ProfitScout
1 year ago
OMHI Acknowledges Asian Institutional Investment Interest Following Recent Report on Caribbean Tech Sector's Growth, Mirroring Southeast Asia
Miami, Fla, Dec. 14, 2023 (GLOBE NEWSWIRE) -- OM Holdings International, Inc. (OMHI), a leader in the retail and on-demand delivery sectors in emerging markets, today highlights a crucial financial analysis. Conducted by a renowned financial journalist in Singapore, this analysis draws parallels between the rapidly evolving tech sector in the Caribbean and the historically successful tech growth in Southeast Asia. Circulated among high-net-worth individuals and Asian family offices, the report underlines the Caribbean's potential as a burgeoning market for tech investment, similar to Southeast Asia's earlier growth phases. Following the review of this comparative analysis, substantial investment interest was noted from multiple institutional investors.
The significance of this comparison lies in its potential to guide investors towards understanding the emerging tech landscape in the Caribbean. Southeast Asia's tech boom, marked by rapid development and significant investor returns, serves as a compelling blueprint for what the Caribbean could replicate. For investors, this analysis presents the Caribbean not just as an emerging market, but as a region possibly on the cusp of a tech explosion similar to what was observed in Southeast Asia.
Emerging Ecosystems and Investment Climate
The report details how the Caribbean is fostering its tech ecosystems, similar to the early stages of Southeast Asia's tech boom. With key countries like Jamaica, Trinidad and Tobago, and Barbados leading the way, these ecosystems encompass startups, tech hubs, incubators, accelerators, and support systems that encourage innovation and entrepreneurship. This growth is being supported by increasing venture capital and angel investments, recognizing the region’s potential and aligning with the investment trends seen in Southeast Asia.
Government Initiatives and Education Efforts
The analysis also highlights the role of government initiatives and education programs in shaping the tech landscape. With Caribbean governments providing incentives and infrastructure to boost tech-related investments, paralleled by educational institutions introducing tech-focused programs, the region is laying the groundwork for a skilled tech workforce. This approach mirrors the strategies employed in Southeast Asia, which have significantly fueled its tech industries.
Sector Comparison and Future Outlook
The Caribbean tech sector, though still at an earlier stage of development compared to Southeast Asia's mature market, is witnessing similar diversification, focusing on fintech, tourism technology, agtech, and renewable energy. The report suggests that the Caribbean is well-positioned to follow in Southeast Asia's footsteps as a notable destination for tech investments.
Commenting on the report, Mark Vanterpool, CEO of OM Holdings International stated, "This analysis validates our strategic vision for OMHI in the Caribbean tech space. We're excited about the parallels with Southeast Asia's tech growth and confident in the Caribbean's potential to emerge as a major tech hub. Our recent dual listing initiative, combined with likely institutional investment, is poised to markedly accelerate our global expansion in the coming months, benefitting all our longstanding shareholders.”
About OM Holdings International, Inc.
OM Holdings International, Inc. (OTCQX: OMHI), founded in 1986 in the British Virgin Islands (BVI) by Mark Vanterpool, operates delivery services and grocery stores in the Caribbean, with a mobile application delivery platform that provides an expedient, contactless option for the transportation of people and essential goods. The company's storefront, OneMart, is the second-largest grocery store in the BVI. OMHI's delivery subsidiary, Rydeum, founded by Mark Hannah in 2019, has partnered with Jamaica’s largest taxicab union, JUTA. The company also provides lumber and other construction supplies to contractors throughout the Caribbean. For more information, please visit OM Holdings International.
