Signal Bay Inc Reports First Quarter 2017 Results
GlobeNewswire•April 20, 2017
Bend, OR, April 20, 2017 (GLOBE NEWSWIRE) -- Signal Bay, Inc (SGBY), a provider of analytical laboratory, quality control testing, and management advisory services to the regulated cannabis industry, reported financial results for the quarter ended December 31, 2016.
First Quarter Fiscal 2017 Financial Summary
Signal Bay’s first quarter revenue exceeded all of 2016 annual revenue.
First quarter revenue was up 291% from first quarter last year;
Revenue from EVIO Labs was up 1,334% compared to Q1 2016;
First quarter gross profit increased 143% from first quarter last year.
EVIO Labs added two new labs, increased staff to 35
Executive Commentary
“We reported another quarter of record revenues, up 298% from the previous quarter,” commented William Waldrop, co-founder and CEO of Signal Bay Inc. “These results were driven by the acquisition of the operating testing facility in Portland, Oregon combined with increased mandatory cannabis testing requirements implemented statewide on October 1.”
EVIO Labs analytical testing revenues increased 1,334% from the previous year. During the quarter, the company added two additional labs in Portland, OR, and Yuba City, California. Staff increased to 35 employees, with employees now spanning 6 cities.
Mr. Waldrop continued, “Even with modifications to some of the Oregon testing rules, we are forecasting strong second quarter revenue growth. We will continue to build out the Company’s infrastructure that will drive our regional and national growth strategy.”
