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Apollo Enterprise Solutions Limited (“AES”) Releases Consolidated Results for the Quarter ending March 31, 2016
Hamilton, Bermuda: August 29, 2016 - In a filing with the Bermuda Stock Exchange (“BSX”), Apollo Enterprise Solutions, Ltd. (“AES” or “The Company”; Tickers: AES.BH & OAL.GR), releases Consolidated Results for the Quarter ending March 31, 2016. The full filing stated:
Apollo Enterprise Solutions Limited (“AES”) Releases Consolidated Results for the Quarter ending March 31, 2016.
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 Revenue and financial results were less than budgeted expectations during the 1st Quarter of 2016 as the Company did not bring on budgeted clients. Revenue for the 1st Quarter of 2016 was $631,013, compared to revenue in the 1st Quarter of 2015 of $565,212. The net loss for the 1st Quarter of 2016 was ($515,318), a decrease of $1,467,421 compared to the $952,103 gain from the 1st Quarter of 2015. The Company has no minority interests, and there were no other unusual items in the 1st Quarter of 2016. Earnings Gain/(Loss) per Common Share for the 1st Quarter of 2016 were ($0.01) which was a decrease over 1st Quarter of 2015.
Dividends
The Company has declared no Common Share dividend for the period under review. The small number of remaining Preferred Class A and Preferred Class A-2 are subject to 6% cumulative dividends. 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 2016 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 2015.
Changes to the Board
There were no changes to the Board during the 1st Quarter of 2016