Actionable news
All posts from Actionable news

India Globalization Capital Announces Financial Results for Quarter Ended September 30, 2015

BETHESDA, Md., Nov. 16, 2015 (GLOBE NEWSWIRE) -- India Globalization Capital, Inc. (NYSE MKT:IGC) announced financial results for the quarter ended September 30, 2015.

IGC's fiscal year ends on March 31, 2016. Therefore the quarter being reported is the second quarter of the fiscal year ending on March 31, 2016 ("Q2 2016") and the corresponding quarter for the previous fiscal year is Q2 2015.

Revenue for Q2 2016 was $2,055,585 compared to $2,117,816 for Q2 2015. The revenue was primarily generated through the trading of electronics and rental of heavy equipment. The revenue for the quarter was slightly down as we are shifting our focus to building value in the phytocannabinoid --based IP initiatives.

"The second quarter marked a significant milestone for our phytocannabinoid-based IP initiatives as we applied for a provisional patent for the treatment of cachexia. IGC is currently developing a nationwide brand leveraging a novel therapy that harnesses cannabinoid extracts to treat pain in large market indications and believe that we are uniquely positioned to move forward and market our formulation, through licensing agreements in 23 states where cannabinoid based therapies are legal. The Company expects to record revenues from licensing agreements by early next year."

"In parallel, we intend to pursue a formalized strategy to further detail product efficacy through a vigorous testing pathway. We are proud to work on developing an alternative to popular opioid-based drugs to treat chronic pain in order to help reduce or eliminate the occurrence of common opioid side-effects such as constipation, nausea and respiratory depression among others," said Ram Mukunda, IGC's CEO.

Selling, general and administrative expenses were $525,353 for Q2 2016 as compared to $791,428 for Q2 2015. After adjustment for ESOP shares and other non-cash expenses, the improvement in SG&A on a year over year basis is due to the successful implementation of cost management measures. In Q2 2016, the Company reported a smaller GAAP net loss of $623,373 and a GAAP EPS loss of $0.04, compared to a GAAP loss of $887,399 and a GAAP EPS loss of $0.07 for Q2 2015.

For Q2 2016, our cash and cash equivalents along with restricted cash was approximately $637,923 and our stockholders' equity was approximately $14,093,713 compared with about $14,749,782 for Q2 2015.

About IGC:

Based in Bethesda, Maryland, IGC, Inc. is positioning itself in two of the world's fastest growing industries -- phytocannabinoid-based biopharmaceuticals and the Internet of Things ("IoT"). We supply electronic and health monitoring components to original equipment manufacturers (OEMs), and develop phytocannabinoid-based therapies for the treatment of a wide range of life...