SIOUX FALLS, SD -- (Marketwired) -- 08/29/14 -- Verity Corp (OTCQB:VRTY) (http://www.veritycorp.com/), a vertically integrated sustainable agriculture company incorporating natural production technologies and non-GMO standards for the efficient production of healthy food, filed its 10-Q for the third quarter ended June 30, 2014.
Consolidated revenues were $2,440,336 for the nine months ended June 30, 2014, an increase of $331,451 or approximately 15.7% over consolidated revenues for the nine months ended June 30, 2013. Gross Margin percentage of 45% for the nine months ended June 30, 2014 was consistent with prior year.
Consolidated net loss for the nine months ended June 30, 2014 was $803,399 as compared to $7,024,750 for the nine months ended June 30, 2013. The net loss for the nine months ended June 30, 2013 included a charge of $5,943,533 for goodwill impairment.
Loss from operations for the nine months ended June 30, 2014 was $776,696 a decrease of $246,734, as compared to loss from operations of $1,023,433 for the nine months ended June 30, 2013. Operating expenses decreased $111,209 as compared to prior year.
Outstanding Notes for Real Estate were reduced by $2,900,000 on May 16, 2014 with the termination of agreements to purchase land and buildings from an officer and shareholder.
In addition to the debt reduction and the removal of land and building assets, Verity Corp. refinanced short term debt of $3,710,000. The debt is classified as long term debt as of May 16, 2014 and the first principal payment is due September 30, 2017. Unpaid, accrued interest related to the $3,710,000 debt will become due September 30, 2015.
Jim White, President and CEO of Verity Corp, said, "A number of key accomplishments have taken place to position Verity the Company and Verity the Brand. Verity reduced its debt by $2,900,000 and restructured and consolidated its primary notes with more favorable terms. This will position us to build on the Brand equity for Verity and exploit our success in working with both crop and livestock producers to minimize dependency on chemicals.
2014 has in many ways been a year of validation. We introduced new products to aid in the production of animals as well as Aqua Farm production. We introduced proprietary products for waste management. Our most impressive validation (our early results) comes from the most recent refinements made and put to use in our Row-Crop protocols. The results will be the talk of the industry!
It’s no secret our financial results have not been where we would like for our investors. However, Verity is completing a necessary ‘Right-sizing’ to bring our cost more in line with the realities of our current business.
We have positioned Verity for FY-2015. Our management team has worked hard to reduce the debt and will continue to do so. We have validated our product and service at every level. We have restructured our primary notes to allow us to exploit our success and deliver to the market what they have been asking for – sustainable products that reduce chemical dependency and provide a nutritious, high-quality, affordable food source.”
About Verity Corp (http://www.veritycorp.com/)
Verity Corp is an agricultural business company offering farmers a broad mix of products and services that focus on soil and crop health through the use of earth friendly crop inputs including proprietary biological media, the use of non-GMO seeds, and the use of revitalized water in all aspects of farming including livestock production. Verity's goal is to assist farmers in reducing their dependency of fertilizers, herbicides and pesticides, through the efficient application of Verity's solutions. Verity's proprietary agricultural techniques synthesize historically proven methodologies with advancements in technology.
Safe Harbor: Statements contained in this news release, other than those identifying historical facts, constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Safe Harbor provisions as contained in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relating to the Company's future expectations, including but not limited to revenues and earnings, technology efficacy, strategies and plans, are subject to safe harbors protection. Actual Company results and performance may be materially different from any future results, performance, strategies, plans, or achievements that may be expressed or implied by any such forward-looking statements. The Company disclaims any obligation to update or revise any forward-looking statements.
Contact:
Verity Corp Investor Relations
(800) 890-5085
InvestorRelations@verityfarms.com
Source: Verity Corp. |
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