Innolog Holdings Corp. Announces Q3 Financial and Operating Results
FAIRFAX, Va., Nov. 15, 2012 /PRNewswire/ — Innolog Holdings Corp. (OTCBB: INHC) today announced its third quarter and nine months results for the period ending September 30, 2012.
Revenues for the quarter ended September 30, 2012 increased 36.5% to $1,555,467 as compared to $1,139,166 for the same period last year. Revenues for the nine months ended September 30, 2012 increased 9% to $4,069,869 as compared to $3,731,666 for the same period last year.
In addition, the Company has shown a corresponding decline in its loss from operations. The loss from operations has declined from $540,610 for the three months ended March 31, 2012 to $418,207 as of June 30, 2012, and down to $306,296 as of September 30, 2012. This is a decline of 43% from the three months ending March 31, 2012 to the three months ending September 30, 2012.
William P. Danielczyk, INNOLOG’s Executive Chairman, stated, “We are pleased to show the continued improvements and growth in our business while we are reducing the operating loss each quarter. We are making progress in developing new markets, while still growing our main business. We remain steadfast on bidding and being awarded government contracts that provide us with positive cash flow and profitability on a project-by-project basis. As we enter the final quarter of this year and look forward to 2013, we remain optimistic about the future and progress of the Company.”
Innolog Holdings Corporation was formed in March 2009 as a holding company for the purpose of acquiring businesses that provide services primarily to federal government entities. Our primary subsidiary, Innovative Logistics Techniques, Inc. (www.innolog.com), was founded in 1989 to help the Department of Defense address complex logistics business problems. The company is a federal government contractor that brings world-class solutions and leading edge process oriented thinking to the U.S. military, civilian agencies and state and local governments to provide solutions to complex logistics problems.
Additional information is available at www.innologholdings.com.
Statements in this press release that are not statements of historical or current fact, such as the expectation of future revenue growth and profitability, constitute “forward-looking statements”. Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause INNOLOG’s actual results to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. Factors that could cause INNOLOG’s results to be materially different from the forward-looking statements include whether INNOLOG will be able to find financing when and as it needs it and whether INNOLOG’s revenues will eventually exceed its expenses. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in INNOLOG’s reports filed with the Securities and Exchange Commission, which are available for review at http://www.sec.gov/.
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SOURCE Innolog Holdings Corp.