Mastermind Reports Fiscal Year 2019 Results, Strong Outlook for Fiscal 2020
Mastermind, Inc. (OTC QB: MMND), a leading vertically-integrated digital marketing company that designs, creates and activates marketing initiatives for global brands, today announced financial results for the fiscal year ended September 30, 2019.
Dan Dodson, CEO of Mastermind, commented, “Fiscal 2019 brought significant revenue and expense challenges that we were able to successfully navigate. We are confident that 2020 will be a strong year. In FYE 2019, approximately $1.7 million in expected revenue did not materialize due to (1) the merger of a major client, and (2) a surprise bankruptcy filing of another client. Mastermind had staffed up in anticipation of this work, which resulted in an increase of our personnel expenses over FYE 2018 of approximately $0.5 million. Taken together, Mastermind reported a net loss of approximately $0.8 million for the twelve months of fiscal 2019. We have already made the necessary adjustments to our business, and our balance sheet remains strong with no debt.
“We believe that fiscal 2020 will be a strong year for Mastermind’s core business as we continue to execute our strategic plans. We are continuing to advance our growth initiatives that include an augmented reality marketing offering, digital intelligence and optimization practice, and content marketing automation for new and existing clients. In addition, Mastermind is actively pursuing strategic acquisitions. We are at various stages of discussion and negotiation with several acquisition targets, and are optimistic that one or more will be announced during the year.”
FY 2019 Highlights
- Total revenue of $4.0 million compared to revenue of $5.2 million for fiscal 2018
- Gross profit of $1.8 million compared to $3.2 million for fiscal 2018
- Net loss of $0.8 million compared to net income of $0.9 million for fiscal 2018
- Cash at year end was $0.74 million compared to $0.86 million at September 30, 2018
- Stockholders' equity of $1.0 million compared to $1.8 million at September 30, 2018
Detailed financial information can be found in Mastermind’s Annual Report on Form 10-K for the period ended September 30, 2019 and 2018 filed with the Securities Exchange Commission on January 15, 2020.
About Mastermind, Inc.
Mastermind, Inc. provides thinking that drives results for leading marketers. It has over 30 years of experience in dozens of industries helping involve people with leading brands in ways that inspire them to take action. Mastermind has a total, data-driven approach that drives brand consideration, trial, loyalty, and advocacy. The company has extensive marketing expertise in Content, Digital, Influencer, Social, Promotion, Channel Optimization, and Digital Issues Management. This allows Mastermind to create and execute multi-dimensional campaigns that drive results. For more information about Mastermind, Inc., please visit: www.MastermindMarketing.com.
This press release of Mastermind, Inc. (the “Company”) contains, or may contain, among other things, certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve significant risks and uncertainties. Such statements may include, without limitation, statements with respect to the Company’s plans, objectives, projections, expectations and intentions and other statements identified by words such as “projects,” “may,” “will,” “could,” “would,” “should,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “potential” or similar expressions. These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties, including those detailed in the Company’s filings with the Securities and Exchange Commission. Actual results (including, without limitation, market acceptance of the Company’s services; competition from existing products/services or new products/services that may emerge; the implementation of the Company’s business model and strategic plans for its business and its services; estimates of the Company’s future revenue, expenses, capital requirements and need for financing; and developments relating to the Company’s competitors) may differ significantly from those set forth in the forward-looking statements. These forward-looking statements involve certain risks and uncertainties that are subject to change based on various factors (many of which are beyond the Company’s control). The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
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