Beyond Commerce Reports Record Second Quarter 2019 Results

Gross Margin of 69% on $1.3 Million Revenue

LAS VEGAS, NV / ACCESSWIRE / August 14, 2019 – Beyond Commerce, Inc. (OTCQB: BYOC) (the “Company”), a provider of B2B internet marketing analytics, technologies and services, announced the company’s financial results for the second quarter ended June 30, 2019. Of note, Beyond Commerce closed its acquisition of Service 800 on March 4 and its acquisition of PathUX on June 4.

Key Financial Highlights for Q2 2019:

  • Revenues increased to $1.3 million
  • Gross margin of 69%

Key Business Highlights for Q2 2019:

  • Closed acquisition of PathUX
  • Initiated integrations and growth plans for Service 800 and Path UX businesses

Management Commentary

“Our second quarter results primarily reflect the ongoing Service 800 business, as we had just closed that acquisition on March 4 and since closed the PathUX acquisition on June 4,” commented, Geordan Pursglove, Beyond Commerce’s Chief Executive Officer. “We are now in midst of re-energizing the sales engines at both Service 800 and PathUX, 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 are in active and discussions and negotiations with several acquisitions.”

Pursglove, added, “During the second quarter, Service 800 signed a significant deal with Thermo Fisher Scientific which reflects the types of opportunities we are going after and can be successful in. Our recent stock performance is absolutely not reflective of all the business traction and success we are gaining in the market. We feel that recent and constant selling pressure has negatively affected our share price and is unrelated to the company’s business performance. The future is bright at Beyond Commerce and we look forward to continuing to communicate our business progress.”

Recently Announced Contract

Service 800 Awarded Contract from Thermo Fisher Scientific – July 30

Signing of Thermo Fisher Scientific into an initial multi-month pilot program with Service 800 to design programs and provide resources to measure every day customer service. The program methodology goal is to deliver accurate metrics needed to build and measure an effective customer journey map. Service 800 program reveals the actions and behaviors that accomplish long-term objectives for companies such as Thermo Fisher Scientific.

Thermo Fisher Scientific is the world leader in serving science, with revenues of more than $24 billion and approximately 70,000 employees globally. Our mission is to enable our customers to make the world healthier, cleaner and safer. We help our customers accelerate life sciences research, solve complex analytical challenges, improve patient diagnostics, deliver medicines to market and increase laboratory productivity. Through our premier brands – Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific and Unity Lab Services – we offer an unmatched combination of innovative technologies, purchasing convenience and comprehensive services.

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

Revenue for the three months ended June 30, 2019 was $1.3 million, compared to $0 for the three months ended June 30, 2018. The revenue primarily relates to the acquisition of Service 800, which closed on March 4.

Gross profit for the three months ended June 30, 2019 was $0.9 million, compared to $0 for the three months ended June 30, 2018. The resulting gross margin was 69.0% for the three months ended June 30, 2019.

Selling, General and administrative expenses for the three months ended June 30, 2019 were $0.3 million, an increase of $0.3 million, compared to $19,591 for the three months ended June 30, 2018.

Payroll expenses for the three months ended June 30, 2019 were $0.7 million, an increase of $0.6 million, compared to $0.1 million for the three months ended June 30, 2018.

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

Depreciation and amortization for the three months ended June 30, 2019 were $0.2 million, an increase of $0.2 million, compared to $0 for the three months ended June 30, 2018.

Operating loss for the three months ended June 30, 2019 was $0.6 million, an increase of $0.3 million, compared to $0.3 million for the three months ended June 30, 2018.

Net loss for the three months ended June 30, 2019 was $5.2 million, an increase of $4.7 million, compared to $0.4 million for the three months ended June 30, 2018. The net loss of $5.2 million for the three months ended June 30, 2019 primarily reflects $3.5 million in negative change in derivative liability and also includes $1.1 million of interest expense, amortization of debt discount and derivative related expenses. The resulting EPS loss for the three months ended June 30, 2019 was $(0.01) per diluted share, compared to $(0.00) per diluted share for the three months ended June 30, 2018.

Financial Results for the Six Months Ended June 30, 2019:

Revenue for the six months ended June 30, 2019 was $1.7 million, compared to $0 for the six months ended June 30, 2018. The revenue primarily relates to the acquisition of Service 800, which closed on March 4.

Gross profit for the six months ended June 30, 2019 was $1.2 million, compared to $0 for the six months ended June 30, 2018. The resulting gross margin was 70.8% for the six months ended June 30, 2019.

Selling, general and administrative expenses for the six months ended June 30, 2019 were $0.5 million, an increase of $0.4, compared to $28,357 for the six months ended June 30, 2018.

Payroll expenses for the six months ended June 30, 2019 were $0.9 million, an increase of $0.8 million, compared to $0.2 for the six months ended June 30, 2018.

Professional expenses for the six months ended June 30, 2019 were $0.5 million, a decrease of $0.2 million, compared to $0.7 million for the six months ended June 30, 2018.

Depreciation and amortization for the six months ended June 30, 2019 were $0.2 million, an increase of $0.2 million, compared to $0 for the six months ended June 30, 2018.

Operating loss for the six months ended June 30, 2019 was $0.9 million, a decrease of $0.1 million, compared to $0.9 million for the six months ended June 30, 2018.

Net loss for the six months ended June 30, 2019 was $8.9 million, an increase of $7.8 million, compared to $1.1 million for the six months ended June 30, 2018. The net loss of $8.9 million for the six months ended June 30, 2019 primarily reflects $5.1 million in negative change in derivative liability and also includes $3.0 million of interest expense, amortization of debt discount and derivative related expenses. The resulting EPS loss for the six months ended June 30, 2019 was $(0.01) per diluted share, compared to $(0.00) per diluted share for the six months ended June 30, 2018.

About Beyond Commerce, Inc.

Beyond Commerce, Inc. (OTCQB: 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.

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
Phone: 702-675-8022

SOURCE: Beyond Commerce, Inc.

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