FAIRFIELD, NJ--(Marketwired - May 16, 2014) - Bergio International, Inc. (OTCQB: BRGO) ("Bergio" or the "Company") announced today its results for the first quarter.
For the first quarter, which ended on March 31st, 2014, the Company reported revenues of $263,552 as compared to $316,717 for the same period in the prior year.
Our asset to liability ratio is being maintained at 4:1, which is the highest in the company's history. The company's current liabilities have decreased by $57,761, which is the lowest it has ever been. Our working capital has increased by $33,548 to $1,758,107 as of March 31st, 2014. We have been maintaining steady and improved stockholder equity by $39,141.
Berge Abajian, CEO of Bergio, stated, "Our revenue numbers are slightly below what we expected, due to an economic slowdown in the jewelry industry during the first quarter in the United States. Historically, the first quarter tends to be the slowest of the year. Our balance sheet is also the strongest it has ever been, giving us a lot of leverage with financial institutions."
He continued, "As I have mentioned in previous press releases, we are looking at new directions for Bergio so that we may control our own destiny. I eagerly await our new venture, opening the very first Bergio Boutique. Scheduled to open in September, the store will be located in New Jersey. This is a stepping-stone toward Bergio's future expansion. I am also excited about the upcoming JCK show with many meetings lined up with major department stores. This year we will be launching 24 brand new designs for Bergio Bridal, as well as featuring additions to our successful Sistina, Safari and Faccia a Faccia collections."
He concluded, "I am honored to accept an invitation to the CIBJO Congress, which features members of national jewelry and gemstone associations from more than 40 countries as well as representatives of many of the industry's most important commercial bodies. The conference will be held in Moscow May 19-21. This will give Bergio a great opportunity to network with the largest and most powerful associations and manufacturing individuals in the world."
We encourage everyone to read our full results of operations contained in our Form 10-Q filed on May 15th, 2014 at sec.gov.
About Bergio International, Inc.
Bergio International, Inc. is a leading jeweler creating a diversified jewelry designer and manufacturer through acquisitions and consolidation in the estimated $160 billion a year highly fragmented independently owned jewelry industry. Bergio currently sells its jewelry to approximately 50 jewelry retailers across the United States. Bergio has manufacturing control over its line through its manufacturing facility in New Jersey, as well as subcontracts with facilities in the United States and Italy.
The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.