Revenues Increase 248% in third quarter 2020 vs. 2019Company reaches profitability in the third quarter
Lake Forest , Calif, Nov. 09, 2020 (GLOBE NEWSWIRE) -- ToughBuilt Industries, Inc. (“ToughBuilt®” or the “Company”) (NASDAQ: TBLT; TBLTW) announced today its unaudited financial results for the third quarter and nine-months ended September 30, 2020.
Operating Results for the Three Months Ended September 30, 2020
Operating Results for the Nine Months Ended September 30, 2020
Michael Panosian, ToughBuilt’s Chief Executive Officer, commented, “ToughBuilt delivered record financial results across the board, despite the Covid-19 pandemic impacting the industry globally. I am proud of our tough team and grateful to all retail partners, international manufacturers and global distributors for their amazing support and efforts. We continue to navigate today’s complex business landscape and are encouraged to implement more development and growth in all Markets.”
“During the third quarter, we increased our inventory levels to ensure timely delivery of products, increased our product pipeline, expanded our customer and manufacturing relationships internationally and utilized our Amazon.com storefront to create more brand awareness and sales to service our end users. We remain committed and confident to providing market-leading innovative quality products for the professionals and other passionate builders.”
ABOUT TOUGHBUILT INDUSTRIES, INC.
ToughBuilt Industries, Inc. is an advanced product design, manufacturer and distributor with emphasis on innovative products. Currently focused on tools and other accessories for the professional and do-it-yourself construction industries, the Company markets and distributes various home improvement and construction product lines for both the do-it-yourself (DIY) and professional markets within the global multibillion dollar per year tool market industry under the TOUGHBUILT™ brand name. The Company’s products are designed in-house. The Company’s current product line includes three major categories, with several additional categories in various stages of development, consisting of Soft Goods & Kneepads and Sawhorses & Work Products. The Company’s mission is to provide innovative and superior quality-products to the building and home improvement communities derived in part from enlightened creativity for our end users while enhancing performance, improving well-being and building high brand loyalty. Additional information about the Company is available at: https://www.toughbuilt.com/.
This press release contains “forward-looking statements.” Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) market acceptance of our existing and new products, (ii) delays in bringing products to key markets, (iii) an inability to secure regulatory approvals for the ability to sell our products in certain markets, (iv) intense competition in the industry from much larger, multinational companies, (v) product liability claims, (vi) product malfunctions, (vii) our limited manufacturing capabilities and reliance on subcontractors for assistance, (viii) our efforts to successfully obtain and maintain intellectual property protection covering our products, which may not be successful, (ix) our reliance on single suppliers for certain product components, (x) the fact that we will need to raise additional capital to meet our business requirements in the future and that such capital raising may be costly, dilutive or difficult to obtain and (xi) the fact that we conduct business in multiple foreign jurisdictions, exposing us to foreign currency exchange rate fluctuations, logistical and communications challenges, burdens and costs of compliance with foreign laws and political and economic instability in each jurisdiction. More detailed information about the Company and the risk factors that may affect the realization of forward looking statements is set forth in the Company’s filings with the Securities and Exchange Commission (SEC), including the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.
Investor Relations Contact: Andrew J. Barwicki Investor Relations Tel: 516-662-9461 Andrew@barwicki.com
TOUGHBUILT INDUSTRIES, INC. CONDENSED BALANCE SHEETS
TOUGHBUILT INDUSTRIES, INC. CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)
TOUGHBUILT INDUSTRIES, INC. CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)