REDHAWK
REPORTS 2nd QUARTER RESULTS
LAFAYETTE, LA
-- February
22,
2021 -- InvestorsHub NewsWire
-- 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
(337)
269-5933
darcy.klug@redhawkholdingscorp.com
RedHawk (CE) (USOTC:SNDD)
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