Omni Health Inc. Announces Earnings Results for the First Quarter Ended July 31, 2016
January 23, 2017 at 07:22 am EST
Omni Health Inc. announced earnings results for the first quarter ended July 31, 2016. For the quarter, the company recorded a $1.08 million net income. In addition to the results, and in accordance with ASC 805-10-50, the company provided the results of net income of the combined results of the company's consolidated operations with the acquisition as if the acquisition had been completed as of the beginning of the reporting period. As such, the proforma results was $1.6 million net income. The company recognized a one-time sale of discontinue operations of VitaCig to mCig, Inc., in the amount of $1.1 million leaving a $500,000 adjusted proforma net income for the consolidated quarter.