Sat, 07 Dec 2019

Beyond Commerce Reports Record Third Quarter 2019 Results

ACCESSWIRE
15 Nov 2019, 23:31 GMT+10

Sequential Revenue Growth of 38% to $1.8 Million

Significant 68% Improvement in Shareholder Equity to a $5.1 Million Deficit

LAS VEGAS, NV / ACCESSWIRE / November 15, 2019 / Beyond Commerce, Inc. (OTC PINK:BYOC) (the 'Company'), a provider of B2B internet marketing analytics, technologies and services, announced the company's financial results for the third quarter ended September 30, 2019. Of note, Beyond Commerce closed its acquisition of Service 800 on March 4, 2019 and its acquisition of PathUX on May 31, 2019.

Key Financial Highlights for Q3 2019:

  • Revenues increased to $1.8 million, a 38% sequential increase from Q2 2019
  • Gross margin of 58%
  • Total assets of $9.7 million
  • Total shareholders' deficit of $5.1 million, a significant improvement from $15.8 million deficit at the end Q2 2019

Key Business Highlights for Q3 2019:

  • Service 800 recognized bioMérieux with award for 20 years of steady commitment to customer experience excellence
  • Service 800 awarded contract from Thermo Fisher Scientific initial multi-month pilot program

Management Commentary

'We are pleased to report a solid full quarter of results demonstrating the strong ongoing Service 800 and Path UX businesses that were acquired during the first half of 2019,' commented, Geordan Pursglove, Beyond Commerce's Chief Executive Officer. 'Our efforts to re-energize the sales engines at both Service 800 and PathUX has paid off in sequential revenue growth. We are now in midst of initiating cross-sell opportunities, introducing new products and expanding their markets. We expect these initiatives to drive growth over the next few quarters. Additionally, we remain in active and discussions and negotiations with several acquisitions and expect to make announcements on such over the next few months.'

Pursglove, added, 'On the corporate front, our team has been extremely active with our attorneys and accountants in strengthening our balance sheet. We are extremely proud of the significant improvement in shareholder equity to a $5.0 million deficit. This puts us in much better position to achieve our 2020 goals of closing additional acquisitions and pursuing an uplist to a national exchange. All of our successful efforts are reflected in the fact that our corporate overhead and operations have been self-sustaining over the past six months, as we have not had to go back to the capital markets to raise money. We look forward to closing out the year strong and improving our business and capital markets positioning in 2020.'

Financial Results for the Three Months Ended September 30, 2019:

Revenue for the three months ended September 30, 2019 was $1.8 million, compared to $0 for the three months ended September 30, 2018. The increase in revenue relates to the acquisition of Service 800, which closed on March 4, 2019 and the acquisition of PathUX, which closed on May 31, 2019.

Gross profit for the three months ended September 30, 2019 was $1.1 million, compared to $0 for the three months ended September 30, 2018. The resulting gross margin was 58.4% for the three months ended September 30, 2019.

Selling, General and administrative expenses for the three months ended September 30, 2019 were $0.4 million, an increase of $0.3 million, compared to $0.1 million for the three months September 30, 2018. The significant increase is mainly attributable to the Service 800 and PathUX acquisitions and the related costs associated with this operation.

Payroll expenses for the three months ended September 30, 2019 were $0.5 million, an increase of $0.4 million, compared to $0.1 million for the three months ended September 30, 2018.

Professional expenses for the three months ended September 30, 2019 were $0.3 million, an increase of $0.2 million, compared to $0.1 million for the three months ended September 30, 2018.

Depreciation and amortization for the three months ended September 30, 2019 were $0.3 million, an increase of $0.3 million, compared to $0 for the three months ended September 30, 2018.

Operating loss for the three months ended September 30, 2019 was $0.5 million, an increase of $0.2 million, compared to $0.2 million for the three months ended September 30, 2018.

