HIRU CORPORATION - 2nd Quarter ended June 30, 2023 Financial Results

Rhea-AI Summary

Hiru Corporation (ticker: HIRU) announces impressive financial performance for Q2 2023, with a 415% increase in revenue and a 263% increase in net income compared to Q2 2022. The company also reduced long-term debt liabilities by 54.41% and plans to return 25,000,000 shares of Common Stock to treasury in Q3 2023.

Positive

• Impressive 415% increase in revenue and 263% increase in net income compared to Q2 2022
• Significant reduction of 54.41% in long-term debt liabilities

Negative

• None.

GLENDALE, Ariz., Aug. 4, 2023 /PRNewswire/ -- Hiru Corporation would like to announce its financial performance for the 2^nd Quarter ended June 30, 2023.

For the three months ended June 30, 2023, the Company generated gross revenues of $7,769,288 USD with net income of $2,474,622 USD.  This is a 415% increase in top line revenue when compared to the three months ended June 30, 2022, of $1,872,514 USD. Additionally, this is a 263% increase in net income when compared to the three months ended June 30, 2022 of $942,728 USD.

For the six months ended June 30, 2023, the Company has generated gross revenues of $12,681,584 USD with net income of $2,855,220 USD. This is a 271% increase in top line revenue when compared to the six months ended June 30, 2022, of $4,687,871 USD. Additionally, this is a 24.04% increase in net income when compared to six months ended June 30, 2022 of $2,301,733 USD

The Company retired $968,251 USD in long term debt during the 2^nd quarter ended June 30, 2023. Since FYE December 31, 2022 to end of the 2^nd Quarter ended June 30, 2023, the Company has lowered its long-term debt liabilities from $2,914,692 USD to $1,328,853 USD (a total lowering of $1,585,839 USD), a 54.41% decrease in long term liabilities.

The Company has purchased 25,000,000 shares of Common Stock during the 2^nd Quarter ended June 30, 2023.  This block of Common Stock and ongoing monthly buyback will be returned to treasury during the third quarter ended September 30, 2023.

Ms. Kathryn Gavin (President and CEO of the Company), states…"The Company continues to perform each quarter on all financial metrics related to top line revenue and net income as predicted by management. Additionally, we have made a concerted effort to reduce our long-term liabilities during the ongoing fiscal year in an effort to strengthen our balance sheet for future growth. We will continue to make progress each quarter ongoing to retire long term debt and increase top line revenue. As we have announced each quarter, our top line revenue each quarter has been better than the previous and we do not foresee that stopping for the foreseeable future as we continue to meet the expectations of our growing client base and our shareholders. The Company is still on target to hit our projected top line revenue mark of between $30,000,000 USD and $40,000,00 USD by the end of FYE 2023."

Disclaimer Regarding Forward Looking Statements

Certain statements that we make may constitute "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning future strategic objectives, business prospects, anticipated savings, financial results (including expenses, earnings, liquidity, cash flow and capital expenditures), industry or market conditions, demand for and pricing of our products, acquisitions and divestitures, anticipated results of litigation and regulatory developments or general economic conditions.  In addition, words such as "believes," "expects," "anticipates," "intends," "plans," "estimates," "projects," "forecasts," and future or conditional verbs such as "will," "may," "could," "should," and "would," as well as any other statement that necessarily depends on future events, are intended to identify forward-looking statements. Forward-looking statements are not guarantees, and they involve risks, uncertainties and assumptions.  Although we make such statements based on assumptions that we believe to be reasonable, there can be no assurance that actual results will not differ materially from those expressed in the forward-looking statements.  We caution investors not to rely unduly on any forward-looking statements.

ABOUT US

Hiru Corp. is a Georgia corporation, is a public quoted Pink Sheet OTC issuer under the ticker symbol "HIRU" (the "Company"). The Company reports as an alternative reporting issuer with OTC Markets Group, Inc. and is current in its mandatory required filings (e.g., Pink Sheet Current). Currently, the Company has one wholly owned, operational subsidiary, AZ Custom Bottled Water, Inc., a Nevada corporation ("AZ Water"), which owns and operates a commercial water bottling and labeling facility based in Phoenix, Arizona. AZ Water operates a B2C website at https://azcustombottledwater.com/.

CONTACT:             

Web Site: www.waterandiceshop.com
Twitter: https://twitter.com/Hirucorpnew

 

View original content:https://www.prnewswire.com/news-releases/hiru-corporation--2nd-quarter-ended-june-30-2023-financial-results-301893383.html

SOURCE Hiru Corporation

FAQ

What is the financial performance of Hiru Corporation for Q2 2023?

Hiru Corporation generated gross revenues of $7,769,288 USD with net income of $2,474,622 USD, marking a 415% increase in revenue and a 263% increase in net income compared to Q2 2022.

How much long-term debt did the company retire during Q2 2023?

The company retired $968,251 USD in long-term debt during Q2 2023 and has lowered its long-term debt liabilities by 54.41% since FYE December 31, 2022.

What are the company's plans for returning shares of Common Stock to treasury?

The company purchased 25,000,000 shares of Common Stock during Q2 2023 and plans to return this block of Common Stock to treasury during Q3 2023.