PUNK - ePunk Announces Q1 Financial Results
SAN CLEMENTE, Calif., June 5, 2012 /PRNewswire via COMTEX/ -- ePunk, Inc. (PINK SHEETS: PUNK), a distributor of power sports products, accessories and related services through CountyImports.com, today announced financial results for the first quarter ended December 31, 2011, as filed late, on May 31, 2012, with the Securities and Exchange Commission. The Company added that it will be filing results for the second quarter ended March 31, 2012 as soon as practicable.
For the first quarter ended December 31, 2011, revenues were $226,706, an increase of approximately 53% from $148,298 for the fourth quarter ended September 30, 2011. Cost of sales was $192,164 compared to $128,769 for the previous quarter. Gross profit was $34,542 compared to $19,528 for the previous quarter with gross margins of 15.2% and 13.1%, respectively.
Net loss for the first quarter was $90,583, or $0.00 per diluted share compared to a net loss of $76,133, or $0.00 per diluted share for the previous quarter.
Jesse Gonzales, CEO of ePunk, stated that, "We are pleased to report improving financial performance for the first quarter. We expect to bring our financial reports to current status in June, reporting results for the second fiscal quarter ended March 31, having undertaken administrative measures to ensure that ePunk will remain current in its reporting status going forward. We are committed to maintaining transparency with our shareholders and to maximizing shareholder value in our pursuit of becoming a leading distributor to the North American power sports marketplace."
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