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Mastermind Reports Second Quarter Fiscal Year 2020 Results

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07/07/2020 | 08:33am EDT

Confident Outlook for Second Half FY 2020 from Both New and Existing Clients and Tight Expense Control

Mastermind, Inc. (OTCQB: MMND), a leading vertically-integrated digital marketing company that designs, creates and activates marketing initiatives for global brands, today announced financial results for the second quarter of fiscal 2020, ended March 31, 2020.

Dan Dodson, CEO of Mastermind, commented, “COVID-19 had minimal impact on Mastermind’s second quarter, and we generated strong profitability despite lower sequential revenue. The robust gross profit, combined with reduced general and administrative expenses, enabled the Company to generate income from operations that was 40% higher when compared to the first quarter of the fiscal year, ended December 31, 2019. We’re confident about the outlook for the balance of the year due to a good pipeline of new business with both new clients and additional divisions of existing clients and our ongoing focus on expense control. We believe that the pandemic has accelerated a broader acceptance of social and digital media, which benefits Mastermind. In this positive environment we are continuing to pursue our strategy to become a more vertically integrated digital agency and have a large pipeline of potential acquisitions with whom we are in various stages of discussion.”

Second Quarter Fiscal 2020 Highlights

  • Income from Operations of approximately $116,000, or 40% higher when compared to Income from Operations of approximately $82,600 for the first quarter of fiscal 2020
  • Total revenue of $0.95 million compared to $1.1 million for the first quarter of fiscal 2020
  • Gross margin of 61.0% compared to 62.1% for the first quarter of fiscal 2020
  • General and Administrative expenses were $0.46 million, or 20% lower when compared to $0.58 million for the first quarter of fiscal 2020
  • Stockholders' equity was $1.2 million at March 31, 2020 compared to $1.1 million at December 31, 2019

Detailed financial information can be found in Mastermind’s Quarterly Report on Form 10-Q for the period ended March 31, 2020 and filed with the Securities Exchange Commission on June 29, 2020.

About Mastermind, Inc.

Mastermind, Inc. provides thinking that drives results for leading marketers. It has over 30 years of experience in dozens of industries helping involve people with leading brands in ways that inspire them to take action. Mastermind has a total, data-driven approach that drives brand consideration, trial, loyalty, and advocacy. The company has extensive marketing expertise in Content, Digital, Influencer, Social, Promotion, Channel Optimization, and Digital Issues Management. This allows Mastermind to create and execute multi-dimensional campaigns that drive results. For more information about Mastermind, Inc., please visit: www.MastermindMarketing.com.

Forward-Looking Statements

This press release of Mastermind, Inc. (the “Company”) contains, or may contain, among other things, certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve significant risks and uncertainties. Such statements may include, without limitation, statements with respect to the Company’s plans, objectives, projections, expectations and intentions and other statements identified by words such as “projects,” “may,” “will,” “could,” “would,” “should,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “potential” or similar expressions. These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties, including those detailed in the Company’s filings with the Securities and Exchange Commission. Actual results (including, without limitation, market acceptance of the Company’s services; competition from existing products/services or new products/services that may emerge; the implementation of the Company’s business model and strategic plans for its business and its services; estimates of the Company’s future revenue, expenses, capital requirements and need for financing; and developments relating to the Company’s competitors) may differ significantly from those set forth in the forward-looking statements. These forward-looking statements involve certain risks and uncertainties that are subject to change based on various factors (many of which are beyond the Company’s control). The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

© Business Wire 2020
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