Bergio International Reports Record Third Quarter 2020 Net Income of $388,846; Gross Profit Margin Reaches 78%
FAIRFIELD, NJ / ACCESSWIRE / October 22, 2020 / Bergio International, Inc. ("Bergio", or the "Company") (OTC PINK:BRGO), a leading designer, manufacturer and retail outlet for the Bergio Brand of designer jewelry, including exquisite collections of rings, necklaces, earrings, and other fine accessories, today reported its financial results for the quarter ended September 30, 2020. Highlights for Quarter Ended September 30, 2020.
Despite the pandemic, revenues for the quarter ended September 30, 2020 were stable as compared to the same quarter last year. Retail operations were significantly affected as a result of store closures and curtailed shopping as a result of COVID-19. However, the Company overcame the decline in retail by shifting efforts to its wholesale & online operations.
Gross profit as a percentage of sales remains strong at 78.8% for the quarter ended September.
Operating expenses decreased 2% for the quarter ended September 30, 2020 as compared to the same quarter last year.
Operating income of $4,057 for the quarter ended September 30, 2020 as compared an operating loss of $19,417 for the quarter ended September 30, 2019.
Net income was $388,846 for the quarter ended September 30, 2020 as compared to a net loss of $52,335 for the quarter ended September 30, 2019.
Working capital increased $242,803 to a negative $14,303 at September 30, 2020 as compared to December 31, 2019, primarily as a result of an agreement with one its debtors to settle its outstanding obligations. Under the terms of the Agreement, the Company agreed to settle approximately $474,000 of convertible debt and accrued interest for a total of $300,000. Stockholders' deficit decreased to $365,061 as compared to $612, 716 at December 31, 2019.
Mr. Berge Abajian, President & CEO stated "this was an exciting quarter with many positive events. We continue to expand our online presence, our financial position has improved, and we have been reducing our debt. The Company continues to position itself for the future to take advantage of the Bergio brand and establish a chain of retail stores worldwide. Our branded product lines are products and/or collections designed by our designer and CEO Berge Abajian and will be the centerpiece of our retail stores. We also intend to complement our own quality-designed jewelry with other products and our own specially designed handbags. This is in line with our strategy and belief that a brand name can create an association with innovation, design and quality which helps add value to the individual products as well as facilitate the introduction of new products."
"We continue to be excited about our future, our goal is to clean the balance sheet from the convertible debt and leverage the Company such that as sales increase a larger portion of dollars will flow to the bottom line."
He added, "I appreciate all the support from our shareholders and wishing all to stay safe through these unprecedented times, with a bright future is ahead".
About Bergio International, Inc.
The Bergio brand is our most important asset. The Bergio brand is associated with high-quality, handcrafted and individually designed pieces with European sensibility, Italian craftsmanship and a bold flair for the unexpected. Bergio, is one of the most coveted brands of fine jewelry. Established in 1995, Bergio's signature innovative design, coupled with extraordinary diamonds and precious stones, earned the company recognition as a highly sought-after purveyor of rare and exquisite treasures from around the globe. As President, CEO and Head Designer of Bergio, Berge Abajian performs a highly successful balancing act, accomplished with equal parts precision and passion. An informed and inspirational leader, Berge directs the company with the eye and soul of a designer and the mind of a businessman. The role that is perhaps closest to his heart, however, is that of designer. With family jewelry roots reaching back the 1930s, Berge is a third generation jeweler and a purist when it comes to design. Berge's understanding of every aspect, in both design and manufacturing, creates collections that are nothing short of peerless in craftsmanship and style. Berge creates a collection, he looks well beyond the drawing board. Berge focuses on the woman who will ultimately wear his pieces, bringing to creation a magnificent piece of jewelry that reflects the beauty and vitality a woman possesses. Bergio creations are a seamless blend of classic elegance and subtle flair, adding to a woman's charm while never overpowering her.
It is our intention to establish Bergio as a holding company for the purpose of establishing retails stores worldwide. Our branded product lines are products and/or collections designed by our designer and CEO Berge Abajian and will be the centerpiece of our retail stores. We also intend to complement our own quality-designed jewelry with other products and our own specially-designed handbags. This is in line with our strategy and belief that a brand name can create an association with innovation, design and quality which helps add value to the individual products as well as facilitate the introduction of new products.
For further information please visit our website at www.bergio.com.
This press release includes statements that are not historical in nature and may be characterized as "forward-looking statements," including those related to future financial and operating results, benefits, and synergies of the combined companies, statements concerning the Company's outlook, pricing trends, and forces within the industry, the completion dates of capital projects, expected sales growth, cost reduction strategies, and their results, long-term goals of the Company and other statements of expectations, beliefs, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts. All predictions as to future results contain a measure of uncertainty and, accordingly, actual results could differ materially. Among the factors which could cause a difference are: changes in the general economy; changes in demand for the Company's products or in the cost and availability of its raw materials; the actions of its competitors; the success of our customers; technological change; changes in employee relations; government regulations; litigation, including its inherent uncertainty; difficulties in plant operations and materials; transportation, environmental matters; and other unforeseen circumstances. A number of these factors are discussed in the Company's previous filings with the U.S. Securities and Exchange Commission. The Company disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release. The safe harbor for forward-looking statements contained in the Securities Litigation Reform Act of 1995 (the "Act") protects companies from liability for their forward-looking statements if they comply with the requirements of the Act.
Contact:
Berge Abajian
Bergio International, Inc.
(973) 227-3230
SOURCE: Bergio International, Inc.
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