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Apollo Enterprise Solutions Limited Releases Consolidated Results for the Quarter ending March 31, 2015.
Hamilton, Bermuda: 25 June 2015 - In a filing today with the Bermuda Stock Exchange (“BSX”), Apollo Enterprise Solutions, Ltd. (“AES” or “The Company”; Tickers: AES.BH & OAL.GR), announced today its results for the Quarter ending March 31, 2015. The filing stated:
19 June 2015
AES was incorporated on 26 September 2012 in Bermuda with the primary objective of offering investors a high growth technology investment opportunity. The Company’s primary listing is on the Bermuda Stock Exchange (AES:BH). It has a secondary listing on the Frankfurt Stock Exchange (OAL:GR) and also listed on the XETRA trading platform (OAL:GY).
Reporting Currency
The Company’s results are reported in US Dollars.
Business Review
AES has largely performed in line with budgeted expectations during the 1st Quarter of 2015. Revenue for the 1st Quarter of 2015 was $498,421, compared to revenue in the 1st Quarter of 2014 of $235,250. The net loss for the 1st Quarter of 2015 was ($405,599), an improvement of $565,742 compared to the ($971,341) loss from the 1st Quarter of 2014. The Company has no minority interests, and there were no other unusual items in the 1st Quarter of 2015. Basic Earnings Gain/(Loss) per share for the 1st Quarter of 2015 were ($0.01). Fully diluted Earnings Gain/(Loss) per share for the 1st Quarter of 2015 were ($0.01) which was an improvement over 1st Quarter of 2014.
During the 1st Quarter of 2015, AES entered into a multi-year agreement with a Fortune 500 leading payments processor for enterprise management of consumer credit portfolios to quickly deliver our enterprise self‐serve and live‐agent automation systems and bring exceptional value to banks and other types of creditors throughout North America. The Company continues to work closely with its marketing partners regarding potential clients in the US, UK, Italy, Spain and Australia.
Dividends
The Company has declared no Common Share dividend for the period under review. The Company accrued Dividends on the small number of remaining Preferred Class A and Preferred Class A-2 shares through the period of 31 March 2015 as required by their terms in each class (all Preferred Dividends are 6%). This accrual equaled $186.00. No Preferred Dividends are payable until the Company has achieved three consecutive quarters of profitability and receives Board of Directors approval to pay such dividends.
Basis of Presentation
The unaudited consolidated results for the three months ended 31 March 2015 have been prepared in accordance with US Generally Accepted Accounting Principles (USGAAP).
Accounting Policies
The quarterly results have not been audited by the Company’s external auditors. The accounting policies adopted are consistent with those published in the Audited Annual Financial Statements for the period ended 31 December 2014.
Changes to the Board
There were no changes to the Board during the 1st Quarter of 2015.
APOLLO ENTERPRISE SOLUTIONS LIMITED
(Incorporated in Bermuda with registration number 46931)
BSX share code: AES:BH
FWB share code: OAL:GR or OAL:GF
XETRA share code: OAL:GY
ISIN: BMG0410V2071