Forward-Looking Statements
With the exception of the historical information contained in this news release, the matters described herein, may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements preceded by, followed by, or that otherwise include the words “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates,” “plans,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may,” and “could” are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing. These statements involve unknown risks and uncertainties that may individually or materially impact the matters discussed herein for a variety of reasons that are outside the control of the company, including, but not limited to, the company’s ability to raise sufficient financing to implement its business plan, the impact of the COVID-19 pandemic on the company’s business, operations, and the economy in general, and the company’s ability to successfully develop and commercialize its proprietary products and technologies. Readers are cautioned not to place undue reliance on these forward-looking statements, as actual results could differ materially from those described in the forward-looking statements contained herein. Readers are urged to read the risk factors set forth in the company’s filings with the SEC, which are available at the SEC’s website (www.sec.gov). The company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Contact:
Mark Vanterpool
Chief Executive Officer
T: 305-901-1497
Email: us.info@omholdingsinc.com
ProfitScout
1 year ago
OMHI News: OM Holdings International, Inc. Announces Plan for Strategic Dual Listing on Canadian TSX Venture Exchange to Amplify Shareholder Growth in Preparation for NASDAQ Uplisting
Miami, FL, Dec. 11, 2023 (GLOBE NEWSWIRE) -- OM Holdings International, Inc. (OMHI), a prominent leader in the retail and on-demand delivery sectors in emerging markets, today revealed its board of directors' decision to seek a dual listing on the Toronto Stock Exchange (TSX-V) early next year. This initiative, complementing its current OTCQX listing, aims to catalyze OMHI’s growth, expand its investor base, and significantly boost shareholder value in anticipation of a planned NASDAQ uplisting later next year.
Key Highlights of the Dual Listing Strategy:
Enhanced Liquidity and Market Accessibility: The dual listing on TSX-V is set to provide OMHI with access to a deeper capital pool and a broader investor base. This move is expected to increase liquidity and facilitate better price discovery for OMHI’s shares, benefiting existing shareholders on the OTCQX market.
Continued Investment Security: The company reassures its OTCQX investors that the TSX-V listing will not affect the validity or security of their current investments. Rather, it represents an addition to the investment's marketability and potential for appreciation.
Elevated Credibility and Visibility: The TSX-V is renowned for its rigorous regulatory framework, enhancing OMHI's credibility and visibility in the global market. This elevated status is likely to reflect positively in the company’s valuation.
Facilitating International Growth: The listing aligns with OMHI’s ambitious expansion plans, particularly in international emerging markets. This strategic move underpins the company's commitment to exploring new growth avenues and driving long-term profitability.
Unwavering Commitment to Shareholders: OMHI remains steadfast in its mission to maximize shareholder value. The company's decision to list on TSX-V is a testament to its dedication to expanding its market presence and enhancing investor returns.
Trading Flexibility for Investors: Shareholders will have the flexibility to trade on either OTCQX or TSX-V, offering them a choice based on their individual trading preferences.
NASDAQ Uplisting Strategy
The TSX-V listing is a pivotal move for OMHI, setting the stage for an uplisting to NASDAQ in 2024. This strategic step is expected to boost market presence, financial strength, and investor confidence, aligning us with NASDAQ's rigorous standards. By demonstrating robust shareholder growth on TSX-V, OMHI positions itself to meet NASDAQ's listing requirements, while enhancing global visibility and market valuation. This crucial phase in our journey promises new growth avenues and broader investor engagement.
Addressing the Annual Report Delay
OMHI recognizes the delay in releasing its annual report, an unusual deviation from its history of regulatory diligence. This delay stems from our transition from U.S. GAAP to IFRS accounting practices, a strategic alignment with global financial standards and an essential step for the TSX-V listing. The company values the patience of its investors during this transition and reaffirms its commitment to high standards of financial disclosure.
Preliminary Financial Performance Insights
As we finalize our annual audit, OMHI is pleased to share that 2023 has been marked by the highest revenue in its history, underscoring the company's effective strategies and adaptability in a dynamic market.
CEO’s Statement
Mark Vanterpool, CEO of OMHI, commented, "Our move towards a TSX-V listing marks a pivotal stride in reinforcing our standing in the global financial arena, as we forge new partnerships in emerging markets this year. Transitioning to IFRS accounting, coupled with our steadfast commitment to transparent communication, embodies our adherence to international best practices and enhancing shareholder value. We are confidently poised for ongoing growth and look forward to the exciting opportunities ahead."
