Mastermind Rebounds and Posts Solid Net Income for FYE 2020

Rhea-AI Summary

Mastermind, Inc. (OTCQB: MMND) announced its financial results for the fiscal year ending September 30, 2020. The company reported a net income of $141,174, up by $895,119 from the previous year, despite the pandemic's impact. Gross margin rose by 4% to $3,369,844. Notably, combined expenses decreased by 22%, with personnel expenses down by 25% and operating expenses by 16%. Acquisition discussions that halted during the pandemic are resuming, with hopes for letters of intent in the coming months.

Positive

• Net income increased by $895,119 compared to 2019.
• Gross margin improved by 4% to $3,369,844.
• Combined expenses decreased by 22%, indicating improved cost management.

Negative

• None.

Mastermind, Inc. (OTCQB: MMND), a leading vertically-integrated digital marketing company that designs, creates and activates marketing initiatives for global brands, today announced financial results for FYE 2020, ended September 30, 2020.

Dan Dodson, CEO of Mastermind, commented, “Results for FYE 2020 posted solid net income for the year despite the pandemic. Our team developed and executed some impressive pandemic social marketing initiatives for our clients that helped them through some difficult times. In 2020 vs 2019, Gross Margin (revenue less direct expenses) was 4% higher, combined expenses (direct, personnel, and operating) were 22% lower, and Net Income increased by $895,119. Some of the acquisition discussions we were having during the pandemic were put on hold, but many have restarted in the last 30 days. We hope to have some LOIs in place over the coming months.”

Fiscal Year 2020 Highlights

• Gross Margin for 2020 was $3,369,844, an increase of 4% over 2019
• Net Income for 2020 was $141,174, an increase of $895,119 over 2019
• Personnel Expenses for 2020 were $2,452,180, a decrease of 25% from 2019
• Operating Expenses for 2020 were $3,321,445, a decrease of 16% from 2019

Detailed financial information can be found in Mastermind’s Annual Report on Form 10-K for the period ended September 30, 2020 and filed with the Securities Exchange Commission on February 19, 2021.

About Mastermind, Inc.

Mastermind, Inc. provides thinking that drives results for leading marketers. It has over 30 years of experience in dozens of industries helping involve people with leading brands in ways that inspire them to take action. Mastermind has a total, data-driven approach that drives brand consideration, trial, loyalty, and advocacy. The company has extensive marketing expertise in Content, Digital, Influencer, Social, Promotion, Channel Optimization, and Digital Issues Management. This allows Mastermind to create and execute multi-dimensional campaigns that drive results. For more information about Mastermind, Inc., please visit: www.MastermindMarketing.com.

Forward-Looking Statements

This press release of Mastermind, Inc. (the “Company”) contains, or may contain, among other things, certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve significant risks and uncertainties. Such statements may include, without limitation, statements with respect to the Company’s plans, objectives, projections, expectations and intentions and other statements identified by words such as “projects,” “may,” “will,” “could,” “would,” “should,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “potential” or similar expressions. These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties, including those detailed in the Company’s filings with the Securities and Exchange Commission. Actual results (including, without limitation, market acceptance of the Company’s services; competition from existing products/services or new products/services that may emerge; the implementation of the Company’s business model and strategic plans for its business and its services; estimates of the Company’s future revenue, expenses, capital requirements and need for financing; and developments relating to the Company’s competitors) may differ significantly from those set forth in the forward-looking statements. These forward-looking statements involve certain risks and uncertainties that are subject to change based on various factors (many of which are beyond the Company’s control). The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210222005699/en/

FAQ

What were Mastermind, Inc.'s financial results for FY 2020?

Mastermind, Inc. reported a net income of $141,174 for FY 2020, an increase of $895,119 from the previous year, with a gross margin of $3,369,844.

How did the pandemic affect Mastermind, Inc.'s financial results?

Despite the pandemic, Mastermind reported solid financial results, with increased net income and improved gross margin.

What is Mastermind, Inc.'s stock symbol?

The stock symbol for Mastermind, Inc. is MMND.

What reductions did Mastermind, Inc. achieve in expenses for FY 2020?

Mastermind, Inc. reported a 25% decrease in personnel expenses and a 16% decrease in operating expenses for FY 2020.

What future plans does Mastermind, Inc. have regarding acquisitions?

Mastermind, Inc. indicated that acquisition discussions that were paused during the pandemic have resumed, with hopes to establish letters of intent soon.