BELIZE CITY, Belize, Aug. 5, 2015 /PRNewswire/ -- The directors and management of N1 Technologies Inc. (OTC PINK: NTCHF) today reported results for the fiscal 2015 second quarter ended June 30, 2015. Net sales for the fiscal 2015 second quarter were $436,583 compared to $24,788 for the same quarter of fiscal 2014. "We continue making good progress with our transformation agenda. Our outstanding second quarter positions us well to deliver our full year 2015 and 2016 revenue targets," said Steve Lovern, President & CEO. "We are completely focused on our Intellectual Property portfolio, and development of productivity and cost reduction strategies that drive strong margin expansion and earnings growth. This enables continued investment in our established brands, supply chain, and sales and distribution capabilities. All combined to drive sustainable revenue and earnings growth." On a reported basis, net revenues were $436,583 up 1700 percent over the previous year.
For 2015, the company continues to expect Organic Net Revenue growth of at least 20 percent, Adjusted Operating Income margin of approximately 18 percent. "Our continued effort to grow our Sales Force and create new relationships with retailers, distributors and corporate partners is expected to double by Q4 2015. Additionally rapid expansion in our R&D pipeline continues to provide future branding and marketing opportunities," stated CEO Steve Lovern.
The company reports its financial results in accordance with accounting principles generally accepted in the United States ("GAAP" or referred to herein as "Reported"). However, management believes that certain non-GAAP financial measures should be considered when assessing the company's ongoing performance to provide more complete information on the factors and trends affecting the company's business. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the company's performance. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the company's Reported results prepared in accordance with GAAP. In addition, the non-GAAP measures the company uses may differ from non-GAAP measures used by other companies. Because GAAP financial measures on a forward-looking basis are neither accessible nor deemed to be significantly different from the non-GAAP financial measures, and reconciling information is not available without unreasonable effort, the company has not provided that information with regard to the non-GAAP financial measures in the company's Outlook.
N1 Technologies, Inc. Q2 Financials are available at: http://www.otcmarkets.com/otciq/ajax/showFinancialReportById.pdf?id=142223
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "will" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Corporation's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Corporation. The forward-looking information contained in this release is made as of the date hereof and the Corporation is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
SOURCE N1 Technologies Inc.