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Q1 Revenues Increased 65% Year over Year
FORT WORTH, TX - (NewMediaWire) - May 21, 2024 - Just Right Products Inc., the wholly owned subsidiary of ADM Endeavors ("ADM" or the "Company") (OTCQB: ADMQ), announces its financial results for the three months ended March 31, 2024 ("Q1 2024").
Please refer to the Quarterly Report ("Form 10-Q") for the three months ended March 31, 2024, filed on www.sec.gov for more information. All dollar amounts are denominated in U.S. dollars.
Financial Highlights
Operating Results for the Three Months Ended March 31, 2024:
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Revenue in Q1 2024 was $1,056,138, a 64.9% or $415,694 increase over Q1 2023.
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Gross margin improved from 21% in Q1 2023 to 32% in Q1 2024 due to the integration of Innovative Impressions.
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The operating loss improved by $95,150, from $154,313 in Q1 2023 to $59,163 in Q1 2024.
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The net loss improved by $46,461, from $110,597 in Q1 2023 to $64,136 in Q1 2024.
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At March 31, 2024, the Company had cash of $177,964, access to a line of credit for $3,000,000 and accounts receivable of $274,117.
Management Commentary
"The first quarter of 2024 is a testament to our strategic pivot into the government sector, as we build upon the successes of Fiscal 2023 and transform the Company to prepare for accelerated growth," said ADM Endeavors CEO Marc Johnson. "The first quarter of the year is historically our weakest, and we anticipate the strong sales momentum will continue throughout the year as we secure new contracts and expand existing ones. ADM is also actively pursuing accretive acquisitions to bolster sales, add key personnel and equipment, and broaden our customer base.
"With demand already established, our focus now shifts to expanding our operational capacity. The new facility, which is in construction, will serve as a centralized manufacturing hub, fulfillment center, and retail storefront, consolidating operations under one roof to drive margin expansion and better enable us to serve our customers," added Mr. Johnson. "The facility is expected to be opened towards the end of the year."
As of December 31, 2023, ADM has received Penny Stock Exempt status from the OTC Markets Group. Securities of (OTCQB: ADMQ) are no longer a Penny Stock as defined in SEC Rule 240.3a51-1.
About ADM Endeavors
ADM Endeavors is a diversified, direct marketing and value-added manufacturing company providing customers with customized promotional products and wearables. Since 2010, our wholly owned subsidiary, Just Right Products, Inc., has been consistently increasing our recession resistant customer base, with sales topping $5.6 million for the last reported 12 months. The Company sells "Anything With A Logo" on its website, www.JustRightProducts.com, developing products ranging from unique business cards to coffee cups, T-shirts to boots, with tens of thousands of other unique products from which to select. Just Right Products, Inc. operates a diverse vertical integrated business in the Dallas/Fort Worth area, consisting of a retail sales division, screen print production, embroidery production, digital production, import wholesale sourcing, and uniforms. For more information, please visit: