ADM Endeavors Reports Third Quarter Fiscal 2024 Financial Results
November 14, 2024 4:00 PM EST | Source: ADM Endeavors, Inc.
Q3 Revenues Increased 12% Year over Year, Up 13% Year to Date
Trialing Twelve Month Revenue $5.7 Million
New Facility Under Construction Appraised at $13 Million
Fort Worth, Texas--(Newsfile Corp. - November 14, 2024) - Just Right Products Inc., the wholly owned subsidiary of ADM Endeavors (OTCQB: ADMQ) ("ADM" or the "Company"), announces its financial results for the three- and nine-months ended September 30, 2024. Unless otherwise stated, all dollar amounts are in U.S. dollars. The Company's 10-Q can be accessed on the United States Securities and Exchange Commission's Electronic Data Gathering, Analysis and Retrieval System (EDGAR), which can be accessed at www.sec.gov.
Financial Highlights
Operating Results for the 3-Months Ended September 30, 2024:
- Revenue was $2,166,235, a 12% increase over $1,984,193 reported in Q3 2023 and a 77% improvement over the prior quarter's $1,222,600, due to increased sales from recently acquired brands and increased school uniform sales.
- Gross margin of 26% fell from 30% in Q3 2023, due to increased demand from labor intensive uniform school sales.
- Net income of $125,809 decreased $29,800 versus $155,609 in Q3 2023 but increased $125,608 over Q2 2024's net income of $201, due to increased marketing and selling expenses associated with investing in web development and e-commerce to create a stronger online presence.
- At September 30, 2024, the Company had cash of $749,152, access to $1,500,000 remaining on the construction loan, and accounts receivable of $383,421.
Operating Results for the Nine-Months Ended June 30, 2024:
- Revenue of $4,444,973 increased 13% over the $3,915,887 reported for the comparable year-ago period,
- Gross margin of 30% was down slightly from 31% during the first nine-months of 2023.
- Net income of $48,374 decreased $114,186 versus $162,560 during the comparable year-ago period.
Management Commentary
"Our third-quarter results demonstrate solid progress as we continue our strategic focus on the government sector," said ADM Endeavors CEO Marc Johnson. "The peak season for uniform sales showed increased demand from existing customers, which is evident in our results. We are also actively pursuing new schools in the Dallas-Fort Worth area left without a uniform supplier following the recent exit of a major competitor. The upcoming completion of our new 100,000 sq. ft. facility in Q1 2025 will allow us to meet this heightened demand and capture additional market share."
Mr. Johnson further noted, "The recent appraisal of our new facility estimates its value at around $13 million, with an additional $3.7 million for the remaining adjacent land. This significant asset value is not yet reflected in our current market valuation. By focusing on both organic growth and strategic acquisitions, ADM is well-positioned to drive top-line growth and improve operational efficiency. We are confident in our ability to accelerate expansion and solidify our market leadership in the promotional products and school uniform sectors."
About ADM Endeavors
ADM Endeavors is a diversified, direct marketing and value-added manufacturing company providing customers with customized promotional products and wearables. Since 2010, our wholly owned subsidiary, Just Right Products, Inc., has been consistently increasing our recession resistant customer base, with sales topping $5.7 million for the last reported 12 months. The Company sells "Anything With A Logo" on its website, www.JustRightProducts.com, developing products ranging from unique business cards to coffee cups, T-shirts to boots, with tens of thousands of other unique products from which to select. Just Right Products, Inc. operates a diverse vertically integrated business in the Dallas/Fort Worth area, consisting of a retail sales division, screen print production, embroidery production, digital production, import wholesale sourcing, and uniforms. For more information, please visit:
- https://admendeavors.com/
- https://www.fwpromo.com/
- https://fortworth.academicoutfitters.com/
- https://www.facebook.com/groups/admqshareholders/
Forward-Looking Statement
This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Any statements that are not historical facts contained in this press release are "forward-looking statements" that involve a number of risks and uncertainties and are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Words such as "strategy," "expects," "continues," "plans," "anticipates," "believes," "would," "will," "estimates," "intends," "projects," "goals," "targets" and other words of similar meaning are intended to identify forward-looking statements but are not the exclusive means of identifying these statements. Such forward-looking statements are based on current expectations, involve known and unknown risks, a reliance on third parties for information, transactions that may be cancelled, and other factors that may cause our actual results, performance or achievements, or developments in our industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties related to the fluctuation of global economic conditions or economic conditions with respect to the retail industry, the COVID-19 pandemic, the performance of management, actions of government regulators, vendors, and suppliers, our cash flows and ability to obtain financing, competition, general economic conditions and other factors that are detailed in our filings with the Securities and Exchange Commission. We intend that all forward-looking statements be subject to the safe -harbor provisions. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
For further information about ADM Endeavors, please contact:
Marc Johnson, CEO
Phone: 817.231.8048
E-mail: info@admendeavors.com
For investor information for ADM Endeavors, please contact:
Sean Peasgood, Investor Relations
Phone: 647.255.7570
E-mail: sean@sophiccapital.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/230030