MUMBAI, India, Aug. 1, 2011 /PRNewswire/ -- Groupe Athena, Inc. (Pink sheets GATA.PK) announced today record revenues of $25,112,636 for the recent fiscal year ended June 30, 2011, more than doubling the revenues of the prior fiscal year. After tax earnings also more than doubled for the same period to $2,106,808 or $.045 per share.
The Company's Chairman, D. Purohit stated, "Of course we are very pleased with our current revenue growth and we look forward to further similar increases as we continue to gain market share and increase our participation in the explosive growth of our core industry."
The Company also announced it has a healthy cash position with minimal debt as of June 30, 2011. This is despite the fact that they purchased new equipment worth $445,893 in the third quarter. The purchase was made entirely from internal cash accruals and it is the commitment of management that all future additions to the asset base be from internally generated cash flow only, without any further dilution or debt increases. The Company has no plans for shareholder dilution over the next 24 months.
The company's order position is also very healthy and management expects to announce other related positive financial news in the near term. This is mainly due to the fact that the Indian pharmaceutical industry is increasingly focusing on exports to the United States and GATA is well positioned to help them get their products approved by the FDA for sales in the US. All of these are potential clients and the Company believes it has an advantage over competitors due to the facilities based in India, and their ability to deliver quick feedback to clients that could result in expedited order generation. With recent additions to equipment, the company can take on added contracts and continue to anticipate further growth.
About Groupe Athena, Inc.
Groupe Athena, Inc. was incorporated in June 2008 and began operations on July 1 of that year. The company is a research and testing organization and helps various pharmaceutical and medical products and devices companies in India and Southeast Asia to get regulatory approvals and facilitate exports of their products to the United States. The Company accomplishes this by assisting clients from concept through development, providing consultation on regulatory requirements, filings and processes.
The company has a research and marketing facility in India that currently employs 15 consultants and marketing personnel and is working towards aggressively expanding its presence in the Indian pharmaceutical industry. The Company's web address is www.groupeathena.com
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SOURCE Groupe Athena, Inc.