Bergio International Reports Third Quarter Results
Bergio International (OTC PINK:BRGO) reported Q3 2022 financial results, showing worldwide gross sales of $1,318,851, a decrease from $2,175,342 the previous year. However, revenue for the nine months ended September 30, 2022 rose to $5,873,599, up from $5,461,676 year-over-year. Gross profit margin improved to 54.88% from 35.13% last year. Notably, total liabilities decreased by 36%, while stockholder equity increased by 31%. Looking ahead, management anticipates profitability for Q4 2022.
- Gross profit margin improved to 54.88% from 35.13% year-over-year.
- Total liabilities decreased by 36% since December 31, 2021.
- Stockholder equity rose by 31% to $4,917,043 compared to $3,740,303 as of December 31, 2021.
- Sales on Amazon and Etsy exceeded expectations, with a record-breaking outlook.
- Gross sales declined to $1,318,851 from $2,175,342 year-over-year.
- Loss from operations was $811,288, though improved from $951,342 last year.
FAIRFIELD, NJ / ACCESSWIRE / October 31, 2022 / Bergio International, Inc. ("Bergio," or the "Company") (OTC PINK:BRGO), an American holding corporation and global leader in eCommerce and fashion tech, has reported its financial results for the third quarter of 2022. During the third quarter, worldwide gross sales were
Loss from operations was
Berge Abajian, CEO of Bergio International Inc., states, "We were expecting a soft third quarter due to current economic conditions and historically it has been the softest quarter of the year. But, our margins improved significantly so the drop in revenue had a nominal effect on our P & L."
He continued, "With all the drastic cost-cutting changes in operations made by management during the third quarter, we forecast a profitable fourth quarter. The full effect of these measures will be realized during the first quarter of next year.
"I totally understand the frustration of our shareholders but I can assure them that all management is working diligently to turn the corner. In a short period of time, we have cleaned up both companies and trying to secure institutional funding moving forward. I see a very bright future ahead", he added.
Third Quarter 2022 Highlights
- Gross sales reached
$1,318,851 , compared to$2,175,342 t he previous year. - Gross profit was
54.88% compared to35.13% for the same period last year. - Total liability has dropped by
36% since December 31st, 2021. - Stockholder equity increased by
31% to$4,917,043 compared to$3,740,303 as of December 31st, 2021. - Amazon and Etsy sales have over exceeded expectations and these marketplaces are on track to have a record-breaking year.
About Bergio International, Inc.
The Bergio brand, the primary portfolio asset, is associated with high-quality, handcrafted, and individually designed pieces with a European sensibility, Italian craftsmanship, and a bold flair for the unexpected. Established in 1995, Bergio's signature innovative design, coupled with extraordinary diamonds and precious stones, earned the company recognition as a highly sought-after purveyor of rare and exquisite treasures from around the globe. With family jewelry roots reaching back to the 1930s, founder, CEO, and designer Berge Abajian is a third-generation jeweler, blending superior knowledge in design and manufacturing to create unparalleled collections in craftsmanship and style. The Bergio brand features fine jewelry, silver fashion jewelry, bridal, couture, and leather accessories, ranging in price from
This press release includes forward-looking statements regarding our business strategy and plans as well as expectations of future growth, all of which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not historical in nature and include those related to future financial and operating results, benefits, and synergies of the combined companies, statements concerning the Company's outlook, pricing trends, and forces within the industry, the completion dates of capital projects, expected sales growth, cost reduction strategies, and their results, long-term goals of the Company and other statements of expectations, beliefs, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors, including changes in the general economy; changes in demand for the Company's products or in the cost and availability of its raw materials; the actions of its competitors; the success of our customers; technological change; changes in employee relations; government regulations; litigation, including its inherent uncertainty; difficulties in plant operations and materials; transportation, environmental matters; and other unforeseen circumstances. A number of these factors are discussed in the Company's previous filings with the U.S. Securities and Exchange Commission, including those detailed under the caption "Risk Factors" in our Annual Report for the year ended December 31, 2019 filed with the SEC. The Company disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release. The safe harbor for forward-looking statements contained in the Securities Litigation Reform Act of 1995 (the "Act") protects companies from liability for their forward-looking statements if they comply with the requirements of the Act.
Investor Relations
John Guercio
jpguercio@aol.com
(845) 216-3100
SOURCE: Bergio International, Inc.
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