DALLAS, GA--(Marketwired - July 07, 2016) - Bemax Inc. (OTCBB: BMXC), a growing global distributor of Disposable Baby Diapers, today reported full year revenue of $538,738
Bemax reported fiscal fourth-quarter total revenue of $267,416, which consisted primarily product sales revenue compared to $206,100 in revenue for the fiscal third quarter.
"We delivered another solid quarter with expanding distribution network showing sequential growth in line with expectations," stated Taiwo Aimasiko, President and Chief Executive Officer. She added, "We expect to see continued growth in sales as we benefit from a healthy and growing distribution network."
Results of Operations for Fiscal Year Ended May 31, 2016
Revenues for the year ended May 31, 2016 totaled $538,738 compared to $0 in revenue for the year ended May 31, 2015.
Deferred revenue currently remain at $507,722 for the year ended May 31, 2016
Total Operating Costs which consists of general and administrative expenses is $72,469 compared to $20,130 for the year ended May 31, 2015
We incurred net loss of $163,171 compared to $477,081 in net loss for the year ended May 31, 2015.
Fiscal 2016 Outlook:
The following statements are based on BEMAX's current expectations for the fiscal year 2016. These statements are forward-looking and actual results may differ materially.
- Revenue is expected to be in the range of $2.73 million to $3.3 million.
- Bemax will commence the installation of two disposable diaper production lines
About Bemax Inc.
Bemax Inc. distributes private label Disposable Baby diapers to local distributors in London, South, East and West Africa and other emerging markets. We also source from manufacturers from Asia and distribute to other growing markets. Bemax focuses on an extensive and far-reaching global network among wholesalers, large discounting retailers and supermarkets as well as entry into the ecommerce arena to reach households directly through subscription orders. We focus to supply our clients with disposable baby diapers from manufacturers in North America where quality is superior. Please visit the company website at www.bemaxinc.com.
Safe Harbor Statement
This press release contains forward-looking statements that can be identified by terminology such as "believes," "expects," "potential," "plans," "suggests," "may," "should," "could," "intends," or similar expressions. Many forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results or implied by such statements. These factors include, but are not limited to, our ability to continue to enhance our products and systems to address industry changes, our ability to expand our customer base and retain existing customers, our ability to effectively compete in our market segment, the lack of public information on our company, our ability to raise sufficient capital to fund our business, operations, our ability to continue as a going concern, and a limited public market for our common stock, among other risks. Many factors are difficult to predict accurately and are generally beyond the company's control. Forward-looking statements speak only as to the date they are made and we do not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.