About OM Holdings International, Inc.
OM Holdings International, Inc. (OTC: OMHI), founded in 1986 in the British Virgin Islands (BVI) by Mark Vanterpool, operates delivery services and grocery stores in the Caribbean, with a mobile application delivery platform that provides an expedient, contactless option for the transportation of people and essential goods. The company's storefront, OneMart, is the second-largest grocery store in the BVI. OMHI's delivery subsidiary, Rydeum, founded by Mark Hannah in 2019, has partnered with Jamaica’s largest taxicab union, JUTA. The company also provides lumber and other construction supplies to contractors throughout the Caribbean. For more information, please visit OM Holdings International.
Forward-Looking Statements
With the exception of the historical information contained in this news release, the matters described herein, may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements preceded by, followed by, or that otherwise include the words “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates,” “plans,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may,” and “could” are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing. These statements involve unknown risks and uncertainties that may individually or materially impact the matters discussed herein for a variety of reasons that are outside the control of the company, including, but not limited to, the company’s ability to raise sufficient financing to implement its business plan, the impact of the COVID-19 pandemic on the company’s business, operations, and the economy in general, and the company’s ability to successfully develop and commercialize its proprietary products and technologies. Readers are cautioned not to place undue reliance on these forward-looking statements, as actual results could differ materially from those described in the forward-looking statements contained herein. Readers are urged to read the risk factors set forth in the company’s filings with the SEC, which are available at the SEC’s website (www.sec.gov). The company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Contact:
Mark Vanterpool
Chief Executive Officer
T: 305-901-1497
Email: us.info@omholdingsinc.com
ProfitScout
1 year ago
$OMHI News: OM Holdings International, Inc. Announces Robust Q3 2023 Results, Reports Unprecedented 29.6% YoY Growth and Unveils Strategy to Utilize Generative AI to Transform E-Commerce in Emerging Markets
11:33 pm ET July 20, 2023 (Globe Newswire)
Miami, July 20, 2023 (GLOBE NEWSWIRE) -- OM Holdings International, Inc. (OMHI), a leading provider of products and services in emerging markets, today reported financial results for the third quarter ending May 31, 2023, and unveiled its strategic plan for the next twelve months.
Key Financial Highlights
Revenue for Q3 reached $12.43 million, a growth of 29.6% compared to $9.59 million for the same period in 2022.
Gross margin increased to $3.39 million from $2.89 million Year on Year (YoY) demonstrating operational efficiency and strong cost control.
Despite a drop in net income from $699,664 in Q3 2022 to $357,479 in Q3 2023, OMHI continues to maintain profitability.
Total assets and shareholders' equity increased to $58.45 million and $18.41 million respectively, underlining the company's commitment to enhancing shareholder value.
Revenues and Cost of Revenue
We reported a robust increase in our revenue, growing by 29.6% to $12,429,310 for Q3 2023, up from $9,592,490 in the same period of 2022. This solid growth in our top-line numbers reflects the strength of our business model, the appeal of our product offerings, and the resilience of our operations amid this challenging economic environment. The resurgence of the foodservice sector as restaurants reopened post-lockdown significantly bolstered our revenue growth.
However, it's important to note that our cost of revenue also increased from $6,693,296 in Q3 2022 to $9,035,977 in Q3 2023. This rise can be attributed to the costs associated with scaling our operations, expanding our product range, and substantial investment in personnel to cater to the evolving needs of our customers. Despite the increase in costs, our consistent revenue growth underlines the effectiveness of our strategic initiatives.
Operating Expenses
During Q3 2023, we saw an increase in our operating expenses. Notably, professional fees and payroll expenses witnessed significant upticks, driven by the increase in management fees and our continued investment in talent to support our growth and expansion plans.
