GFD Announces 2nd Quarter Results
14 August 2013 - 5:27AM
OTC Markets
General Finance and Development, Inc. (OTC
Markets: GFDV)
announced today 2nd quarter results for 2013.
The
highlights are summarized below. However, we urge investors to read
our 2013 2nd
Quarter Report posted at www.genfd.com and www.otcmarkets.com.
The limited
information that follows in this press release is not adequate for
making an
informed investment judgment.
- The highlights for the quarter
include a 38% percent increase
in sales revenue over the same period in 2012. GFD reported sales
of $557,274 compared
to $403,058
for the
2rd
quarter of 2013.
- For the six months ended June
30, 2013 GFD showed a 19%
increase in sales on revenue of $893,316 compared to $751,226 in
revenue for
the same period in 2012.
- GFD
realized a net loss of $45,760 for the six month period ending June
30, 2013
compared to $2,505 in net income for the same period in 2012. The
difference is
primarily attributed to an increase in cost of goods sold and lower
increases
in unrealized investments.
- Wholly
owned subsidiary Corporate Art Force (CAF) had net income of
$11,023 for the 2nd
quarter on sales of $555,847.
- Current
assets exceed current liabilities by a ratio of 9 to 1.
- The
company has no long term debt.
Financial results are
being driven by GFD?s main operating subsidiary Corporate Art
Force.
During the quarter the CAF
continued efforts to perfect its business model and further develop
the comprehensive
art management program being marketed as the SmartArt Program?.
A rotating art exhibit
is scheduled for test marketing during the months of September and
October of
this year.
GFD management has been
in strategic discussions to co-develop a creative business center
based in
Minneapolis. The site would be the home of Corporate Art Force and
other
creative ventures that are complimentary with the GFD model.
CAF management
believes when
managed properly, art provides an intrinsic return on investment
evidenced by
improved employee retention and productivity, customer and public
awareness and
patient outcomes for healthcare organizations.
The Minneapolis
based company is
a model being developed for expansion into other cities with the
SmartArt
Program being a key to that expansion.
Since inception in
September 2009,
CAF has framed and distributed over 20,000 pieces of artwork for
more than 150
clients to locations in 40 states.
CAF
management believes the market for the services they provide is
estimated to be
over $1 billion and there currently is no single provider who has
as much as 10
percent of the market. The industry is considered to be fragmented
and
non-standardized and CAF believes there is an opportunity to
capture a
significant share of the market within the next several years. New
products and
distribution systems are being developed to capture a significant
market share.
General Finance and
Development,
Inc. provides capital and business development services to small
and medium
size companies. Capital is provided to qualified companies by
equity and/or
strategic loan agreements. Business development services include
business
planning, organization and management development. GFD also pursues
merger/acquisitions
and joint venture projects.
The foregoing
material may contain forward-looking statements. We caution that
such
statements may be subject to uncertainties and that actual results
could differ
materially from the fore-going statements. Readers accordingly
should not place
undue reliance on these forward-looking statements which do not
reflect
anticipated or unanticipated events or circumstances occurring
after the date
of these forward-looking statements. More information regarding
General Finance
and Development including financial statements and reports is
available at the
company?s website www.genfd.com and www.otcmarkets.com.
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