Drake Gold Resources Inc. (DKGR:OTC) is pleased to announce that it has filed its quarterly report with OTC Markets Group Inc. for the period ended June 30th including its consolidated financial statements. Universal Apparel Company, a wholly-owned, recently acquired subsidiary of Drake Gold Resources Inc. (DKGR:OTC), strengthened Drake Gold's overall financial position with respect to the dramatic increase in revenues, profits and liquidity relative to previous quarters.
Revenues of $682,711 were strong this quarter pursuant to a robust, wholesale appetite for Universal Apparel's textiles. This demand is expected to continue into the following quarter. Net Income before Taxes was $25,083 which, as a percentage of revenues, was low owing to the high interest rates paid for financing the purchase orders reflected in the "Purchases" line item of the "Cost of Goods Sold" section of the Income Statement. However, more favorable funding sources are being evaluated so as to bring this percentage between 7%-8% which is more in alignment with the industry average.
Mr. Kabir states the following, “Universal Apparel Company is gaining an industry presence and it is expected that our overall momentum will continue.”
Updates will be forthcoming.
This release includes forward-looking statements, which are based on certain assumptions and reflects management’s current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Some of these factors include: general global economic conditions; general industry and market conditions, sector changes and growth rates; uncertainty as to whether our strategies and business plans will yield the expected benefits; increasing competition; availability and cost of capital; the ability to identify and develop and achieve commercial success; the level of expenditures necessary to maintain and improve the quality of services; changes in the economy; changes in laws and regulations, including codes and standards, intellectual property rights, and tax matters; or other matters not anticipated; our ability to secure and maintain strategic relationships and distribution agreements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.