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Apollo Enterprise Solutions, Ltd. – Releases Consolidated Results for the Quarter ending March 31, 2018.
Hamilton, Bermuda July 3, 2018 - In a filing with the Bermuda Stock Exchange (“BSX”), Apollo Enterprise Solutions, Ltd. (“AES” or “The Company”; Tickers: AES.BH & OAL.GR), announced consolidated results for the quarter ending March 31, 2018. The full filing stated:
Apollo Enterprise Solutions Limited (“AES”) Releases Consolidated Results for the Quarter ending March 31, 2018.
AES was incorporated on 26 September 2012 in Bermuda with the primary objective of offering investors a 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).
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 2018 as the Company did not bring on budgeted clients. Revenue for the 1st Quarter of 2018 was $0, compared to revenue in the 1st Quarter of 2017 of $6,535. The net loss for the 1st Quarter of 2018 was ($665,687), a decrease of $581,776 compared to the ($1,247,463) loss from the 1st Quarter of 2017. The Company has no minority interests, and there were no other unusual items in the 1st Quarter of 2018. Earnings Gain/(Loss) per Common Share for the 1st Quarter of 2018 were ($0.02) which was a decrease over ($0.04) from the 1st Quarter of 2017.
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 as of and for the three months ended 31 March 2017 and 31 March 2018 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 2017.
Changes to the Board
There were no changes to the Board during the 1st Quarter of 2018.
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