Update: ADM Endeavors Inc. Reports Third Quarter FY 2022 Results
ADM Endeavors (OTCQB: ADMQ) reported its Q3 2022 financial results, highlighting profitability despite a slight revenue decline. Revenues reached $2.3 million, down from $2.4 million in Q3 2021, with a net profit of $329 thousand, compared to $593 thousand last year. Year-to-date revenues totaled $4.6 million, down from $4.9 million in 2021, though operating income improved to $562 thousand. The company expanded its client base with three new city contracts in Texas and plans to open a new building by the end of 2023, aiming to enhance operational capacity and customer service.
- Maintained profitability in Q3 2022.
- Expanded client base with three new city contracts in Texas.
- New building expected to enhance operational capacity and customer service.
- Q3 revenues declined to $2.3 million from $2.4 million in 2021.
- Net profit decreased from $593 thousand in Q3 2021 to $329 thousand.
- Year-to-date revenues dropped to $4.6 million, down from $4.9 million in the same period last year.
- Maintained Profitability in Q3
- Expanded client base with 3 New Texas City contracts; City of Allen, City of Frisco, City of Arlington
- New building expected to open in second half of 2023
FORT WORTH, TX, Nov. 29, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- ADM Endeavors, Inc. (OTCQB: ADMQ) is pleased to announce its financial results for the third quarter ended September 30, 2022.
Key Financial Highlights:
Operating Results for the Three Months Ended September 30, 2022:
- Revenues for three months ended Sept 30, 2022 were
$2.3 million , compared to$2.4 million in the same period of 2021. - Operating Income was
$407 thousand , compared to$491 thousand in the same period of 2021. - Net Profit was
$329 thousand , compared to$593 thousand in the same period of 2021.
Operating Results for the Nine Months Ended September 30, 2022:
- Revenues for the nine months ended Sept 30, 2022 were
$4.6 million , compared to$4.9 million in the same period 2021. - Operating income was
$562 thousand , compared to$521 thousand in the same period of 2021. - Net Profit was
$415 thousand , compared to$583 thousand in the same period of 2021.
Marc Johnson, Chief Executive Officer of ADM Endeavors, stated, “Through the ongoing efforts of our dedicated employees and partners around the world, we continue to drive product recognition, warehouse, logistics, and order fulfillment. Although we did experience a slight decrease in sales, our sales and marketing team have successfully expanded our client base with the addition of three new city agencies while our production team continues to work at a level that our current warehouse allows.
“As we work through the fourth quarter and prepare for the new year, we are cautiously optimistic given the overall environment, inflation and some manufacturing challenges that may occur overseas. We are pleased with the progress made on our new building, which will more than double our capabilities and allow us to support our customers with superior customer services while driving sales to ensure we deliver on our commitments and lead us into 2023 in a strong position within our markets,” concluded Mr. Johnson.
About ADM Endeavors
ADM Endeavors, through its wholly owned subsidiary, Just Right Products, Inc., is a promotional product distributor and proud member of the Advertising Specialty Institute. The Company sells “Anything With A Logo” on its website, www.JustRightProducts.com, developing products ranging from unique business cards to coffee cups, T-shirts to boots, with tens of thousands of other unique products from which to select. Just Right Products, Inc. operates a diverse vertical integrated business in the Dallas/Fort Worth area, consisting of a retail sales division, screen print production, embroidery production, digital production, import wholesale sourcing, and uniforms.
Forward Looking Statement:
This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Any statements that are not historical facts contained in this press release are "forward-looking statements" that involve a number of risks and uncertainties and are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Words such as “strategy,” “expects,” “continues,” “plans,” “anticipates,” “believes,” “would,” “will,” “estimates,” “intends,” “projects,” “goals,” “targets” and other words of similar meaning are intended to identify forward-looking statements but are not the exclusive means of identifying these statements. Such forward-looking statements are based on current expectations, involve known and unknown risks, a reliance on third parties for information, transactions that may be cancelled, and other factors that may cause our actual results, performance or achievements, or developments in our industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties related to the fluctuation of global economic conditions or economic conditions with respect to the retail industry, the COVID-19 pandemic, the performance of management, actions of government regulators, vendors, and suppliers, our cash flows and ability to obtain financing, competition, general economic conditions and other factors that are detailed in our filings with the Securities and Exchange Commission. We intend that all forward-looking statements be subject to the safe-harbor provisions. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Contacts
ADM Endeavors, Inc. | info@admendeavors.com | 817.840.6271
Investor Relation
Andrew Barwicki | andrew@barwicki.com | 516.662.9461
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