From the 10Q:
Net revenues in the 2017 Quarter increased $0.7 million, or 10%, to $7.3 million from $6.7 million in the 2016 Quarter primarily due to a change in terms with two of our major Diabetic Products customers whereby products shipped to a shipping hub located in the United States will no longer be sold on consignment effective May 1, 2017. Prior to this change, products to these two major Diabetics Products customers were sold by both consignment and FOB shipping point. Going forward, all products sold to these two major Diabetics Products customers shall be sold FOB shipping point. As a result of this change, additional net revenues of approximately $808,000 were recognized in the 2017 Quarter that would not have been recognized if the change in terms had not occurred. Moreover, had the change in terms not occurred, our net revenues for the 2017 Quarter would have declined compared to the 2016 Quarter. It is important that investors understand that as a result of this change in terms from consignment to FOB shipping point for a portion of the revenues from two of our large Diabetics Products customers, the recognition of revenues for these two customers was permanently accelerated thereby increasing our revenues by approximately $808,000 this quarter. The remainder of the goods originally sold on consignment (prior to the change in terms) shall be recognized in the fourth quarter of fiscal 2017 and potentially increase revenues that quarter as well. By fiscal year end, it is expected there will be no more consignment goods for these two Diabetics Customers and thus revenues from these customers will revert to normal levels. Separately, net revenues from Other Products were higher as well during the 2017 Quarter. Excluding the effects of the aforementioned change in terms, the net revenues derived from our core diabetes kit cases continues to decline, primarily because our major customers face significant pricing pressure from competitors commercializing less expensive meters and also new innovative diabetic products which are not being sold with a meter case.
Recent FORD News
- Intelligent Product Solutions Announces that Brad Carlson Joins as VP of Technology and Business Development • GlobeNewswire Inc. • 08/20/2024 01:50:15 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/14/2024 08:05:41 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/01/2024 08:05:20 PM
- Form SC 13D/A - General Statement of Acquisition of Beneficial Ownership: [Amend] • Edgar (US Regulatory) • 07/11/2024 08:01:03 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/09/2024 08:05:12 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/08/2024 06:51:54 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 06/14/2024 03:13:41 PM
- Forward Announces 1-For-10 Reverse Stock Split Effective June 18, 2024 • GlobeNewswire Inc. • 06/14/2024 03:00:00 PM
- Intelligent Product Solutions Launches Advanced Concept Studio (ACS) Division Focused on Industrial and UX/UI Design Services • GlobeNewswire Inc. • 06/12/2024 01:12:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 06/10/2024 02:00:26 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/10/2024 08:15:47 PM
- Forward Reports Fiscal 2024 Second Quarter Results • GlobeNewswire Inc. • 05/10/2024 08:10:00 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/10/2024 08:06:07 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/27/2024 09:30:09 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/14/2024 09:15:41 PM
- Forward Reports Fiscal 2024 First Quarter Results • GlobeNewswire Inc. • 02/14/2024 09:15:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/14/2024 09:05:43 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/13/2024 03:18:51 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/05/2024 09:05:27 PM
- Intelligent Product Solutions Names Jan Niewiadomski to CTO • GlobeNewswire Inc. • 01/30/2024 03:53:37 PM
- Form DEF 14A - Other definitive proxy statements • Edgar (US Regulatory) • 01/02/2024 09:05:26 PM
- Form PRE 14A - Other preliminary proxy statements • Edgar (US Regulatory) • 12/22/2023 09:45:33 PM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 12/21/2023 09:50:25 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 12/20/2023 09:59:20 PM
- Forward Reports Preliminary Fiscal 2023 Results: Record Revenues for Design Division Drive Profitability From Continuing Operations • GlobeNewswire Inc. • 12/20/2023 09:09:42 PM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM