ValueSetters Reports First Quarter Net Profit and Pre-Announces Revenue Growth in Excess of 900% for Second Quarter of Fiscal 2020
2:38 PM ET, 09/13/2019 - GlobeNewswire
Highlights:
Revenue increase of 29% Gross profit margin of 98%, up 3 points from 1Q 2109 Reduction in total costs and expenses of 5% Third consecutive quarter of profitability
BOSTON, MA, Sept. 13, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – ValueSetters, Inc. (OTC:VSTR) preannounced revenue growth of more than 900% for the second quarter of fiscal 2020, while reporting its third consecutive quarter of profitability. The company achieved operating income of $29,208 for the first quarter of 2020 on revenues of $118,732 and reported a gross profit margin of 98%.
“We were pleased to see several new contracts signed in our logistics technology and economic development verticals during the period. Due to the timing of contract signing, the majority of these revenues will be recognized in the following quarter,” said Cecilia Lenk, CEO. “In addition, we recently signed a three-month marketing and advisory services agreement for a fee of $540,000. As a result, we currently anticipate revenues in excess of $700,000 for the second quarter.”
“With an established track record and a strong team in place, we remain optimistic about the future of ValueSetters,” added Ms. Lenk.
