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     175  0 Kommentare Verus International Reports Fiscal 2021 Q2 Financial Results; Posts Significant Improvement in Gross Profit Margins

    Gaithersburg, MD, June 22, 2021 (GLOBE NEWSWIRE) -- Verus International, Inc. (“Verus” or the “Company”) (OTC Pink: VRUS), an international food, CBD and hemp-based products company, reported financial results for the fiscal 2021 second quarter, which ended April 30, 2021. In conjunction with this release, the Company is also providing additional details on business developments subsequent to the quarter’s end.

    For fiscal Q2 2021, management is noting the following items of importance:

    • Revenue decreased 28% on a year-over-year basis to $3.3 million during fiscal Q2 2021, compared to $4.6 million during fiscal Q2 2020, due in part to a continuing planned product line repositioning that is expected to continue contributing higher margin revenue in future quarters;
    • Gross profit margin continued to improve compared to preceding quarters, reaching approximately 23% for fiscal Q2 2021, which is approximately 600 basis points higher than the 17% generated during fiscal Q1 2021, and approximately 1,100 basis points higher than the 12% generated during fiscal Q4 2020;
    • Operating expenses of $0.9 million were 89% lower than fiscal Q2 2020 operating expenses of $7.6 million, primarily due to the completion of the former CEO’s stock-based compensation program and expense rationalization measures across nearly all expense categories;
    • Operating loss of $0.1 million was 98% lower than the $6.7 million reported in fiscal Q2 2020;
    • Net loss from continuing operations was $0.7 million, a 90% improvement over the $7.0 million reported in the prior year period, with non-cash expenses increasing $0.3 million year-over-year

    “Our U.S. sales achieved double digits (approximately 11%) as a percentage of our total revenue for the first time,” explained Verus CEO Andy Dhruv. “Even at this modest percentage from the Pachyderm Labs product lines, you can already see the positive effect on gross margins, which were close to 600 basis points higher than the prior quarter. Based on current sales forecasts, we expect our higher margin U.S. product lines to continue capturing a larger share of our overall revenue in subsequent quarters. This trend, coupled with our significant rationalization of expenses, has quickly repositioned us into a more sustainable company. Overall, our strategy of cost rationalization and new higher margin product lines has put us on track to generate improved operating results in the future. Our next goal is to layer on growth, so we plan to have our own booth at the upcoming Champs show in Las Vegas, NV, which runs from July 27th through July 30th. Industry trade shows have been a tremendous source of new business, so we are particularly excited to showcase our product lines at a venue of this size and importance.”

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    Verus International Reports Fiscal 2021 Q2 Financial Results; Posts Significant Improvement in Gross Profit Margins Gaithersburg, MD, June 22, 2021 (GLOBE NEWSWIRE) - Verus International, Inc. (“Verus” or the “Company”) (OTC Pink: VRUS), an international food, CBD and hemp-based products company, reported financial results for the fiscal 2021 second quarter, …