Lease expenses also saw a rise, following our strategic decision to add two new supermarket leases in the latter part of last year. This expansion is a crucial part of our ongoing efforts to extend our footprint and better serve our customers.
General and administrative expenses also edged higher due to increases in promotional expenses, utilities, and depreciation expenses. These are necessary expenses associated with our growth strategy and maintaining the competitiveness of our operations.
Other Income/Expenses and Net Income
In Q3 2023, total other expenses were higher due to increased interest expenses. Despite these additional costs, we are pleased to report that we remained profitable, posting a net income of $357,479 for Q3 2023.
While this represents a decrease compared to the same period last year, it's worth noting that our ability to maintain profitability in a challenging environment demonstrates the resilience of our business model and the strength of our ongoing operations.
Nine Month Performance and Liquidity
Looking at the broader nine-month period ending May 31, 2023, we reported an increase in revenue of 30.8% Year on Year. Our cost of revenue also increased in line with the expansion of our operations.
Our net income for the nine months was $1,030,653. Despite being lower than the same period in the previous year, it underscores our continued profitability in this difficult period of investment and growth.
Finally, as of May 31, 2023, our liquidity position remained healthy with cash of $355,252, accounts receivable of $4,088,350, and a working capital of $4,241,599. This strong financial position provides a solid foundation for our future growth plans and strategic initiatives.
Financial Nuances and Strategic Insight
While we are proud of the significant growth and accomplishments, we've achieved in Q3 2023, we also recognize there are areas of our performance that require a nuanced understanding. We wish to openly address these and provide context for our responses and provide strategic insight.
Decrease in Net Income: We acknowledge a decrease in our net income from Q3 2022 to Q3 2023. While we understand this might raise concerns among our stakeholders, we would like to emphasize that this decrease is part of a strategic investment phase. Instead of resorting to dilution or loans, we consciously chose to reinvest profits into expanding our product range and scaling operations, a decision we believe aligns with our commitment to shareholder value. We are confident that these strategic investments will fuel our long-term growth and enhance profitability.
Increased Operating Expenses: We have consciously decided to increase our operating expenses, particularly in professional fees and payroll. This surge is a part of our commitment to investing in top talent and strategic expansion initiatives that are key to our long-term growth. We are confident these decisions will yield positive results and strengthen our position in the market.
Higher Cost of Revenue: Our cost of revenue has increased due to costs associated with scaling our operations, expanding our product range, and our substantial investment in personnel to cater to our customers' evolving needs. We consider these as strategic investments essential for maintaining our competitive edge and driving sustainable growth.
Nine Month Performance and Liquidity: We acknowledge that our net income for the nine months ended May 31, 2023, was lower than the same period in the previous year. However, we have maintained profitability throughout this period of strategic investment and growth. Furthermore, our strong liquidity position and healthy cash reserves provide a solid foundation for our future growth plans and strategic initiatives.
Our focus remains on executing our strategic plan and delivering value to our shareholders. We are committed to maintaining transparency and will continue to keep our stakeholders informed about our progress as we navigate through our rapid expansion and embark on the path of sustained growth.
Management's Discussion and Analysis and 12-Month Strategic Plan
In summary, our performance in Q3 2023 and over the past nine months reflects a period of strong revenue growth and strategic investment in our operations. While certain costs have risen, these are reflective of our ambitious growth strategy and the steps we are taking to ensure the future success of our business. We remain confident in the resilience of our business model and our ability to deliver long-term value to our shareholders.
As we reflect on our Q3 performance and look ahead to the next 12 months, we remain committed to our mission of serving underserved regions and creating long-term shareholder value. To this end, we've developed a strategic plan centered on expansion, both in terms of our product offerings and geographical reach based on these five initiatives.
Product Expansion: Our intention for the coming year is to broaden our product range, drawing on regional data to identify key items that resonate with local market demands. Specifically, we plan to introduce the AI-driven DoGetPro Omnichannel platform in the Caribbean in 2024. This novel innovation will utilize generative AI to empower local businesses of all sizes, enabling them to instantly establish robust e-commerce operations, regardless of their level of digital literacy.
