Petrone Worldwide, Inc. Announces Earnings Results for the Second Quarter and Six Month Ended June 30, 2017; Reaffirms Earnings Guidance for the Full Year 2017
September 06, 2017 at 08:00 am EDT
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Petrone Worldwide, Inc. announced earnings results for the second quarter and six month ended June 30, 2017. For the quarter, the company reported total revenue increased by 98% compared to the corresponding period of 2016. The company completed the second quarter with $3.7 million in net income compared to -$508,576 at June 30, 2016.
For the period, the company reported total revenue increased 112% compared to the total revenues in the corresponding period of 2016. This increase was driven by an increase in new item revenues, as the company continued to expand its direct sales force and increase its customer base.
For the fiscal year 2017, Management believes that its current cash levels and its cash flows are below average; although, from future operations will be adequate to meet anticipated working capital needs, anticipated levels of capital expenditures and contractual obligations for the next twelve months.
Petrone Worldwide, Inc. (Petrone Worldwide) is an importer and distributor of commercial grade tableware products, decorative hotel guest room amenities, lavatory and bathroom fixtures and furniture, food and beverage service items, and trendy accessories for the Asian and the European marketplaces. The Company's brands include Front of the House and Room 360. Petrone Worldwide sells and markets products under its own name and acts as a distributor primarily to companies to the hospitality trade. The Company's product lines consist of hotel groups, such as Marriott Hotel Brands, The Four Seasons Hotel & Resorts, Hilton Worldwide, Hyatt Hotels & Resorts, Starwood Hotel & Resorts, and Fairmont Hotel & Resorts, and smaller hotel chains and upscale restaurants. The Company sells product lines, such as front of the house collection and room360 degree back of the house collection.
Petrone Worldwide, Inc. Announces Earnings Results for the Second Quarter and Six Month Ended June 30, 2017; Reaffirms Earnings Guidance for the Full Year 2017