OPHI AH news: Organic Plant Health Announces 2011 First Quarter Results - Recording a 44% Increase in Wholesale Revenues and a 38.5% Reduction in Total Liabilities
5:01 pm ET 06/07/2011- PR Newswire
CHARLOTTE, N.C., June 7, 2011 /PRNewswire/ -- Organic Plant Health, Inc., (OPHI), (OTC-PK:OPHI) an exclusive manufacturer and distributor of organic-based fertilizers and soil conditioners, released their financial results for the first quarter of 2011. Sales for the period ending March 31, 2011 totaled $268,911.48. Management has identified several key ratios that show significant improvement in first quarter 2011 over the same period a year ago, signaling continued progress associated with management's focus on increasing the efficiency of operations. Revenues from its wholesale business realized a 44% increase for the same period over the prior year. The company also experienced a significant decrease in debt with Current Liabilities down 41.4% to $428,821.36, Accounts Payable down 37% to $215,481.01 and Accounts Receivable up 33% to $103,893.38. Total liabilities for the Company decreased by 38.5% to $519,159.86.
"We are extremely pleased with our first quarter results," stated Billy Styles, CEO of Organic Plant Health. "Typically our first quarter only comprises about 20% of annual revenues since the quarter falls almost entirely during the winter season. This year our first quarter may very well represent an even smaller percentage since we recently added an additional revenue stream by launching our e-commerce website in time for the second quarter. This will have a significant impact on sales as we continue through the rest of the year, and as our company brand becomes better known in the industry." Mr. Styles went on to say, "More importantly these numbers clearly show the financial course of efficiency and debt reduction that our company has taken over the past eighteen months. In Q1- 2011 we were able to realize significant reduction in our debt ratios over 2010. This is a direct result of our efforts to better utilize our resources and create a more efficient company. We are fully committed to fiscal responsibility and to increasing value for all of our shareholders."
The company also reiterated that they are in the final stages prior to filing their S-1 registration with the SEC. As previously announced a NY Securities law firm retained by the company is making progress on preparing the required documents and the company is now in the process of selecting a banking partner. Mr. Styles commented, "This is a very important decision that we will not make lightly. We have identified some highly respected equity funding candidates but I want to consider a few more before we make our final choice."
About Organic Plant Health
Based in Charlotte, NC, Organic Plant Health (OPH), provides organic-based, natural and environmentally responsible fertilizers, soil conditioners, herbicides, insecticides and fungicides for the continual care of residential and commercial landscapes.
Organic Plant Health brand products are currently sold in more than 20 Master and Independent Retailers across the Carolinas from Raleigh, NC to Greenville, SC. Key customers using Organic Plant Health products are environmentally conscious Do-It-Yourself homeowners and commercial landscape companies, secondary markets served include real estate development companies, vineyards and agriculture.
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements as a result of various factors, and other risks. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and Organic Plant Health takes no obligation to update such statements.
CONTACT:Investor Relations: Ph. (704) 745-OPHI (6744)
E-mail: investorrelations@organicplanthealth.comFacebook: www.facebook.com/organicplanthealthYouTube: www.youtube.com/organicplanthealth
SOURCE Organic Plant Health, Inc.
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