Retail Expansion: Parallel to our product expansion, we also aim to grow our physical footprint. As demand for quality products and services continues to increase across the Caribbean, we see an opportunity to meet these needs through the opening of new retail stores in strategic locations. Our intention is to primarily grow through acquisitions, which we are actively pursuing in the Bahamas, St. Thomas, Jamaica, and the Cayman Islands. In cases where acquisitions are not feasible, we have a proven model for constructing new retail outlets.
Market Expansion: We further plan to extend the reach of our DoGetGo app and our DoGetPro e-commerce platform into new markets. This expansion will allow us to bring our innovative solutions to a larger pool of businesses and customers, further demonstrating our commitment to empowering underserved regions. Currently, we are actively exploring potential partnerships in the Bahamas, St. Thomas, Jamaica, and the Cayman Islands.
Building Partnerships: Another critical facet of our growth strategy is the formation of strategic collaborations with local businesses, community leaders, and influencers. We anticipate that such partnerships will extend the reach and impact of our platform, thereby enabling us to deliver an enhanced Omnichannel retail experience to the Caribbean market.
Financing the Growth: To finance this ambitious growth, we anticipate receiving a capital infusion of approximately $10M. The board of directors are finalizing a decision on potential options, including a 506 Reg C private placement, a TSX-V secondary listing, and an uplisting on NASDAQ. Our aim in this regard is to secure the required funding with minimal dilution to our existing shareholders, thereby protecting and enhancing shareholder value. We expect to announce a detailed financial strategic plan to our shareholders in the coming months.
As we move into the next fiscal year, OMHI remains steadfast in its mission to empower emerging markets through advanced technological solutions. By adhering to this mission, we anticipate that OMHI will be well-positioned to revolutionize the digital services landscape and generate lasting value for all our stakeholders.
"We are thrilled with our financial performance and the opportunities that lie ahead," said Mark Vanterpool, CEO of OM Holdings International. "Our strategic growth plan is designed to drive long-term success and create value for our shareholders. By focusing on the unique needs of emerging markets and leveraging advanced technologies, we are confident in our ability to continue delivering strong financial results."
About OM Holdings International, Inc.
OM Holdings International, Inc. (OTC: OMHI), founded in 1986 in the British Virgin Islands (BVI) by Mark Vanterpool, operates delivery services and grocery stores in the Caribbean, with a mobile application delivery platform that provides an expedient, contactless option for the transportation of people and essential goods. The company's storefront, OneMart, is the second-largest grocery store in the BVI. OHMI's delivery subsidiary, Rydeum, founded by Mark Hannah in 2019, has partnered with Jamaica's largest taxicab union, JUTA. The company also provides lumber and other construction supplies to contractors throughout the Caribbean. For more information, please visit https://omholdingsinc.com.
Forward-Looking Statements
With the exception of the historical information contained in this news release, the matters described herein, may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements preceded by, followed by, or that otherwise include the words "believes," "expects," "anticipates," "intends," "projects," "estimates," "plans," and similar expressions or future or conditional verbs such as "will," "should," "would," "may," and "could" are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing. These statements involve unknown risks and uncertainties that may individually or materially impact the matters discussed herein for a variety of reasons that are outside the control of the company, including, but not limited to, the company's ability to raise sufficient financing to implement its business plan, the impact of the COVID-19 pandemic on the company's business, operations, and the economy in general, and the company's ability to successfully develop and commercialize its proprietary products and technologies. Readers are cautioned not to place undue reliance on these forward-looking statements, as actual results could differ materially from those described in the forward-looking statements contained herein. Readers are urged to read the risk factors set forth in the company's filings with the SEC, which are available at the SEC's website (www.sec.gov). The company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Contact:
Mark Vanterpool
Chief Executive Officer
T: 305-901-1497
Email: us.info@omholdingsinc.com
Trooperstocks
2 years ago
NEWS: $OMHI -Fourth OneMart Store Marks Milestone, OM Holdings International, Inc. Maintains Expansion Momentum and Outlines Future Plans
MIAMI, April 17, 2023 (GLOBE NEWSWIRE) -- OM Holdings International Inc (OTCQX: OMHI) proudly announces the recent opening of its third OneMart store in the last 9 months. The latest addition is the company’s Lower Estate location, bringing the total to four of the popular OneMart stores now in operation. This milestone marks a significant step in the company's ongoing expansion, with each new store varying in size and amenities to serve as blueprints for future growth across three distinctly different market sizes. OMHI is also focusing on increasing revenues for the upcoming fiscal year as it continues to expand its retail footprint in the high consumer density Caribbean region.
