SOURCE: Groupe Athena, Inc.
MUMBAI, INDIA--(Marketwired - Oct 21, 2013) - Groupe Athena, Inc. (OTC Pink: GATA) today posted their quarterly results for the three months ending September 30, 2013. The company reported revenues of $18,762,589 which is an increase of 22% when compared to the corresponding period in 2012 and is the most revenue for a single quarter reported by the company to date. Operating income for the quarter also increased dramatically to $3.15 million from $2.14 million for the same period in 2012. The company notes that the very healthy 47% increase compared to the previous year is due to a 20% increase in operating margins. Groupe Athena attributed the increase to a revised mix of order flow that enabled more work to be done in-house as opposed to more costly outsourcing.
Net income after taxes for the period increased 23% to $1.61 million or $.034 per share despite a one time impairment charge of $618,281 related to the recent property acquisition. Excluding this charge, net income increased 70% to $2.23 million for the period.
The company's order position is also healthy and management expects total revenues of $65 million for the current fiscal year. As mentioned in previous updates, additions to equipment continue to result in savings and as a result, operating margins increased to 16.77% from 13.93% in the corresponding quarter of 2012. Management remains focused on attaining operating margins of 40% of revenues. Cash reserves remain strong and continue to grow and long term debt remains virtually non-existent.
To review the complete quarterly report please go to www.otcmarkets.com/stock/GATA/quote and click on "Financials"
The Indian pharmaceutical industry is increasingly focusing on exports to the United States and GATA is well positioned to help them get their products approved by the FDA for sales in the US. All of these are potential clients and the Company believes it has an advantage over competitors due to the facilities based in India, and their ability to deliver quick feedback to clients that could result in expedited order generation. With recent additions to equipment, the company will continue to take on additional contracts and continue to anticipate further growth.
About Groupe Athena, Inc.
Groupe Athena Inc. was incorporated in June 2008 and began operations on July 1 of that year. The company is a research and testing organization and helps various pharmaceutical and medical products and devices companies in India and Southeast Asia to get regulatory approvals and facilitate exports of their products to the United States. The Company accomplishes this by assisting clients from concept through development, providing consultation on regulatory requirements, filings and processes.
The company has a research and marketing facility in India that currently employs 18 consultants and marketing personnel and is working towards aggressively expanding its presence in the Indian pharmaceutical industry. The Company's web address is www.groupeathena.com
Safe Harbor Statement
Certain statements set forth in this press release constitute "forward-looking statements." Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain the words "estimate", "project", "intend", "forecast", "anticipate", "plan", "planning", "expect", "believe", "will likely", "should", "could", "would", "may" or words or expressions of similar meaning. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the company's actual results and financial position to differ materially from those included within the forward-looking statements. Forward-looking statements involve risks and uncertainties, including those relating to the Company's ability to grow its business. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance. The potential risks and uncertainties include, among others, the Company's limited operating history, the limited financial resources, domestic or global economic conditions -- activities of competitors and the presence of new or additional competition and conditions of equity markets.