Stealth Technologies Inc. Reports Second Quarter 2016 Financial Results and Provides Business Update
Revenue Increases Q216 to $567,584; Gross Margin 45.86%; Profitable for the Second Quarter of 2016
LARGO, FL -- (Marketwired) -- 08/24/16 -- Stealth Technologies Inc. (OTC PINK: STTH) announced financial results for the second quarter ending June 30, 2016 and provided a general business update.
Second Quarter 2016 Highlights:
- Revenue for the second quarter of 2016 increased 210% to $567,584 compared to $182,904 for the same period last year;
- Gross margin of 45% for the second quarter of 2016 increased from $152,543 to $260,303;
- Net Income increased to $153,703 for the second quarter 2016 compared to a loss of ($593,345) in the second quarter of 2015;
For a complete discussion of our financial condition and operating results, please see "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our audited and unaudited financial statements and the accompanying notes in our Form 10-Q for the three and six months ended June 30, 2016 and our Form 10-K for the year ended December 31, 2015, as filed with the Securities and Exchange Commission (the "SEC") on the SEC's Electronic Data Gathering Analysis and Retrieval system ("EDGAR").
Brian McFadden, CEO of Stealth Technologies Inc., stated, "We achieved profitability this quarter, while continuing to strengthen gross margins. Revenue increased by 210% to $567,584 versus the same period last year primarily due to the continued strong sales of the Stealth Card combined with the addition of the new 911 Help Now product to market. This growth will allow us to continue development of our current operations as well as identify additional opportunities to help fuel our expansion into a full service personal financial and data protection company.
"I am happy to report results that reflect our commitment to the successful execution of our stated business plan and associated strategy, including our recent name change to Stealth Technologies Inc., that truly represents the company, the Stealth Brand, and the foundation of intellectual property portfolios.
"We are now strategically positioned to build the Stealth brand and have identified and are currently testing several new products that are consistent with our business strategy. The forthcoming launch of these new products to market, combined with delivering the highest possible level of customer service, underscore our on going commitment to increasing our personal security footprint and growing the Stealth brand in the forthcoming quarters. We look forward to providing additional future updates.
"We have identified and are testing several other products that are consistent with our business strategy and possible acquisitions that can increase our personal security footprint as we service existing customers and attract new customers in the coming quarters. We look forward to providing additional updates in the future."
Revenue for the quarter ended June 30, 2016 was $567,584 versus $182,904 for the quarter ended June 30, 2015. The increase in revenue was due to the addition of new customers of Stealth Card and the introduction of 911 Help Now. Net income in the second quarter of 2016 was $153,703 or 27% of revenue versus ($593,345) loss for the same period in 2015. For the three month period ended June 30, 2016, the Company recorded a gross margin of $260,303 or 45.86%.
About Stealth Technologies Inc.:
Stealth Technologies Inc. is a technology company focused on product development and sales in the personal financial protection and data protection businesses. Stealth Card, the company's first product to market, is designed to protect the RFID chip in a consumer's credit card from "electronic pickpocketing" that uses a smartphone, credit card reader or RFID antenna to remotely access data stored on the consumer's "Smartchip." Stealth Card renders the chipped information invisible or "Stealth" to intrusion.
This release contains certain statements that are, or may be deemed to be, forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934, and are made in reliance upon the protections provided by such Acts for forward-looking statements. We have identified forward-looking statements by using words such as "expect," "believe," and "should." Although we believe our expectations are reasonable, our operations involve a number of risks and uncertainties that are beyond our control, and these statements may turn out not to be true. Risk factors associated with our business, including some of the facts set forth herein, are detailed in the Company's Form SEC filings.
Source: Stealth Technologies, Inc.
Released August 24, 2016