India Globalization Capital, Inc. ("IGC" or the "Company") (NYSE American: IGC) today announced its financial results for the quarter ended September 30, 2020, which is the second quarter of its 2021 fiscal year, and the start of Phase 1 cannabinoid-based clinical trial for Alzheimer's Patients.
Revenue in the quarter ended September 30, 2020 and September 30, 2019, were $125 thousand and $1,821 thousand, respectively.
The decrease in revenue is primarily due to restrictions imposed by the COVID-19 pandemic.
The revenue in the quarter ended September 30, 2020 was approximately 53% from the infrastructure segment and approximately 47% from the Life Science segment.
In comparison, the revenue in the September 2019 quarter was primarily from infrastructure.
In the past 6 months, our ability to provide services and distribute our products has been impacted due to store closures and abandoned harvests of hemp.
Our facility on the West Coast, and our Delhi office, both have had COVID-19 outbreaks that have led to closures, delays, and expenses. In response to the evolving dynamics of the pandemic, we have decreased our staff in select areas, delayed and may terminate the acquisition of Evolve I, Inc., and reoriented our sales focus to online.
In the quarter ended September 30, 2020, our primary focus has been to initiate and
carry out the Phase 1 clinical trial on our Investigational Drug Candidate IGC-AD1.
Selling, general and administrative expenses increased by approximately $389 thousand or 36% to $1,483 thousand for three months ended September 30, 2020, from $1,094 thousand for three months ended September 30, 2019.
The increase of approximately $0.4 million is attributed to a one-time settlement expense of approximately $50 thousand, compensation expenses attributed to increased head count and associated employee-related expenses, marketing expense related to expansion of brands, and depreciation expense related to increase in Property, Plant and Equipment. We expect general and administrative expenses to decrease as one-time legal and other one-time expenses continue to abate over the rest of this fiscal year.
Net comprehensive loss was approximately $1.5 million or $0.04 per share, for the September 2020 quarter, compared to approximately $1.3 million or $0.03 per share for the September 2019 quarter.
Most of the increased loss is attributable to the increased SG&A.
About IGC:
IGC operates two lines of business: (i) infrastructure and (ii) life sciences. The Company is based in Potomac, Maryland, U.S.A. Social media: www.igcinc.us / www.igcpharma.com / Twitter @IGCIR.
BOXL announced yesterday that it has appointed Mark Starkey as
President.
Vastly experienced in senior management roles, Starkey will
provide leadership to Boxlight’s global sales and work across functions
and operations.
Starkey has been with Boxlight since September
through the acquisition of Sahara Presentation Systems which he joined
as CEO in February. His prior experience includes 17 years of senior
commercial management roles such as COO and managing director in
Logicalis, followed by senior management roles in EMC and Dell.
Boxlight
CEO Michael Pope stated that Starkey’s experience, relationships and
talents will be useful in the company’s efforts to drive revenues within
target verticals and improve margins. According to him, Boxlight will
be in a better position to grab market opportunities under Starkey’s
guidance.
“We
have the best solutions in the market, we have the best sales team in
the industry, and we have a very exciting future as we execute on our
growth strategy" noted Starkey.
Notably, shares of Boxlight have
gained 32.2% over the past six months, compared with 1.2% rally of the
industry it belongs to and 21.1% growth of the Zacks S&P 500
composite.
Zacks Rank and Key Picks
Currently, Boxlight has a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader Zacks Business Services sector are Republic Services RSG, Gartner IT and Insperity NSP, each carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1(Strong Buy) Rank stocks here.
Long-term
earnings (three to five years) growth rate for Republic Services,
Gartner and Insperity is estimated at 9.4%, 13.5% and 15%, respectively.
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