic business conditions and the ability to attract and retain skilled personnel. Words such as “anticipate,” “estimate,” “expect,” “intend,” “plan,” “project” and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements do not guarantee future results and conditions but rather are subject to various risks and uncertainties. Some of these risks and uncertainties are identified in the Company’s filings with the OTC Markets. The occurrence of any of these risks and uncertainties could have a material adverse effect on the Company’s business, financial condition, and results of operations. The Company is not obligated to revise or update any forward-looking statements to reflect events or circumstances that may arise after the date of this release.
Contact:
Paul Knopick
pknopick@eandecommunications.com
