Victory Marine Holdings Corp Reports First Quarter FY 2021 Results

Rhea-AI Summary

Victory Marine Holdings Corp. (OTC PINK:VMHG) reported a significant decline in financial performance for the first quarter of 2021. Net sales were $62,000, down from $181,000 in Q1 2020. The company also faced an operating loss of $137,881, contrasting with a profit of $46,000 in the same period last year. CEO Orlando Hernandez acknowledged the revenue drop but emphasized positive aspects, such as strong deal flow and solid partnerships with yacht manufacturers. The first quarter is typically slow for boat deliveries, and the company aims to expand its offerings.

Positive

• Strong deal flow and partnerships with yacht manufacturers.
• Focus on sales channels and commitment to customer needs.
• Inventory investments allow for better product availability.

Negative

• Significant drop in net sales from $181,000 to $62,000 year-over-year.
• Operating loss of $137,881 compared to a profit in the prior year.

MIAMI, FL / ACCESSWIRE / May 25, 2021 / Victory Marine Holdings Corp. (OTC PINK:VMHG) today announced financial results for the first quarter ended March 31, 2021.

Key Financial Highlights:

• Net sales for three months ended March 31, 2021 were $62 thousand, as compared to $181 thousand for the same period last year.
• Loss from operations for the three months ended March 31, 2021 were $137,881, as compared to a profit of $46 thousand for the same period last year.

Orlando Hernandez, Victory Marine Holdings CEO stated, "Although our revenues had a decline, we are pleased with our deal flow and the overall operations. Moreover, the first quarter is typically a slow quarter for boat delivery. I believe our strategy, specifically our sales and marketing strategy will continue to expand our client base. Our partnerships with yacht manufacturers continues to remain strong and we are looking to expand our offerings to deliver all types of boats and yachts while serving a financially diversified client base."

"We will continue to focus on our sales channels, including our commitment to meeting customers' needs by delivering high quality and differentiated products," continued Mr. Hernandez. "We also believe the investments we made over the last year, including having a good amount of inventory allows us to better serve our customers with product availability and quick service."

About Us

Victory Marine Holdings 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.

In 2014 Victory Yacht Sales opened it door as a world class yacht sales, brokerage and consulting firm with a founder that has over 25 years of experience in the boating industry, from building world class offshore center console boats such as Midnight Express, Latitude Powerboats, Apache and Cigarette. The company is located in sunny Miami Florida, the yacht capital of the world. Victory Yacht Sales has partnered with selective world class yacht manufacturers as Johnson Yachts, Mazu Yachts, Sunreef Luxury Catamarans, Heliothrope Catamarans as well as yacht tenders manufacturer Argos Nautic. 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/649009/Victory-Marine-Holdings-Corp-Reports-First-Quarter-FY-2021-Results

FAQ

What were the financial results for Victory Marine Holdings in Q1 2021?

In Q1 2021, Victory Marine Holdings reported net sales of $62,000 and an operating loss of $137,881.

How did Victory Marine Holdings' Q1 2021 sales compare to Q1 2020?

Net sales for Q1 2021 were $62,000, a decline from $181,000 in Q1 2020.

What did the CEO of Victory Marine Holdings say about the company's performance?

CEO Orlando Hernandez acknowledged the revenue drop but highlighted strong deal flow and ongoing partnerships.

What strategy is Victory Marine Holdings pursuing following its Q1 2021 results?

The company plans to expand its sales and marketing strategies and enhance its product offerings.