West Palm Beach, FL, May 21, 2018 (GLOBE NEWSWIRE) -- iTeknik Holding Corporation (OTC PINK:ITKH) announced results for its 1Q FY 2018 ending May 31, 2018. These results are after the Company recently changed its fiscal year from December 31st to March 31st. This change in fiscal year changes the current financial period from 3rd to 1st quarter.
Highlights of the financials which are posted on OTC Markets include these results:
- Revenues grew 55% compared to the same quarter in the prior year
- Revenues for the current quarter were $771,577 compared to:
- $499,264 in the prior year quarter ending March 2017
- $856,103 for the quarter ending December 31, 2017
- Gross Margin was 52% for the current quarter
The Company also reported a net loss of $319,390 versus a loss of $257,896 in the prior quarter. 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.
The Company derives its revenue from its two subsidiaries. Big Rhino Corporation is a full service advertising agency serving automotive dealerships, medical services and real estate clients. Big Rhino began operations on January 2, 2017 and in its first full year of operations increased its revenues 105%. The Blender Company, a full service advertising agency was acquired in August of 2017 and specializes in state and local government projects.
Fred Wicks, iTeknik's Chairman and CEO said, “While the current quarter produced some mixed results we remain optimistic. Kyle Eng, President of Big Rhino, and his management team have identified key areas of the business for growth and cost reduction. Their goal is to improve profit while reigniting the impressive growth they enjoyed last year.”
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 primarily seek companies with the potential to achieve exceptional performance over time in the Marketing, Advertising and Digital Media space and related technologies. iTeknik may lend 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, part of our holdings, 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 our documentation, 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.