West Palm Beach, FL, Nov. 21, 2017 (GLOBE NEWSWIRE) -- iTeknik Holding Corporation (OTC PINK:ITKH) announced results for its 1Q FY 2018 ending September 30, 2017. Revenues for the quarter were $750,954, primarily from its wholly owned subsidiary, Big Rhino Corporation. Big Rhino, a full service advertising agency, began operations on January 2, 2017 after iTeknik purchased the operating assets of a former agency from TCA Global Fund on December 30, 2016. Highlights of the financials which are posted on OTC Markets include these improvements from prior quarter:
- Revenues improved 14% from $645,661 to $750.954
- Gross Margin improved from 50.3% to 55.5%
- Net operating income improved 565% from $16,810 to $95,097
In addition the Company announced that monthly revenues increased from January to September by 96% from $131,994 to $256,052. Working Capital at the end of the quarter was at $687,880.
The Company also reported a net loss improvement quarter-over-quarter from $362,775 to this quarter’s net loss of $235,333. The net loss from the current quarter includes $225,000 of interest payments due to TCA Global Fund. The interest is accrued in the Company’s financial reports but has not been paid due to litigation with TCA Global Fund which has been previously reported.
Fred Wicks, iTeknik's Chairman and CEO said, “We are pleased to have posted these improvements for our First Quarter 2018 fiscal year. Kyle Eng, our CEO of Big Rhino Agency, has implemented a major revenue increase strategy along with a continuous improvement process in his operations. Our very successful financial results are proof that these efforts are paying off.”
Wicks also said, “We continue to add new clients in the automotive dealership, medical practice and real estate segments every month. As a result we have a solid and growing customer base. With the acquisition of the Blender Company we look forward to expanding our business in the government space.”
iTeknik Holding Corporation (OTC Pink:ITKH) trades on the OTC Pink tier of the OTC Market and is classified as “Pink Sheet Current Information.” To view complete posted financials on the company, visit https://www.otcmarkets.com/stock/ITKH/filings.
About iTeknik Holding Corporation:
iTeknik Holding Corporation’s strategy (OTC Pink: ITKH) is to acquire fundamentally sound companies that are market accepted, scalable and demonstrate a quantifiable value proposition. Our focus is in companies that have strong market presence, brand awareness and talented and dedicated management teams. We seek companies with the potential to achieve exceptional performance over time in the Marketing, Advertising and Digital Media space and related technologies. iTeknik lends its operational support, management approach and financial resources to these companies to achieve improvements in revenue and earnings growth as well as positioning in the marketplace. iTeknik Holdings currently operates one wholly owned subsidiary, Big Rhino Corporation. For more information check us out at www.iteknik.com.
About Big Rhino Corporation:
Big Rhino Corporation is a wholly owned subsidiary of iTeknik Holding Corporation and is a full-service advertising and digital media agency. Big Rhino excels in providing on-strategy, fast, precise and creative marketing solutions that get our clients BIG results. We maintain a nimble in-house creative team with a unique talent for delivering the highest quality creative that we believe is faster than anyone else. When combined with our completely integrated digital, interactive and media teams, our clients have access to a strategic and responsive advertising machine. For more information check us out at www.bigrhino.agency
About Blender Company, LLC:
The Blender Company LLC. Blender is an Arizona based multi-cultural focused advertising and digital media firm with long standing clients in the state and local government agencies. Blender’s has extensive minority business enterprise (“MBE”) experience. Blender holds government contracts and has significant potential to expand business within state and local government agencies in Arizona.
Safe Harbor: This document contains certain 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, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including without limitation, the ability of the Company to successfully implement its turnaround strategy, changes in costs of raw materials, labor, and employee benefits, as well as general market conditions, competition and pricing. Although the Company believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this letter will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as representation by the Company or any other person that the objectives and plans of the Company will be achieved. In assessing forward-looking statements included herein, readers are urged to carefully read those statements. When used in the Annual Report on Form 10-K, the words "estimate," "anticipate," "expect," "believe," and similar expressions are intended to be forward-looking statements. Figures herein are unaudited and if audited results may vary. Figures herein are unaudited and if audited results may vary.