OMHI is actively exploring the possibility of expanding its presence in other Caribbean islands and is currently analyzing acquisition targets to accelerate growth. As part of its strategic plan, the company is researching the implementation of three different sized Micro Fulfilment Centers (MFCs), tailored to match the size of its three previous stores. Some of these MFCs may function as Dark Stores, focusing exclusively on online orders, which enables faster order processing and delivery times for customers. With the upcoming launch of the DoMart experience on the DoGetGo App, OMHI is poised to transform the retail landscape in the region, offering customers an innovative and seamless shopping experience.
The OMHI Lower Estate store marks the fourth OneMart location, joining the existing Purcell Estate, Baughers Bay, and East End supermarkets. This new addition highlights the company's dedication to making shopping more convenient by strategically placing stores within people's communities. At the core of OMHI's mission is a customer-centric agenda, focused on the specific needs and desires of our customers. We aim to give them the freedom and power to shop according to their preferences, ultimately enhancing their overall shopping experience.
In support of OMHI public equity, the board of OM Holdings International Inc. is actively exploring options for up-listing to the Nasdaq and/or a secondary listing on the Toronto Stock Exchange's Venture Exchange (TSX-V) as part of its growth strategy. By pursuing these listings, the company aims to broaden its shareholder base and secure additional capital to fuel future expansion plans. This move demonstrates OM Holdings International Inc.'s commitment to creating value for its shareholders and enhancing its position as a leading omnichannel retail solution provider in the Caribbean region.
Mark Vanterpool, CEO and Chairman of OM Holdings International Inc., stated, "Our mission is to bring an omnichannel solution to the Caribbean, where customers have the flexibility to choose how they shop, whether through delivery, pick-up, or traditional in-store experiences. With our continued expansion and the upcoming launch of the DoMart experience on the DoGetGo App, we are poised to transform the retail landscape in the region."
The new OneMart stores serve as a testament to OMHI's commitment to providing customers with a seamless and convenient shopping experience. As the company continues its expansion in the upcoming calendar year, it aims to further its reach and cater to the diverse needs of the high value Caribbean market.
About OM Holdings International, Inc.
OM Holdings International, Inc. operates delivery services and grocery stores in the Caribbean, with a mobile application delivery platform that provides an expedient, contactless option for the transportation of people and essential goods. The company's storefront, OneMart, is the second-largest grocery store in the BVI. OHMI's delivery subsidiary, Rydeum, has partnered with Jamaica's largest taxicab union, JUTA. The company also provides lumber and other construction supplies to contractors throughout the Caribbean. For more information, please visit https://omholdingsinc.com/.
Forward-Looking Statements
With the exception of the historical information contained in this news release, the matters described herein, may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements preceded by, followed by or that otherwise include the words "believes," "expects," "anticipates," "intends," "projects," "estimates," "plans" and similar expressions or future or conditional verbs such as "will," "should," "would," "may" and "could" are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing. These statements, involve unknown risks and uncertainties that may individually or materially impact the matters discussed herein for a variety of reasons that are outside the control of the company, including, but not limited to, the company's ability to raise sufficient financing to implement its business plan, the impact of the COVID-19 pandemic on the company's business, operations and the economy in general, and the Company's ability to successfully develop and commercial
Mark Vanterpool
Chief Executive Officer
T: 305-901-1497
Email: us.info@omholdingsinc.com
Trooperstocks
2 years ago
NEWS: OM Holdings International, Inc. Reports Record Fiscal 2022 Results and Provides Promising Fiscal 2023 Outlook
OM HOLDINGS INTERNATIONAL, INC.
