Mission Ready Highlights Q2 Financial Results and Provides Corporate Update in Live Event
VANCOUVER, BC, Aug. 31, 2021 /CNW/ - Mission Ready Solutions Inc. ("Mission Ready" or the "Company") (TSX-V: MRS) (OTCQX: MSNVF), a provider of comprehensive government contracting solutions, recently released its second quarter 2021 ("Q2 2021") financial statements for the three and six months ended June 30, 2021.
The following are highlights of the six months ended June 30, 2021 (all dollar figures are quoted in Canadian dollars unless otherwise noted):
- Gross Revenues of $78.73 million (an increase of $36.43 million from the same period in 2020)
- Gross margin of 7.98%
- Decrease in Operating Expenses of 5% (as compared to 13% from the same period in 2020)
- Net Income of $2.87 million (an increase of $4.52 million from a net loss in the same period in 2020)
- Adjusted EBITDA was $4.97 million (an increase of $4.15 million from the same period in 2020)
- $7.1 million Working Capital improvement from year-end
- Cash and Cash Equivalents of $4.4 million
"Q2 financials have once again showcased our ability to improve our ratios, decrease expenses and bring in additional revenues that ultimately resulted in better cash on hand and overall financial strength," said Buck Marshall, President and CEO of Mission Ready. "Mission Ready's revenue streams such as GSA schedules, innovation, manufacturing and distribution capabilities continue to bring consistent revenues that form the core of our business."
A copy of the unaudited condensed consolidated interim financial statements for the six months ended June 30, 2021, and the associated Management's Discussion and Analysis ("MD&A") are available on www.sedar.com under the Company's profile and on Mission Ready's website .
Marshall also provided a live corporate update to investors and shareholders, highlighting the milestones achieved and offered his overview of upcoming catalysts.
"Part of the expansion of our revenue streams lies in leveraging and maximizing our resources as best we can, our cut and sew capabilities being a prime example that opens OEM manufacturing opportunities," said Marshall. "We are shifting from being a company reacting to opportunities to being proactive and creating opportunities as we continue looking for force multipliers."
The presentation is available on Mission Ready's YouTube channel and the Company's website at MRSCorp.com .
About Mission Ready Solutions Inc.
Mission Ready specializes in providing comprehensive government contracting solutions through its privileged access to a host of federal contracting vehicles, including Multiple Award Schedule ("MAS") contracts awarded and administered by the United States General Services Administration ("GSA").
Mission Ready's wholly-owned subsidiary, Unifire, Inc. ("Unifire"), is a designated Small Business and an industry-leading manufacturer and distributor of over 1.5 million military, fire and first-responder products. With extensive knowledge and experience in providing turnkey solutions to the United States Federal Government, Unifire utilizes its time-proven industry relationships and proprietary technology infrastructure to efficiently source and deliver critical, life-saving products in cooperation with government program managers, military and federal contracting offices, base supply centers, and other federal, state and local supply agencies.
Mission Ready Solutions Inc.
(Signed "Buck L. Marshall")
Buck L. Marshall
President, CEO and Director
T: +1 (877) 479.7778
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "anticipate", "believe", "plan", "expect", "intend", "estimate", "forecast", "project", "budget", "schedule", "may", "will", "could", "might", "should" or variations of such words or similar words or expressions. Forward-looking information is based on reasonable assumptions that have been made by Mission Ready Solutions Inc. as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Mission Ready Solutions Inc. to be materially different from those expressed or implied by such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Mission Ready Solutions Inc. does not undertake to update any forward-looking information that is included herein, except in accordance with applicable securities laws.
SOURCE Mission Ready Solutions Inc.
on Mission Ready Solutions Inc., please visit MRSCorp.com or contact investor relations by email at [email protected] or by telephone at +1 (877) 479.7778 (Ext. 5).
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