Groupe Athena, Inc. Reports Record First Quarter Revenues, Adoption Of IFRS Accounting Standard In Anticipation Of Applying For Listing On The NASDAQ Bulletin Board
MUMBAI, India, Nov. 14, 2012 /PRNewswire/ -- Groupe Athena, Inc. (Pink sheets: GATA) announced today record revenues of $15,367,544 for the first quarter ending September 30, 2012, which is a 25% increase over the same period in 2011. Net after tax income for the period was $1,307,293 or $.03 per share which included a one time expense of $407,181 related to the purchase of the company's new facility in India. Trailing twelve month (ttm) earnings remained strong at nearly $.10 per share. The company also has a very healthy cash position and no long term debt.
The Company's Chairman, D. Purohit stated, "The pharma industry within our region is still very robust and Groupe Athena is extremely well positioned to continue on our current growth track for the foreseeable future. And with the recently reported asset additions which allow us to perform more services in-house, our margins are also increasing significantly."
In other news the Company has completed their recent transition from GAAP to the International Financial Reporting Standard (IFRS) for all future audited financials. The Company's annual report for the recent fiscal yearend on June 30, 2012 which was released on August 20, 2012 was audited using IFRS. With the completion of the audit for this fiscal year end on June 30, 2013 the company will seek to qualify for listing on the NASDAQ Bulletin Board quotation system.
To review the complete quarterly report please go to www.otcmarkets.com/stock/GATA/quote and click on "Financials."
The company reports it is still committed to funding all capital expenditures entirely from internal cash accruals without any shareholder dilution or debt increases.
As was previously stated, 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 will continue to take on additional 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 17 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
For more information contact:
Corporate Shareholder Relations, Inc.
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SOURCE Groupe Athena, Inc.