Propellus Reports Year End Results

Rhea-AI Summary

Propellus Inc. reports financial results for fiscal year ending March 31, 2023. Gross profits increased by 18.2% to $1,408,915. Operating expenses decreased by 51.5% to $2,082,492. Operating loss decreased by 64.5% to $673,577. Profit/(Loss) per share decreased to ($0.05) from ($0.25). CEO expects improved performance and growth in the current fiscal year.

Positive

• Gross profits increased by 18.2% to $1,408,915
• Operating expenses decreased by 51.5% to $2,082,492
• Operating loss decreased by 64.5% to $673,577

Negative

• Profit/(Loss) per share decreased to ($0.05) from ($0.25)

NEW YORK, July 11, 2023 /PRNewswire/ -- Propellus Inc., an Oklahoma corporation, (OTC PINK: PRPS), an alternative finance company that specializes in assisting small businesses with their cash flow needs, reported its financial results for its fiscal year ending March 31, 2023.

Propellus Releases Year End Results

FY 2023 Highlights

• Gross profits during the period increased to $1,408,915 from $1,191,526 from the corresponding period in 2022 (an increase of 18.2%)
• Operating Expenses during the period decreased to $2,082,492 from $4,293,867from the corresponding period in 2022 (a decrease of 51.5%)
• Operating Loss during the period decreased to $673,577 from $2,571,029 from the corresponding period in 2022 (a decrease of 64.5%)
• Profit/(Loss) Per Share during the period decreased to ($0.05) from ($0.25) from the corresponding fiscal year.

With the conclusion of its fiscal year, "the Company continued to demonstrate its improved operations and procedures implemented during the global pandemic, and we look forward to improved performance and growth in the current fiscal year," stated Ralph Johnson, CEO. " Due to rising interest rates and the uncertain economic outlook, credit is tightening at most US lending facilities, and many merchants are having difficulty accessing loans through these traditional channels.  We expect with this shift in the banking community, that the financing alternatives offered by Propellus will become very attractive for many of these merchants as they seek solutions to remain viable," continued Johnson. "We look forward to increasing our market share and increased profitability for our shareholders during the current fiscal year.

About Propellus Inc.: Propellus Inc., is engaged in offering small businesses a variety of financing alternatives ranging in amounts between $20,000-$500,000. Such financings include: payroll advances directly and through third-party professional employer organizations, merchant cash advances, accounts receivable factoring, short-term line of credit loans, and other types of loan products and cash flow financing. 

Contact: 
Propellus Investor Relations
(212) 220-9755
info@propelluscorp.com

View original content:https://www.prnewswire.com/news-releases/propellus-reports-year-end-results-301874430.html

SOURCE Propellus Inc.

FAQ

What are the financial highlights for Propellus Inc. for fiscal year ending March 31, 2023?

Gross profits increased by 18.2% to $1,408,915. Operating expenses decreased by 51.5% to $2,082,492. Operating loss decreased by 64.5% to $673,577.

What is the profit/(loss) per share for the fiscal year?

The profit/(loss) per share decreased to ($0.05) from ($0.25).

What does the CEO expect for the current fiscal year?

The CEO expects improved performance and growth in the current fiscal year.

How does Propellus Inc. assist small businesses?

Propellus Inc. specializes in assisting small businesses with their cash flow needs.