LAS VEGAS, Oct. 21, 2013 /PRNewswire/ -- Hemp, Inc. (OTC: HEMP) today announced third quarter 2013 income of $673,588, a 26% increase over the 2nd quarter and a 21,244% increase over the same quarter 2012. The first two quarters of 2013 showed a dramatic increase over 2012 as a result of the company's transition from development stage to an operating stage company.
Hemp, Inc. made the transition to operating company in the first quarter of 2013 and reported revenue of $423,035. Second quarter revenues of $534,871 showed a 25.7% increase over first quarter revenue and now third quarter revenues show an additional 26.0% increase over second quarter, bringing total revenue for the first three quarters of 2013 to $1,634,780.
Earnings for the 2013 periods were favorably impacted by increased production of Hemp, Inc.'s brand of all-natural herbal products, Herbagenix, that contain hemp and hemp extracts. As for Hemp, Inc.'s financial performance and overview, this year, CEO Bruce Perlowin said, "We are extremely pleased with our consistent rise in revenues. Hemp, Inc. has managed to exceed its revenue expectations in the third quarter, while successfully executing the strategic transformation plan we designed well over a year ago."
Perlowin went on to say, "As we move to the final quarter of 2013, we will continue to focus on our strategic priorities of quality and growth and look forward to 2014".
According to Hemp, Inc. President, David Tobias, the company is on target to exceed their estimated revenue of $2,000,000 for this fiscal year. "We expect consistent increases in sales for some time to come. And while our Herbagenix nutraceutical division has almost exclusively generated our revenue so far, our other divisions are primed for high revenues in 2014 as well."
Hemp, Inc.'s TRIPLE BOTTOM LINE
Hemp, Inc. (OTC: HEMP) seeks to benefit many constituencies, not exploit or endanger any group of them. Thus, the publicly-traded company believes in "upstreaming" of a portion of profit from the marketing of their finished hemp goods back to its originator. By Hemp, Inc. focusing on comprehensive investment results—that is, with respect to performance along the interrelated dimensions of people, planet, and profits— our triple bottom line approach can be an important tool to support sustainability goals.
SOURCE Hemp, Inc.