LAFAYETTE, La., Feb. 23, 2021 /PRNewswire/ -- RedHawk Holdings Corp. (OTC: SNDD) ("RedHawk" or the "Company"), a diversified holding company primarily engaged in sales and distribution of medical devices, announced today gross revenues for the three and six month periods ended December 31, 2020 were $370,871 and $835,104, respectively. Net of distributor and introductory discounts of $157,250 and $174,144, respectively, net revenues for the three and six month periods ended December 31, 2020 were $213,621 and $660,960.
For the corresponding three and six month periods ended December 31, 2019, the Company reported gross revenues of $46,866 and $111,964, respectively. Net of introductory discounts of $28,109 and $42,649, respectively, net revenues for the three and six month periods ended December 31, 2020 were $18,757 and $69,315. There were no distributor discounts for the three and six month periods ended December 31, 2019. The increased revenues during the three and six month periods ended December 31, 2020 served to reduce the Company's net loss from operations for those periods when compared to the prior year periods.
For the three and six month periods ended December 31, 2020, the Company reported a net loss from operations of $82,148 and $189,293 respectively. For the corresponding three and six month periods ended December 31, 2019, RedHawk reported a net loss from operations of $409,180 and $603,865, respectively.
For the trailing twelve month period ended December 31, 2020, RedHawk reported a net loss from operations of $176,577 on gross revenues of $2,002,113, and net revenues of $1,726,943. For the corresponding trailing twelve month period ended December 31, 2019, RedHawk reported a net loss from operations of $939,193 on gross revenues of $225,515, and net revenues of $102,801.
Commenting on the second quarter results, G. Darcy Klug, RedHawk's Chairman and Chief Executive Officer, said, "As previously announced, during the three month period ended December 31, 2020, we shifted our marketing focus away from lower margin personal protection equipment and returned our primary focus to SANDD™, our line of proprietary needle incineration devices. Schools, medical facilities and first responders started re-opening during the quarter ended December 2020 and resumed accepting visits from our sales representatives.
As previously announced, during this three month period ended December 2020, we restructured our marketing approach to increase market awareness of our SANDD™ products while continuing to offer a more specific but limited line of personal protection equipment. With this re-alignment, we expanded our network of independent sales representatives, resumed sales of the SANDD mini™ and launched sales of the SANDD Pro™. We resumed delivery of our needle incineration devices into schools and started accepting orders for delivery of our SANDD™ products into various vaccination and injection sites including, but not limited to, correction facilities, medical treatment centers, and non-profit organizations focused on international disaster relief.
Pending orders for our SANDD™ line of needle incineration devices and select personal protection equipment currently top $12 million with inquiries continuing to remain strong. Additionally, we are also currently negotiating the possibility of a new international distribution agreements for sales of our SANDD™ line of products in the Far East.
The second quarter ended December 31, 2020, however, was not without its disappointments. Unfortunately, we must say 'Goodbye' to Philip Spizale, our former Chief Executive Officer. Because of family responsibilities versus the time demands required to successfully fulfill the duties of the Company's CEO, Philip asked to be relieved of his executive duties at this time so he can pursue job opportunities available to closer to his home. Philip will remain as a RedHawk advisor and I will once again assume the CEO responsibilities. We completely support Philip's decision to place his family responsibilities before RedHawk related job obligations. Philip will remain available to us for future consultation and advice. We wish Philip the best in his future endeavors."
About RedHawk Holdings Corp.
RedHawk Holdings Corp., formerly Independence Energy Corp., is a diversified holding company which, through its subsidiaries, is engaged in the sales and distribution of medical devices, sales of branded generic pharmaceutical drugs, commercial real estate investment and leasing, sales of point of entry full-body security systems, and specialized financial services. Through its medical products business unit, the Company sells the Sharps and Needle Destruction Device (SANDD™), WoundClot Surgical - Advanced Bleeding Control, and the Carotid Artery Digital Non-Contact Thermometer. Through our United Kingdom based subsidiary, we manufacture and market branded generic pharmaceuticals. RedHawk Energy holds the exclusive U.S. manufacturing and distribution rights for the Centri Controlled Entry System, a unique, closed cabinet, nominal dose transmission full-body x-ray scanner. For more information, please visit: http://www.redhawkholdingscorp.com
Cautionary Statement Regarding Forward-Looking Statements
This release may contain forward-looking statements. Forward-looking statements are all statements other than statements of historical fact. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. The words "anticipate," "may," "can," "plans," "believes," "estimates," "expects," "projects," "targets," "intends," "likely," "will," "should," "to be," "potential" and any similar expressions are intended to identify those assertions as forward-looking statements.
Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties. In evaluating forward-looking statements, you should consider the various factors which may cause actual results to differ materially from any forward-looking statements including those listed in the "Risk Factors" section of our latest 10-K report. Further, the Company may make changes to its business plans that could or will affect its results. Investors are cautioned that the Company will undertake no obligation to update any forward-looking statements.
Company Contact:
G. Darcy Klug, Chairman, CEO and CFO
+1(337) 269-5933
[email protected]
SOURCE RedHawk Holdings Corp.
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