FAIRFIELD, NJ, Nov. 15, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Bergio International, Inc. (OTC: BRGO) ("Bergio" or the "Company"), a leading designer, manufacturer and retail outlet for the Bergio Brand of designer jewelry, including exquisite collections of rings, necklaces, earrings and other fine accessories, announced today its results for the third quarter ended on September 30, 2019.
For the third quarter, which ended on September 30, 2019, the Company reported a 120% increase in revenues to $137,032 as compared to $62,313 for the same period of the prior year. For the nine months ended September 30, 2019 revenues were $358,104 compared to $272,184 for the same period of 2018, an increase of 31.6%. Gross profit as a percent of revenues is at 64%. The improvement in revenues and gross profit reflects our strategy to penetrate the retail market. Operating expenses have increased $40,540 (11.6%) to $389,582 for the nine months ended September 30, 2019 as compared to $349,042 for the nine months ended September 30, 2018, which is mainly attributed to expenses associated with the opening of the new store at Ocean Resort in Atlantic City, NJ.
For the quarter ended September 30, 2019 the Company reduced its operating loss to $19,417 as compared to $133,963 for the same period in the prior year. For the nine months ended September 30, 2019, the Company reduced its operating loss to $162,156 as compared to $332,111 for the same period in the prior year.
Berge Abajian, CEO of Bergio, stated, "We are very satisfied with our increase in revenue and specifically the increase in margins in which we were striving to achieve in the past few years. Our vision for a new direction for Bergio is on its way. We have decreased our expenses and our losses for the quarter tremendously.”
He continues, “I have personally converted $500,000 of amounts owed to me by the Company into equity, as I continue to be positive about our future. My goal is to improve the balance sheet. We continue to seek opportunities to increase revenue. Our strategy is to continue to open more retail stores in strategic locations. We are currently in negotiation to open one new location by the summer of 2020 and another by the end of 2020.”
We appreciate your support and encourage all investors to read our full results of operations as contained in our Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 14, 2019 at www.sec.gov
About Bergio International, Inc.
Bergio International, Inc. is a leading designer, manufacturer and retail outlet for the Bergio Brand of designer jewelry, including exquisite collections of rings, necklaces, earrings and other fine accessories.
The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
Contact:
Bergio International, Inc.
Investor Relations
973-227-3230