Novus Reports 66% Revenue Growth for Year End 2017
– 6 Consecutive Quarters of Revenue Growth
– Net Income Up 107% for the Year
MIAMI, FL / ACCESSWIRE / March 29, 2018 / Novus Acquisition and Development, Corp. (OTC PINK: NDEV), through its wholly-owned subsidiary WCIG Insurance Services, Inc., is a diversified insurance entity in health, liability, annuity and accident, and, the nation’s first carrier/aggregator offering a cannabis health plan, today reported financial and operational results for its fourth quarter and year-end December 31, 2017.
Fourth Quarter 2017 and Year End 2017 Highlights:
Revenue increased 55% to $37,904 for the three months ended December 31, 2017, as compared to the three months ended December 31, 2016 Revenue increased 66% to $130,426 for the twelve months ended December 31, 2017, as compared to the twelve months ended December 31, 2016 6 consecutive quarters of revenue growth Demonstrated 50% profit margin pricing structure in its business model throughout the entire year of 2017 Net income increased 35% to $21,926 for the three months ended December 31, 2017, as compared to the three months ended December 31, 2016 Net income increased 107% to $64,897 for the twelve months ended December 31, 2017, as compared to the twelve months ended December 31, 2016 Minimal year-over-year dilution factor as total shares outstanding increased by 4,780,000 shares or 5% to 97,233,624 at December 31, 2017 Shareholder equity remained strong at $1,360,207 at December 31, 2017 due to a slight decrease from depreciation and costs for expansion into Canada Cash and Cash Equivalents increased to $102,888 at December 31, 2017, from $53,984 at December 31, 2016
Novus’ Chief Executive Officer, Frank Labrozzi, commented, “We are very pleased with our business execution, revenue growth and profitability in 2017. The platform and infrastructure we have built has demonstrated reliability and scalability and is poised for continued growth in