Mastermind Reports First Quarter Fiscal 2020 Results, Continues to Project Strong Growth for Full Fiscal Year

By Staff 5 years ago

ATLANTA–(BUSINESS WIRE)–Mastermind, Inc. (OTC QB: MMND), a leading vertically-integrated digital marketing company that designs, creates and activates marketing initiatives for global brands, today announced financial results for the first quarter of fiscal 2020, ended December 31, 2019.

Dan Dodson, CEO of Mastermind, commented, “Financial results in the first quarter of fiscal 2020 returned to our historical trends through a combination of startup and ongoing project work from new and existing clients and tight expense management. We have worked through the unexpected customer events of the fourth quarter that negatively impacted our financial results in FY 2019 and remain confident that FY 2020 will be a strong year for the company.”

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“In the first quarter, revenue was 12.7% lower than the comparable period of last year, reflecting the allowable recognition of revenue on current client projects. Our current growth initiatives, which generate higher than average gross margins, are gaining traction, including augmented reality marketing, content marketing automation and a digital intelligence and optimization practice. Income from Operations increased 26.2% for the first quarter, driven by a 15.4% reduction in operating expenses and slightly wider gross margins. Revenue in the pipeline at quarter end is higher than at the comparable time last year and supports our confidence in the growth projected for the balance of the fiscal year,” concluded Mr. Dodson.

First Quarter Fiscal 2020 Highlights

  • Total revenue of $1.1 million compared to revenue of $1.2 million for the first quarter of fiscal 2019
  • Gross profit of $0.66 million compared to $0.75 million for the first quarter of fiscal 2019
  • Gross margin of 62.1% compared to 61.4% for the first quarter of fiscal 2019
  • Income from Operations of approximately $82,600 compared to Income from Operations of approximately $65,500 for the first quarter of fiscal 2019
  • Stockholders’ equity was $1.1 million at December 31, 2019

Detailed financial information can be found in Mastermind’s Quarterly Report on Form 10-Q for the period ended December 31, 2019 and filed with the Securities Exchange Commission on February 14, 2020.

About Mastermind, Inc.

Mastermind, Inc. provides thinking that drives results for leading marketers. It has over 30 years of experience in dozens of industries helping involve people with leading brands in ways that inspire them to take action. Mastermind has a total, data-driven approach that drives brand consideration, trial, loyalty, and advocacy. The company has extensive marketing expertise in Content, Digital, Influencer, Social, Promotion, Channel Optimization, and Digital Issues Management. This allows Mastermind to create and execute multi-dimensional campaigns that drive results. For more information about Mastermind, Inc., please visit: www.MastermindMarketing.com.

Forward-Looking Statements

This press release of Mastermind, Inc. (the “Company”) contains, or may contain, among other things, certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve significant risks and uncertainties. Such statements may include, without limitation, statements with respect to the Company’s plans, objectives, projections, expectations and intentions and other statements identified by words such as “projects,” “may,” “will,” “could,” “would,” “should,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “potential” or similar expressions. These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties, including those detailed in the Company’s filings with the Securities and Exchange Commission. Actual results (including, without limitation, market acceptance of the Company’s services; competition from existing products/services or new products/services that may emerge; the implementation of the Company’s business model and strategic plans for its business and its services; estimates of the Company’s future revenue, expenses, capital requirements and need for financing; and developments relating to the Company’s competitors) may differ significantly from those set forth in the forward-looking statements. These forward-looking statements involve certain risks and uncertainties that are subject to change based on various factors (many of which are beyond the Company’s control). The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

Contacts

Dan Dodson

CEO

dan.dodson@mastermindmarketing.com

Stephanie Prince

PCG Advisory

(646) 762-4518
sprince@pcgadvisory.com

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