mCig, Inc., Announces Fiscal Year 2016 Financial Results
HENDERSON, NV–(Marketwired – Sep 1, 2016) – mCig, Inc. ( OTCQB : MCIG ) –
- Reports an Increase in Revenue of 238% to $1,723,241 for the Year Ended April 30, 2016 Compared to Last Year
- Announces Second Quarterly Shareholder Update Call
mCig, Inc. ( OTCQB : MCIG ), a diversified company serving the legal cannabis, hemp, and CBD markets, announced today its summarized audited financial results for its 2016 Fiscal Year.
Here is FY 2016 Financial Highlights:
- Revenue increased 238% to $1,723,241 for the year ended April 30, 2016 compared to $509,957 for the Fiscal Year ended April 30, 2015.
- Gross profit increased 169% to $290,773 for the year ended April 30, 2016 compared to $108,051 for the Fiscal Year ended April 30, 2015.
- The Company’s basic EPS for FY2016 was (0.00).
Mike Hawkins, Interim Chief Financial Officer, stated, “We are extremely pleased with the direction and performance of MCIG. We will be hosting our second quarterly shareholders update call on September 20, 2016 at 4:00 PM discuss its operations and first quarter results of the new fiscal year.
“mCig’s recent barrage of business growth has necessitated our need to effectively communicate with our shareholder base. mCig understands the importance of sharing recent events with our shareholders to ensure they have a thorough understanding of our vision and growth opportunities. The call will be hosted by mCig’s Chief Financial Officer, Mike Hawkins,” stated mCig CEO Paul Rosenberg. Further details will be provided.
About mCig, Inc.
Headquartered in Henderson, Nevada, mCig, Inc. ( OTCQB : MCIG ) 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.