Significant year-over-year revenue growth of 33% to $30.5 million
Los Angeles CA, Nov. 16, 2021 (GLOBE NEWSWIRE) -- Pacific Ventures Group, Inc. ("Pacific Ventures") (OTC PINK: PACV), today reported financial results for the third quarter, ended September 30, 2021.
Third Quarter 2021 Financial Highlights:
- Gross revenues for the first nine months of 2021 increased 33% to $30.5 million, compared to $22.9 million in the first nine months of 2020. The significant increase in revenue was primarily the result of marked increase in demand for our products.
- Gross profit increased 40% to $3.5 million, compared to $2.5 million in the first three quarters of 2020. Gross profit margins for the nine months were 11.6%, in 2021 compared to 10.9% one year ago. The increase in margins was primarily due to decreased cost of goods sold per dollar of revenue earned.
- Operating expenses were $6.1 million for the nine months ended September 30, 2021, compared to $5.1 million in the first nine months of 2020. The increase in operating expense was primarily driven by increased SG&A, marketing fees and professional fees in 2021.
- Net loss was $4.5 million, or $0.15 per share for the first nine months of 2021, as compared to a net loss of $3.9 million, or $0.56 per share in the first nine months of 2020.
- Cash and cash equivalents were $0.5 million as of September 30, 2021.
CEO, Shannon Masjedi, stated “Our year over year revenue increased significantly for the first nine months of 2021 as compared to 2020. While we attribute part of this growth to a temporary slowdown in 2020 in sales as a result of COVID-19, we also look to increased sales as a result of our continued hard work and increase in opportunities in 2021.
ABOUT PACIFIC VENTURES, INC.
Pacific Ventures Group, Inc. (OTC PINK:PACV) is focused on expansion within the consumer products, food, beverage and alcohol-related industries. For more information on PACV, please visit www.pacvgroup.com. (You need to be at least 21 years of age (legal age to consume alcohol) to visit the section of the web site dedicated to SnöBar.)
FORWARD-LOOKING STATEMENTS
This press release contains “forward-looking statements.” Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) market acceptance of our existing and new products, (ii) delays in bringing products to key markets, (iii) an inability to secure regulatory approvals for the ability to sell our products in certain markets, (iv) intense competition in the industry from much larger, multinational companies, (v) product liability claims, (vi) product malfunctions, (vii) our limited manufacturing capabilities and reliance on subcontractors for assistance, (viii) our efforts to successfully obtain and maintain intellectual property protection covering our products, which may not be successful, (ix) our reliance on single suppliers for certain product components, (x) the fact that we will need to raise additional capital to meet our business requirements in the future and that such capital raising may be costly, dilutive or difficult to obtain and (xi) the fact that we conduct business in multiple foreign jurisdictions, exposing us to foreign currency exchange rate fluctuations, logistical and communications challenges, burdens and costs of compliance with foreign laws and political and economic instability in each jurisdiction. More detailed information about the Company and the risk factors that may affect the realization of forward looking statements is set forth in the Company’s filings with the Securities and Exchange Commission (SEC), including the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.
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Source: Pacific Ventures Group, Inc.
