Innovest Global Inc. (IVST)

[risktaker2010]

Innovest Global Announces Date for Second Quarter 2019 Earnings Release, Provides Updates to First Quarter Results

First Quarter Amended Results Include Upward Revisions to Net Sales and Gross Profit, and a Reduction of Operating Loss

CLEVELAND--(BUSINESS WIRE)-- Innovest Global Inc. (OTC Markets: IVST), a diversified industrials company which recently announced its plan to spin-off its biotechnology holdings to focus on non-scientific revenue opportunities, intends to release its second quarter results at 4PM ET on Monday, August 5th.

Yesterday, the company posted revised first quarter results. The primary revision was an increase in net sales to $12.8 million from previously reported $11.7 million. The most notable effect of the revisions is an increase in gross profit to $1.0 million, from a previous reported gross loss of ($293,000). Obtaining the specific information that resulted in these changes had been delayed due to an accounting system transition of an entity acquired at the end of 2018.

The revised quarterly report can be found by clicking here.

Notable information from the financial report:

First quarter Net Sales of $12.8 million are highest ever with 1,716% growth over first quarter prior year and 190% over previous quarter.
Net Income $2.0 million after gain on non-operating income; first positive Net Income in Company history
Operating Loss: ($329,000)
Basic EPS: $0.014
Total Assets $17.6 million
Current Assets $11.1 million
No long-term debt, no convertible debt