Bergio International Announces Positive Second Quarter
Bergio International Announces Positive Second Quarter Results
FAIRFIELD, N.J.--(BUSINESS WIRE)--Bergio International, Inc. (OTCBB:BRGO), Bergio International announced today that they are pleased with the positive second quarter results reported in the 10-Q Financial Statement, second quarter ending June 30, 2010.
The company reported a second quarter sales increase by 40% for total net sales of $437,893. In the first six months, sales jumped from $454,307 to $548,995. Gross margins improved by 28% in this quarter and 43% for the first six months. Also, in this quarter, the company shows income from operations of $37,762 compared to a loss of $93,191 same period last year. The company contributes the positive news to our expansion of our customer base outside the United States and the successful results experienced through the JCK Show in Las Vegas earlier in the year.
The 10-Q Financial Statement, ending June 30, 2010, indicates the company improved its current assets by 18%, decreased its current liability by 55% and improved its total working capital by $1,514,078 which was contributed by converting debt into equity. The company took a one time share-based expense charge for the second quarter of 2010 for $535,160 which was the result of the termination of our securities purchase agreement with Tangiers.
The company also took a one time-share based expense charge in the first quarter for $ 242,900 for a total combined share-based expense charge in the first two quarters of 2010 for $778,060.
Berge Abajian, CEO of Bergio International, Inc., said, "I am pleased with the positive growth of the company. This was a direct contribution of all the measures that we took in the beginning of the year. I invite all of our shareholders to read our financial statements very closely, specifically the section titled, `Net Loss' found in the Management Discussion and Analysis which explains the turn-around of the company.”
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