Mon, April 10, 2023 at 9:00 AM EDT
In this article: OMHI
OM HOLDINGS INTERNATIONAL, INC.
Achieved significant profit improvement on strong 29% top-line growth
Gross profit, operating and net income outpaced growth in total revenues
Earnings Per Share increased 25% to $0.05 from $0.04
Added 2 new stores ending the fiscal year with 3 locations and a food service division
Launched DoRide experience within its DoGetGo App in Western Jamaica
For fiscal 2023, expects revenues of $40M- $42M, and net income of $2.5M+
Miami, April 10, 2023 (GLOBE NEWSWIRE) --
OM Holdings International, Inc. (OTCQX: OMHI) an owner and operator of OneMart supermarkets and provider a of a multi-tenant on-demand technology platform for the delivery of goods and services, today announced record financial results for the fiscal year ended August 31,2022.
Financial Highlights for the Fiscal Year Ended August 31, 2022 (as compared to the fiscal year ended August 31, 2021):
Total revenues increased 28.7% to $37.2 million, from $28.9 million.
Gross Profit grew 37.4% to $12.2 million from $8.9 million, and gross margin widened. 210 basis points to 32.9%.
Operating income expanded 44.0% to $2.6 million, from $1.8 million, and operating margin improved 80 basis points to 6.9%.
Net income increased 42.0% to $2.4 million, from $1.7 million, and the net income margin widened by 60 basis points to 6.5%.
Earnings per share improved to $0.05 from $0.04.
Net margins increased due to higher food service and yacht provisioning sales increase buying power.
Operational Highlights for the Fiscal Year Ended August 31, 2022:
Qualified to be traded on the OTCQX® Best Market from the Pink® market on January 4, 2022.
Opened two stores in Fiscal 2022, ending the year with 3 locations and a food service division.
Signed License Agreement to Offer Mobile Banking and Payment Transfers with DoPay within DoGetGo Super App.
Launched DoRide experience within its DoGetGo super app in Western Jamaica.
Fiscal 2023 Outlook:
Expect to open 2 stores to end the year with 5 stores total.
Expect total revenues of $40 million - $42 Million.
Expect net income to exceed $2.5 million from retail and food services alone.
Expects to add 10,000+ DoGetGo app users.
Mark Vanterpool, President and CEO of OM Holdings International commented, “Even with widespread disruption in the global supply chain that has affected many of our peers, OM Holdings International delivered an outstanding year of growth, achieving record revenues and profitability as we emerged strongly from a demand-challenged environment caused by the Covid-19 pandemic.”
“We didn’t just get by – we grew exponentially as we expanded our retail footprint and launched our super app in its first market. Our vision is simple: develop a network of modern retail outlets which can serve as warehouse hubs and offer real-time delivery through our DoGetGo Super App.”
“This year, as we continue to build additional stores, we plan to explore retail acquisitions to further accelerate growth, increase buying power, and expand market share. With our technology subsidiary, we plan to launch more on-demand experiences - DoPay, DoTours, DoMart, DoFood, DoSend, DoShop - all within our DoGetGo app in our current market. We also look forward to establishing more synergistic partnerships in other non-homogenous global emerging markets.”
“We are still early in our growth trajectory and feel more confident than ever about the opportunity ahead. As we add additional revenue expected from our technology subsidiary and possible new retail acquisitions, our growth trajectory will accelerate even further, bringing us closer to the realization of our mission, while driving long-term value for our shareholders. For 2023 we will also commit to a much more frequent program of news updates for investors. Over the past year we have laid the groundwork for building a higher growth rate company. Now that momentum is picking up we want to make sure to keep everyone well informed on all of our progress as it develops,” Mr. Vanterpool added."
