mCig, Inc. Announces Fiscal Year 2016 Financial Results (Unaudited); Revenue up $1.2 Million With Operational Improvement of $3.0 Million
HENDERSON, NV–(Marketwired – Jun 28, 2016) – mCig, Inc., ( OTCQB : MCIG ), a diversified company servicing the legal cannabis, hemp, and CBD markets, announced today its summarized unaudited financial results for its 2016 Fiscal Year. The annual audit is ongoing. Management believes the projected revenues will increase $1.2 million, a 247% increase over the prior fiscal year. The Net Loss from Operations improved by $3.0 million, a 235% decrease in loss. The Company’s basic EPS for FY2016 is projected at (0.00).
|Income from Operations Minus Depreciation||(1,275,282||)|
|Earnings Per Share||(0.00||)|
|Sales increase from prior period||$||1,263,284|
|Sales increase from prior period as a percent||247.72||%|
|Net Loss decrease from prior period||2,984,206|
|Net Loss decrease from prior period as a percent||235.25||%|
|Earnings Per Share (Basic) increase from prior period||0.02|
Michael Hawkins, Interim Chief Financial Officer, stated, “The increase in revenue is a direct result of the strategic movement into the CBD markets. The Company has seen the beginning of its construction and grow division in the Fiscal Year numbers, but with a majority of the three contracts scheduled for completion in the current fiscal year, we should see further improvements in these numbers.” He went on to say, “The Company has significantly reduced its overhead cost, and the business is trending in the right direction.”
MCIG will discuss further the financial statements of the Company for Fiscal Year 2016 and its implications on the future during the upcoming investor call June 28, 2016 at 4:30 PM (EST). To attend the Shareholder Investor Call please call (712) 451-0011 and follow the prompts. When required, enter the following conference ID, 889964. The phone line will open up two minutes before the scheduled start time.
About mCig, Inc.
Headquartered in Henderson, Nevada, mCig, Inc. ( OTCQB : MCIG ) is a diversified company servicing the legal cannabis, hemp and CBD markets via its lifestyle brands. MCIG has transitioned from a vaporizer manufacturer to industry leading large scale, full service cannabis cultivation construction company with its Scalable Solutions division currently operating in the rapidly expanding Nevada market. The company looks forward to growing its core competencies to service the Ancillary legal Cannabis, Hemp and CBD markets, with broader expansion to take place once federal laws change. For more information visit www.mcig.org.
Safe Harbor Statement
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein are based on current expectations, but are subject to a number of risks and uncertainties. The factors that could cause actual future results to differ materially from current expectations include, but are not limited to, risks and uncertainties relating to the Company’s ability to develop, market and sell products based on its technology; the expected benefits and efficacy of the Company’s products and technology; the availability of substantial additional funding for the Company to continue its operations and to conduct research and development, and future product commercialization; and the Company’s business, research, product development, regulatory approval, marketing and distribution plans and strategies.
This release contains a non-GAAP disclosure, EBIDTA, which consists of net income plus interest expense, net, provision for income taxes and depreciation and amortization. This term, as the Company defines it, may not be comparable to a similarly titled measure used by other companies and is not a measure of performance presented in accordance with GAAP. The Company uses EBIDTA as a measure of operating performance. EBIDTA should not be considered as a substitute for net income.