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:
- Revenue in Q1 2024 was $1,056,138, a 64.9% or $415,694 increase over Q1 2023.
- Gross margin improved from 21% in Q1 2023 to 32% in Q1 2024 due to the integration of Innovative Impressions.
- The operating loss improved by $95,150, from $154,313 in Q1 2023 to $59,163 in Q1 2024.
- The net loss improved by $46,461, from $110,597 in Q1 2023 to $64,136 in Q1 2024.
- 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:
- https://admendeavors.com/
- https://www.fwpromo.com/
- https://fortworth.academicoutfitters.com/
- https://www.facebook.com/groups/admqshareholders/
Forward Looking Statement
This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Any statements that are not historical facts contained in this press release are "forward-looking statements" that involve a number of risks and uncertainties and are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Words such as "strategy," "expects," "continues," "plans," "anticipates," "believes," "would," "will," "estimates," "intends," "projects," "goals," "targets" and other words of similar meaning are intended to identify forward-looking statements but are not the exclusive means of identifying these statements. Such forward-looking statements are based on current expectations, involve known and unknown risks, a reliance on third parties for information, transactions that may be cancelled, and other factors that may cause our actual results, performance or achievements, or developments in our industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties related to the fluctuation of global economic conditions or economic conditions with respect to the retail industry, the COVID-19 pandemic, the performance of management, actions of government regulators, vendors, and suppliers, our cash flows and ability to obtain financing, competition, general economic conditions and other factors that are detailed in our filings with the Securities and Exchange Commission. We intend that all forward-looking statements be subject to the safe -harbor provisions. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
For further information about ADM Endeavors, please contact:
Marc Johnson, CEO
Phone: 817.231.8048
E-mail: info@admendeavors.com
For investor information for ADM Endeavors, please contact:
Sean Peasgood, Investor Relations
Phone: 647.255.7570
E-mail: sean@sophiccapital.com