Fiscal 2022 Results for Year Ended August 31 (Audited)
Revenues and Cost of Revenue
Total company revenues were $37.2 million, up 28.7% from fiscal 2021 revenues of $28.9 million.
By division, sales from our Retail Stores increased by 20% to $28.1 million, from $23.5 million, reflecting sales from 2 new stores opened in fiscal 2022 and a same-store sales increase of 15%. Our Food Service sales jumped 68% to $9.1 million in 2022, from $5.4 million in 2021. This was primarily due to a return to strong overnight tourism post lock down during the Covid-19 Pandemic. Sales for Yacht Provisioning advanced 224% to $1.5 million, from $0.5 million, for the same reason.
In addition, improved gross margins of 2% resulted from more bulk purchases resulting in lower product costs.
Operating Expenses
Total operating expenses were $9.7 million, up 35.7% from $7.1 million in fiscal 2021.
Professional fees, consisting of accounting, audit, legal, security and management fees, grew 24.5% to $0.9 million, from $0.7 million in fiscal 2022. Management and security fees led the increase.
Payroll expense was $2.9 million, up 16.6% compared to $2.5 million for the 2021 fiscal year. We had an increase in payroll expense as our staff went from a 32-hour work week during the Covid-19 curfews, back to a reinstated 40 hours.
Director fees were $56,110, up 0.6% from $55,750 in fiscal 2021, respectively, an increase of $360, or 0.6%.
Lease expense was $1.8 million, up 10.3% from $1.6 million in fiscal 2021, reflecting the addition of two new store leases.
General and administrative expense was $3.9 million, and increase of 78.9% from $2.2 million in fiscal 2021, attributed to higher promotional expense, utilities, and depreciation expense.
Other Income/Expense
Total other expense for the year ended August 31, 2022, was $127,646 compared to total other expense of $65,282, for year ended August 31, 2021, an increase of $62,364 or 95.5%. In the current year we had $136,324 of interest expense offset by $8,678 of other income. In the prior year we had $113,282 of interest expense offset by $48,000 of other income.
Net Income
Total net income came in at $2.5 million, increasing 44.9% from $1.7 million in fiscal 2021. Our solid increase in net income reflects leverage on the acceleration in revenues, demonstrating our ability to scale and the success of the model.
Liquidity and Capital Resources
As of August 31, 2022, we had cash of $358 thousand, accounts receivable of $2.7 million and working capital of $2.9 million.
About OM Holdings International, Inc.
OM Holdings International, Inc. operates delivery services and grocery stores in the Caribbean, with a mobile application delivery platform that provides an expedient, contactless option for the transportation of people and essential goods. The company's storefront, OneMart, is the second-largest grocery store in the BVI. OHMI's delivery subsidiary, Rydeum, has partnered with Jamacia’s largest taxicab union, JUTA. The company also provides lumber and other construction supplies to contractors throughout the Caribbean. For more information, please visit https://omholdingsinc.com/.
Forward-Looking Statements
With the exception of the historical information contained in this news release, the matters described herein, may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates,” “plans” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could” are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing. These statements, involve unknown risks and uncertainties that may individually or materially impact the matters discussed herein for a variety of reasons that are outside the control of the company, including, but not limited to, the company’s ability to raise sufficient financing to implement its business plan, the impact of the COVID-19 pandemic on the company’s business, operations and the economy in general, and the Company’s ability to successfully develop and commercialize its proprietary products and technologies. Readers are cautioned not to place undue reliance on these forward-looking statements, as actual results could differ materially from those described in the forward-looking statements contained herein. Readers are urged to read the risk factors set forth in the company’s filings with the SEC, which are available at the SEC’s website (www.sec.gov). The company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Contact:
Michael Robbins
Chief Financial Officer
T: 305-901-1497
Email: us.info@omholdingsinc.com
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