Net income for the three months ended September 30, 2019 was $1.8 million, an increase of $2.9 million, compared to a net loss of $1.1 million for the three months ended September 30, 2018. The net income of $1.9 million for the three months ended September 30, 2019 primarily reflects a positive $3.2 million change in derivative liability and also includes $0.8 million of interest expense, amortization of debt discount and derivative related expenses. The resulting EPS loss for the three months ended September 30, 2019 was $0.00 per diluted share, compared to ($0.00) per diluted share for the three months ended September 30, 2018.

Financial Results for the Nine Months Ended September 30, 2019:

Revenue for the nine months ended September 30, 2019 was $3.6 million, compared to $0 for the nine months ended September 30, 2018. The increase in revenue relates to the acquisition of Service 800, which closed on March 4, 2019 and the acquisition of PathUX, which closed on May 31, 2019.

Gross profit for the nine months ended September 30, 2019 was $2.3 million, compared to $0 for the nine months ended September 30, 2018. The resulting gross margin was 64.5% for the nine months ended September 30, 2019.

Selling, general and administrative expenses for the nine months ended September 30, 2019 were $0.9 million, an increase of $0.8 million, compared to $0.1 million for the nine months ended September 30, 2018. . The significant increase is mainly attributable to the Service 800 and PathUX acquisitions and the related costs associated with this operation.

Payroll expenses for the nine months ended September 30, 2019 were $1.5 million, an increase of $1.2 million, compared to $0.3 for the nine months ended September 30, 2018.

Professional expenses for the nine months ended September 30, 2019 were $0.8 million, a decrease of $0.1 million, compared to $0.9 million for the nine months ended September 30, 2018.

Depreciation and amortization for the nine months ended September 30, 2019 were $0.5 million, an increase of $0.5 million, compared to $0 for the nine months ended September 30, 2018.

Operating loss for the nine months ended September 30, 2019 was $1.4 million, an increase of $0.2 million, compared to $1.2 million for the nine months ended September 30, 2018.

Net loss for the nine months ended September 30, 2019 was $7.1 million, an increase of $4.9 million, compared to $2.2 million for the nine months ended September 30, 2018. The net loss of $7.1 million for the nine months ended September 30, 2019 primarily reflects a $1.9 million negative change in derivative liability and also includes $3.8 million of interest expense, amortization of debt discount and derivative related expenses. The resulting EPS loss for the nine months ended September 30, 2019 was ($0.01) per diluted share, compared to ($0.00) per diluted share for the nine months ended September 30, 2018.

About Beyond Commerce, Inc.

Beyond Commerce, Inc. (OTC Pink: BYOC) is focused on business combinations of 'big data' companies in global B2B internet marketing analytics, technologies and services. The Company's objective is to develop and deploy disruptive strategic software technology that will build on organic growth potential and to exploit cross-selling opportunities. Beyond Commerce plans to offer a cohesive global digital product and services platform to provide clients with a single point of contact for their big data, marketing and related sales initiatives. For additional information, please visit: https://beyondcommerceinc.com and https://www.service800.com and https://www.pathux.co.

Twitter: @incbyoc
Facebook: fb.me/incbyoc

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are subject to the 'safe harbor' created by those sections for such statements. All statements other than statements of historical fact are forward-looking statements, which are often indicated by terms such as 'anticipate,' 'believe,' 'could,' 'design,' 'estimate,' 'except,' 'forecast,' 'goal,' 'intend,' 'look forward to,' 'may,' 'plan,' 'potential,' 'predict,' 'project,' 'should,' 'target,' 'will,' 'would,' or the negatives or other tense of such terms and other similar expressions intended to identify forward-looking statements and similar expressions. We use forward-looking statements relate to future events or future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels or activity, performance or achievements expressed or implied by these forward-looking statements.

Contact Information:
investors@beyondcommerceinc.com
p702-675-8022

SOURCE: Beyond Commerce, Inc.



View source version on accesswire.com:
https://www.accesswire.com/566724/Beyond-Commerce-Reports-Record-Third-Quarter-2019-Results

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