SAN FRANCISCO, CA / ACCESSWIRE / August 10, 2023 / Quality Industrial Corp. (OTC PINK:QIND), filed its second quarter of 2023 results on August 10, 2023. It was a productive second quarter during which the company laid further foundations for future growth and its intended uplist to NYSE American.
QIND reported Q2 2023 revenue of $21,601,906 with net profit of $2,852,632 compared with revenue of $18,216,000 and net profit of $ 1,946,443 for the three months ended June 30th, 2022. This represents an 18.6% increase in Revenue and 46.6% increase in Net Profit in the second quarter of 2023 when compared to the second quarter of the previous year.
QIND is optimistic about its second quarter results which demonstrate the progress of its operations. In line with seasonal and cyclical trends in the Industrial and Manufacturing sectors, the third quarter, and particularly the fourth quarter of every year is traditionally the strongest for QIND's operating business.
QIND's subsidiary, Quality International Co Ltd FCZ, currently has over $150 million in signed purchase orders which are in various stages of the manufacturing process. These orders are expected to be completed and invoiced during the remainder of 2023 and during 2024.
"We are pleased with this solid second quarter performance which confirms that our quarterly progress is in line with our forecasts for 2023 and beyond. As was the case in 2022, although now with heightened demand and a larger order book, we anticipate quarter-on-quarter growth through the remainder of this year." said QIND CEO, John-Paul Backwell.
Having filed its Form 10-Q, QIND is now in the process of finalizing its Form 10-KT for filing following the company's recent change in fiscal year. The form 10-KT will be a Transition report with audit reports for the following periods:
- January 1, 2023, to June 30, 2023
- For the years ended December 31, 2022 and 2021 respectively.
Following the 10-KT submission the company intends file its Form S-1 with audit reports for the new fiscal year periods as follows:
- July 1, 2021, to June 30, 2022
- July 1, 2022, to June 30, 2023
The QIND Board's decision to change its fiscal year end was related to the company's intent to uplist to the NYSE American and to allow investors to measure revenue and earnings year-over-year more accurately. The company anticipates that the reduction of complexity with audit reports for the new fiscal may improve the timeframe for effectiveness of its Form S-1.
This Press Release does not constitute an offer of any securities for sale.
FORWARD-LOOKING STATEMENTS
This press release contains statements of a forward-looking nature about the Company. You can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "future" or other similar expressions. The Company has based these forward-looking statements primarily on the Company's current expectations and projections about future events and financial trends that the Company believes may affect Company's financial condition, results of operations, business strategy, and financial needs. There is no assurance that the Company's current expectations and projections are accurate. All forward-looking statements in this press release are based on the Company's information on the date hereof. These statements involve known and unknown risks, uncertainties, and other factors that may cause the Company's actual results to differ materially from those implied by the forward-looking statements. The Company operates in a rapidly evolving environment. New risk factors emerge from time to time. The Company does not undertake any obligation to update or revise the forward-looking statements except as required under applicable law. This press release does not constitute or form part of any offer or invitation to purchase, otherwise acquire, issue, subscribe for, sell, or otherwise dispose of any securities, nor any solicitation of any offer to purchase, otherwise acquire, issue, subscribe for, sell, or otherwise dispose of any securities of the Company. The release, publication, or distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published, or distributed should inform themselves about and observe such restrictions.
CONTACT
Quality Industrial Corp.
315 Montgomery Street, San Francisco
CA 94104, USA
Phone: +1-800-706-0806
Email: [email protected]
Investor site: https://qualityindustrialcorp.com
Twitter: @ QualityIndCorp @ILUS_INTL
SOURCE: Quality Industrial Corp.
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