MIAMI, FL--(Marketwired - Jan 23, 2017) - Omni Health, Inc. (OTC PINK: OMHE), a pharmaceutical company, filed today its first quarter results for fiscal year 2017, ending July 31, 2016. OMHE recorded a $1.08M net income, which incorporated Malecon Pharmacy, Inc., a wholly owned subsidiary of OMHE as of June 22, 2016. In addition to the results, and in accordance with ASC 805-10-50, the Company provided the results of net income of the combined results of the Company's consolidated operations with the acquisition as if the acquisition had been completed as of the beginning of the reporting period. As such, the proforma results was $1.6M Net Income. The Company recognized a one-time sale of discontinue operations of VitaCig to mCig, Inc. (OTC: MCIG), in the amount of $1.1M leaving a $500K adjusted proforma net income for the consolidated quarter.
OMHE Chief Executive Officer, Andrey Soloviev, stated, "We are in the final stages of becoming current with our filings and will seek immediately to move from OTC Pink to OTCQB. Since the acquisition of Malecon Pharmacy we have been organizing and structuring a 40 year private business into a public market. While our transition has been longer than anticipated, we remain diligent to our shareholders and seek to improve communications with them as we move forward."
OMHE Interim Chief Financial Officer Michael Hawkins went on to say, "The Company has seen incredible improvement in sales as compared to the same period last year seeing a 767% increase in sales and a 543% increase gross profit."
Other key financial indicators reported by OMHE included:
- $5.0M in Assets
- $233K in Cash
- $1.3M in Current Assets (cash, accounts receivable, and inventory)
- $330K in cash provided by operating activities
About Omni Health, Inc.
Headquartered in Miami, Florida, Omni Health Inc. operates a pharmacy operation in Hialeah, Florida, Malecon Pharmacy. Malecon Pharmacy has been a pillar of the local community since 1974 providing healthcare products, pharmacy operations, prescription drugs, and other services and products in the skin care and anti-aging industry.
Safe Harbor Statement
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein are based on current expectations, but are subject to a number of risks and uncertainties. The factors that could cause actual future results to differ materially from current expectations include, but are not limited to, risks and uncertainties relating to the Company's ability to develop, market and sell products based on its technology; the expected benefits and efficacy of the Company's products and technology; the availability of substantial additional funding for the Company to continue its operations and to conduct research and development, and future product commercialization; and the Company's business, research, product development, regulatory approval, marketing and distribution plans and strategies.