SOURCE: Bergio International

Bergio International

April 16, 2014 09:00 ET

Bergio International Announces Year End Results

FAIRFIELD, NJ--(Marketwired - Apr 16, 2014) - Bergio International, Inc. (OTCQB: BRGO) ("Bergio" or the "Company") announced today its results for the year ending December 31, 2013.

For the year ended December 31st, the Company reported revenues of $1,999,496 as compared to $2,017,614 for the same period in the prior year. Total liabilities at December 31st, 2013 were $666,420 as compared to $1,537,582 at December 31, 2012 as the Company has been making a concerted effort to improve its balance sheet. Stockholders' equity at December 31st, 2013 was $1,855,311 as compared to $1,506,796 at December 31, 2012. The net loss for 2013 was $835,740 as compared to $388,434 for 2012.

Berge Abajian, CEO of Bergio International, stated, "The increase in the loss is partially attributed to an increase in the provision for bad debts associated with receivables from our Russian customer and a few other customers. Management feels that we have had slower than expected collections due to economic conditions, but considering our past we feel confident that collections will be made, but felt that it was prudent to recognize a provision in our financial statements. Our gross margins were lower than expected due to selling certain slow-moving inventory at substantially discounted prices. I am personally satisfied that we were to maintain sales at same level as the prior year given the current economic conditions. I am also satisfied with decreasing our liabilities by approximately $900,000 as well as increasing our stockholder's equity by approximately 20% while keeping our asset to liability ratio at 4:1, the highest in company history."

He continued, "The Company has been preparing for our major show in Las Vegas, which will be from May 30th to June 2nd. We are working diligently to establish relationships with major stores that could expand the distribution and name recognition of Bergio products."

He added, "As stated in previous press releases, we are reevaluating every aspect of our business, such as reducing long term investments in projects in exchange for those with more immediate contribution to revenue and the bottom line. We also plan to open our first Bergio retail store in the near future. We are also in the final stages of continuing the process of securing non-toxic financing."

We encourage everyone to read our full results of operations contained in our Form 10-K filed on April 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.

Contact Information

  • Contact:

    Bergio International, Inc.
    Investor Relations
    973-227-3230 Ext13
    www.bergio.com