Boomer Holdings Announces 6 Month Transitional Period Results

Rhea-AI Summary

Boomer Holdings, Inc. (OTCQB: BOMH) announced a significant turnaround in its financial performance for the six-month transition period ending January 31, 2021. The company reported revenue of $45.1 million, up from $11.4 million the previous year, and net income of $7.3 million, a remarkable improvement from a net loss of $15.6 million. Gross margins stood at 64%, and stockholder deficit reduced to $(4.7) million. The company plans to expand its product lines, including unique nutritional formulations and silver-infused products, as it transitions from PPE demand.

Positive

• Revenue increased to $45.1 million from $11.4 million YoY.
• Net income improved to $7.3 million from a loss of $15.6 million YoY.
• Gross margins reached 64%, indicating strong profitability.
• Stockholder deficit reduced to $(4.7) million from $(12) million YoY.
• Established retail presence in over 8,000 CVS stores.

Negative

• None.

LAS VEGAS, May 18, 2021 /PRNewswire/ -- Boomer Holdings, Inc. ("Boomer" or the "Company") (OTCQB: BOMH), is an innovative Consumer Products Company specializing in a large variety of premium quality wellness and everyday use products under the Boomer Naturals brand name. Boomer reported results for its six -month transition period ended January 31, 2021.

On January 29, 2021 the Company changed its fiscal year-end from July 31^st to January 31^st. As required, on May 17, 2021, Boomer Holdings, Inc.  filed a transition report on Form 10-KT with the Securities and Exchange Commission covering the transition period from August 1, 2021 to January 31, 2021.

Financial highlights for Boomer Holding Corp's six-month transition period ended January 31^st are as follows:

• 6-month revenue of $45.1 million, a gain of over $30 million over the prior 12-month period of $11.4 million (ended 7/31/20)
• Net income for the 6-month period was $7.3 million, a gain of over $20 million over the $15.6 million dollar loss from the prior 12-month period
• Gross margins of 64% during the past six-month period
• Stockholder deficit at 1/31/21 was reduced to $(4.7) million from the 7/31/20 deficit of $(12) million

Significant growth was achieved during the six-month transition period, which led to overall earnings per share to move from $(0.12) to $0.05.

"We are pleased to report the progress made in the Form 10-KT to our shareholders," said Mike Quaid, CEO of Boomer Holdings.

"We were able to enjoy continued success in the Personal Protective Equipment (PPE) category while using that success to prepare for the next phase of Boomer Holdings growth." Said Daniel Capri, President and Chairman of the Board, "as the country turns the corner on the pandemic and PPE demand slows, we believe Boomer is positioning itself to replace and eventually exceed that demand through our many new and exciting lines of products."

Operational achievements of note:

• Boomer established a strong retail presence in over 8,000 CVS stores
• Boomer has prepared and is readying its new product lines to roll out in the first and second quarters of 2022 featuring:
• Vietnamese Coffee
• Unique nutritional powder formulations
• Silver infused clothing
• Silver infused bedding

Stated Mike Quaid, "Building an efficient and stable manufacturing and distribution from Vietnam is a goal that has thwarted many companies that have tried. I am pleased to announce that Boomer has completed this task and will now focus on bringing these unique and in-demand products to the American market. We look forward to further announcements about Boomer products and distribution in the coming weeks."

About Boomer Naturals
Boomer Naturals is a wholly-owned subsidiary of Boomer Holdings Inc., a publicly-traded company (OTCQB: BOMH). Boomer Naturals is a full-service wellness company that provides products and services that enhance your well-being and increase your quality of life. Boomer Naturals' products are available online at Boomerstore.com, BoomerNaturals.com, BoomerNaturalsWholesale.com, CVS.com. Boomer Naturals' products are also available at the Boomer Naturals retail store, CVS retail locations, and resorts and golf shops across the country. For more information, please visit www.boomernaturals.com.

Forward-Looking Statements
Statements in this document contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on many assumptions and estimates and are not guarantees of future performance. These statements may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. The Company assumes 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, except as required by securities laws. Our actual results may differ materially from the results anticipated in these forward-looking statements due to a variety of factors, including, without limitation, economic, political, regulatory, capital markets and other external conditions and other factors beyond the Company's control, risks related to public health crises such as the global pandemic associated with the coronavirus (COVID-19), and those set forth as "Risk Factors" in our filings with the Securities and Exchange Commission ("SEC"). There may be other factors not mentioned above or included in the Company's SEC filings that may cause actual results to differ materially from those projected in any forward-looking statement.

CONTACT: Mike Quaid, mike@boomernaturals.com

View original content:http://www.prnewswire.com/news-releases/boomer-holdings-announces-6-month-transitional-period-results-301293831.html

SOURCE Boomer Naturals, Inc

FAQ

What were Boomer Holdings' revenue figures for the six-month period ending January 31, 2021?

Boomer Holdings reported revenue of $45.1 million for the six-month period ending January 31, 2021.

How much did Boomer Holdings improve its net income in the latest report?

Boomer Holdings achieved a net income of $7.3 million, up from a net loss of $15.6 million in the prior year.

What is the current stockholder deficit for Boomer Holdings?

As of January 31, 2021, Boomer Holdings' stockholder deficit was $(4.7) million.

What new products is Boomer Holdings planning to launch?

Boomer Holdings plans to launch new products including Vietnamese coffee, unique nutritional powders, and silver-infused clothing and bedding.

How many CVS stores carry Boomer Naturals products?

Boomer Naturals products are available in over 8,000 CVS stores.