Victory Marine Holdings Announce Fiscal 2020 Results and Retains Barwicki Investor Relations

Rhea-AI Summary

Victory Marine Holdings reported a 47% revenue increase in its fiscal 2020 results, totaling $2.3 million compared to $1.6 million in 2019. The company's gross profit surged 148% to $228,000, while the net loss shrank to $24,000 from $163,000 the previous year. Additionally, the company has enlisted Barwicki Investor Relations to enhance its global financial communication and investor outreach initiatives.

Positive

• 47% revenue increase to $2.3 million.
• Gross profit increased by 148% to $228,000.
• Net loss reduced significantly to $24,000.

Negative

• None.

Victory Marine Holdings Announces Fiscal 2020 Results

• 47% Revenue Increase
• Retains Barwicki Investor Relations to Expand Its Global Financial Communication & Investor Outreach Program

MIAMI, FL / ACCESSWIRE / April 22, 2021 / Victory Marine Holdings (OTC PINK:VMHG) announces financial results for the fiscal year ended December 31, 2020 and initiation of a global investor relations program.

2020 Key Financial Highlights:

• Revenues for the year ended December 31, 2020 increased 47% to $2.3 million, as compared to $1.6 million in fiscal 2019.
• Gross Profit increased 148% to $228 thousand, as compared to $92 thousand in fiscal 2019.
• Net loss attributable to common stockholders was $24 thousand, as compared to $163 thousand in fiscal 2019.

Orlando Hernandez, Victory Marine Holdings CEO stated, "Although 2020 was a challenging year in many aspects due to the Covid pandemic, we successfully expanded our footprint as a true recreational marine provider. Our performance speaks for itself and I thank our dedicated team for their efforts and our partners for making it a fantastic year. Through initial consultations where we provide advice and guide boaters to pick a boat that fits their needs as well as good inventory levels and partnerships with world class yacht manufacturers we have expanded our customer base."

Victory Marine Holdings retained Barwicki Investor Relations to serve as its investor relations, financial public relations and corporate communications firm. Founded by Andrew Barwicki in 2006, Barwicki Investor Relations is a full service investor relations firm representing publicly traded companies and pre-IPO companies. Andrew Barwicki has 26 years experience in finance, investor relations, investment banking and financial public relations.

Mr. Hernandez commented, "Andrew Barwicki has a proven track record of working with high-growth businesses like Victory Marine. With the team and infrastructure that we have built, we are in the middle of the most exciting period in our company's history and believe the timing could not be better to partner with an experienced team of financial communication professionals like Barwicki Investor Relations to launch a proactive outreach program focused on establishing, and building, higher-quality, long-term relationships with the investment community."

About Us

Victory Marine Holdings (OTC:VMHG), is a recreational marine provider seeking to bring the best product and best service in different areas of this amazing industry. We are focused on providing our client a one stop experience in all their recreational marine needs from new and used boats to financing, insurance, documentation, and accessories. To view our inventory, please visit https://www.victoryyachts.com/

Forward-Looking Statements

Forward-Looking Statements certain statements in this release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified using words such as "anticipate," "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "intend," and similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements. The Company's future operating results are dependent upon many factors, including but not limited to the Company's ability to: (i) obtain sufficient capital or a strategic business arrangement to fund its expansion plans; (ii) build the management and human resources and infrastructure necessary to support the growth of its business; (iii) competitive factors and developments beyond the Company's control; and (iv) other risk factors. We assume no obligation to update the information contained in this news release.

Investor Relations Contact:

Andrew Barwicki
516-662-9461/Andrew@barwicki.com

SOURCE: Victory Marine Holdings Corp.

View source version on accesswire.com:
https://www.accesswire.com/641791/Victory-Marine-Holdings-Announce-Fiscal-2020-Results-and-Retains-Barwicki-Investor-Relations

FAQ

What were the fiscal 2020 financial results for VMHG?

Victory Marine Holdings reported a revenue increase of 47% to $2.3 million, with a gross profit of $228,000 and a net loss of $24,000.

How did Victory Marine Holdings improve its investor outreach?

VMHG retained Barwicki Investor Relations to expand its global financial communication and investor outreach program.

What is the revenue growth percentage for VMHG in 2020?

Victory Marine Holdings achieved a 47% revenue growth in fiscal 2020.

What was the net loss for VMHG in fiscal 2020?

The net loss for Victory Marine Holdings in fiscal 2020 was $24,000.