SOURCE: Blow and Drive Interlock Corporation

Blow and Drive Interlock Corporation

August 22, 2017 03:49 ET

BDIC Reports Record Revenues: Announces Second Quarter 2017 Results

BDIC Reports Record Revenues: Announces Record Breaking Second Quarter 2017 Results

LOS ANGELES, CA--(Marketwired - Aug 22, 2017) - Blow and Drive Interlock Corporation (OTCQB: BDIC), yesterday announced results for the fiscal quarter ended June 2017. BDIC is pleased to announce record breaking revenues during the second quarter of 2017.

• Second quarter revenue increased 227% year-over-year.
• Second quarter gross profit increased 212% year-over-year.
• BDIC Eclipses over $1,000,000 worth of BDI-747 Monitoring Units leased and on reoccurring billing model.

Blow & Drive
Consolidated Statements of Operations

  Three Months Ended June 30,
  2017   2016
           
Monitoring revenues $ 204,738   $ 95,176
Distributorship revenues   106,719     -
Total revenues   311,457     95,176
           
Monitoring cost of revenue   46,085     11,163
Distributorship cost of revenues   2,500     -
Total cost of revenues   48,585     11,163
Gross Profit   262,872     84,013

Commenting on the results, Laurence Wainer, BDIC's chief executive officer said "I am pleased to report a record breaking quarter. BDIC grew faster than the market across all geographies driven by success with our wireless ignition interlock product. Our phones continue to ring off the hook as we continue to generate significant sales growth in California, Oregon and Arizona; the 3 states where we have significant infrastructure and aggressive marketing campaigns. As funds for our production become more available, all we need do is turn on the marketing tap in the other nine states where we are approved and we could easily capture significantly more market share, putting thousands of more units on the road.

As we move into the second half of the fiscal year, we plan to refine our manufacturing process and increase our marketing and even more aggressively pursue sales; I believe we are well positioned to continue posting strong results both in revenues and market share. It has been 18 months since we leased our very first BDI-747 to our very first court ordered client and today we have own over 3400 units, $1,000,000 worth of BDI-747's manufactured, delivered, sold and installed on the road collecting over $100,000 per month in reoccurring revenue and we are well on our way to establishing ourselves as a leading nationwide BAIID manufacturer and provider.

I would also like to comment briefly on our general and administrative expenses as these financial statements are based on GAAP accounting principles. This increase would have been smaller except for we paid a settlement of $50,000 to an ex-employee as well as a preferred stock purchase agreement with myself for preferred, restricted, non-tradable stock in exchange for approximately $45,000 of debt owed to me by BDIC. This transaction was applied as an expense under general and administrative expenses at $350,000 but in reality didn't cost BDIC a single penny.. In quarters that we do not have similar one-time transactions we expect our general and administrative expenses to drop around 65% to around $125,000 to $150,000 per quarter for the foreseeable future.

FORWARD-LOOKING DISCLAIMER
This report may contain certain forward-looking statements and information. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of mentioned company to be materially different from the statements made herein.

Contact Information

  • Laurence Wainer
    Chief Executive Officer
    5503 Cahuenga Blvd., #203 Los Angeles, CA 91601
    www.blowanddrive.com
    877 238-4492