TORONTO, June 24, 2016 /CNW/ - PUDO Inc. ("PUDO" or the "Company") (CSE: PDO; OTCQB: PDPTF), North America's only parcel pick-up and drop-off network, filed earlier this month audited financial results and operational highlights for the Fiscal 2015 year which ended February 29, 2016. Overall, the Company made significant investments to grow its network and strengthened its balance sheet to fund future expansion opportunities.
Financial Results Summary
Revenue for Fiscal 2015 ended February 29, 2016 increased to $125,277 versus $9,784 in the year ended February 28, 2015. Gross profit increased to $68,340 from $4,892 with gross profit margin increasing 450 basis points to 54.5%. Administrative expenses were approximately $1.04 million versus $310,000. The increase in operating expenses relates primarily to building the management infrastructure and other expenses required for future growth.
The net loss for Fiscal 2015 increased to approximately $2.6 million or $(0.23) per share, as compared to a net loss of approximately $0.3 million, or $(0.09) per share in Fiscal 2014. The larger net loss was primarily driven by increased operating expenses resulting from the Company's growth initiatives.
The Company strengthened its balance sheet during Fiscal 2015:
Operational Highlights
On February 28, 2016, PUDO Inc. completed an amalgamation with its wholly owned subsidiary, My Courier Depot Inc. ("MCD"). Locations were registered throughout the past twelve months under both MCD and PUDO, and now all reside under PUDO Inc. As the PUDO network continues to grow, the company can begin to leverage the network to realize additional revenue streams.
| QE May 31, 2015 |
QE Aug 31, 2015 |
QE Nov 30, 2015 |
QE Feb 29, 2016 |
|
| Live Locations |
51 |
72 |
109 |
567 |
| Percentage Change Q/Q |
---- |
+41.2% |
+51.4% |
+420.2% |
| Av. Packages Per Day |
156 |
139 |
201 |
392 |
| Percentage Change Q/Q |
---- |
-11.0% |
+45% |
+95% |
| Revenue |
$ 19,622 |
$ 17,798 |
$ 29,265 |
$ 50,272 |
| Percentage Change Q/Q |
---- |
-9.3% |
+64.4% |
+71.8% |
Outlook
CEO Frank Coccia reflected on the milestones achieved in FY2015 and outlook for FY2016 by stating, "During the past year we raised necessary capital, completed an amalgamation of My Courier Depot and acquisition of Kinek and formed important strategic relationships."
"The future of PUDO is bright. We have a blue water strategy to create a new market where the value and cost savings of our network is apparent to the shipper, courier and customer," Mr. Coccia concluded.
About PUDO Inc.
Founded in 2015, PUDO Inc. has developed North America's first parcel pick-up/drop-off network -- no other company in North America offers staffed retail locations, open for extended hours to receive consumer deliveries. Through its network of staffed retail locations and its proprietary technology, PUDO makes parcel delivery to consumers effortless and convenient. E-commerce and brick-and-mortar companies alike can send consumer shipments to staffed, commercial locations selected by the consumer for safe parcel delivery. PUDO's North American network of "PUDOpoints" includes convenience stores, gas station mini-marts and grocery stores -- open for extended hours -- for easy parcel delivery and pick-up.
Through the PUDOpoint™ network, consumers can control parcel deliveries -- receiving online parcels wherever they want, whenever they want- a fully customizable and convenient method of delivery. PUDO injects convenience and ease into the most problematic leg of parcel delivery - from the carrier's local distribution center to the consumer's front door – called the "last mile" by logistics professionals. PUDO enables carriers to deliver to PUDOpoints that are selected by the consumer. PUDO eliminates the stress and cost of delivery attempts, missed deliveries and stolen parcels. The final destination of the parcel becomes the safe, staffed retail environment of a PUDOpoint. PUDOpoints can be accessed by individuals and companies. This includes consumers who sign up to become PUDO members and companies which utilize PUDO to service their customers. Such companies include retailers and e-tailers, as well as the bourgeoning home-based business workforce.
With user-friendly technology, free membership and thousands of PUDOpoint locations across Canada and the U.S., PUDO is revolutionizing the North American parcel shipping model. PUDO was named one of the top 20 most innovative public technology companies by the Canadian Innovation Exchange in 2015. For more information, please visit: www.pudoinc.com or www.pudopoint.com.
This press release contains forward-looking statements. The use of any of the words "anticipate", "believe", "expect", "plan", "intend", "can", "will", "should", and similar expressions are intended to identify forward-looking statements. The forward-looking statements contained herein are based on certain key expectations and assumptions made by the Company, including but not limited to expectations and assumptions concerning the receipt of required regulatory approval. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
SOURCE Pudo Inc
Image with caption: "PUDO Inc. (CNW Group/Pudo Inc)". Image available at: http://photos.newswire.ca/images/download/20160624_C1369_PHOTO_EN_721460.jpg
Bobbie Wasserman, Phone: 1.844.300.8533, [email protected]
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