NEW YORK, Sept. 16, 2020 /PRNewswire/ -- Exxe Group, Inc. (OTC PINK: AXXA), a diversified company focused on synergistic acquisitions in financial services, real estate, diversified technologies, and agribusiness, is pleased to announce its financial results for the first fiscal quarter ending June 30, 2020. Despite operating during the unprecedented COVID-19 pandemic AXXA generated gross revenues of $7,677,080. This is an increase of approximately 535% over the same period a year ago when top-line revenue was $1,206,616. This figure compares with $6.7 million recorded in the fourth quarter ended March 31, 2020, and is an impressive 15% sequential quarterly growth in one of the global economy's most difficult periods. Net income of $926,860 was substantially greater than the performance in the corresponding period a year ago when there was a loss of ($735,379).
Shareholder's equity rose over 52% to around $122.7 million, up from $80.3 million last year, and is a solid increase from the $116.2 million recorded just one quarter ago. Based on the shares outstanding at the end of the period, AXXA's book value per share was $0.28. AXXA intends to obtain a third party financial review of each individual holding to build a comprehensive asset valuation. This confirmatory process may result in nominal adjustments in the value of certain individually isolated segments of the overall holdings.
Total Current Assets
Management is very pleased with the overall Company performance during this health pandemic. Notable results for the period were generated by the agribusiness category which has become an essential business for customers. This segment accounted for the single largest contribution to revenue and we expect this trend could continue in the coming quarters.
Eduard Nazmiev, Ph.D., CEO and President of Exxe Group commented: "AXXA's record First Quarter sales figures are essentially equivalent to half of sales for all of last year. Based on current revenue generation rates Exxe estimates it could see annualized revenues of approximately $30.8 million, which is double the top-line revenues reported in FY-20. While there can be no guarantee sales will grow or remain at the same levels going forward, it is a great sign for the Company and shareholders that we are achieving record results in the midst of the global COVID-19 pandemic."
Dr. Nazmiev continued: "With a major focus on operating performance and select, highly synergistic new deals, our team feels that we are just getting started. Going forward, we are striving to provide regular updates on key segments and individual holdings in the Axxa Venture Fund, along with the potential impact of new additions and changes."
With key segments such as agribusiness and automotive essentially serving as self-sustaining growth centers, the burgeoning real estate and financial services groups are primed to be the next big growth drivers over the current and next financial years. AXXA's business model layers unique innovation on top of our financial services and real estate categories positioning these segments as the highest profile lines of the company.
About Exxe Group, Inc.
Exxe Group is a diversified corporation focusing on acquisitions in the following sectors: real estate, sustainable and digital technology, media, agribusiness, and financial services. Exxe Group is an acquisition-driven company. The Company strategy is to acquire controlling equity interests in undervalued companies and undertake an active role in improving their performance - accelerating their growth by providing both access to capital and management expertise. For additional information go to www.exxegroup.com
CONTACT: Exxe Group IR: firstname.lastname@example.org , 855-285-2285
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by the following words: "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "ongoing," "plan," "potential," "predict," "project," "should," "will," "would," or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements are not a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time the statements are made and involve known and unknown risks, uncertainties and other factors that may cause our results, levels of activity, performance or achievements to be materially different from the information expressed or implied by the forward-looking statements in this press release.
SOURCE Exxe Group, Inc.