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