GEX ANNOUNCES STRONG FIRST QUARTER RESULTS FOR 2021
Rhea-AI Summary
GEX Management (OTC PINK: GXXM) reported strong fiscal results for Q1 2021, achieving a 200% revenue increase compared to the same period in 2020. Following a nearly doubled revenue in 2020, the company's gross margins expanded by 13%. CEO Sri Vanamali highlighted GEX's resilience during the pandemic and attributed growth to their focus on quality services, operational efficiencies, and substantial investments in restructuring. The company also aims to enhance its balance sheet by reducing outstanding debt while pursuing organic and inorganic growth strategies.
Positive
- 200% revenue increase for Q1 2021 compared to Q1 2020.
- 13% expansion in gross margins for FY 2020.
- Consistent average gross margin of over 80% in the last three quarters.
- Successful restructuring has resulted in strong sales performance.
- Reduction of outstanding debt and improvement of balance sheet.
Negative
- None.
News Market Reaction – GXXM
On the day this news was published, GXXM gained 1.52%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Dallas, TX., June 03, 2021 (GLOBE NEWSWIRE) -- GEX Management Inc (OTC PINK: GXXM), a Dallas based management consulting company, announced the close of a strong fiscal quarter ended March 31, 2021 following solid fiscal year 2020 results. The company’s multi-pronged growth initiatives and expansive business development programs have resulted in a solid
Sri Vanamali, the CEO of GEX stated, “ At a time when many of our peers in the global consulting and professional services business have been adversely impacted by the coronavirus pandemic, GEX has managed to not only thrive but also ramp-up business operations despite facing numerous challenges with regard to the global supply chain. This success has been attributable to our singular focus on developing high quality products and services for our enterprise clients, enhancing end-to-end process and operational efficiencies via targeted cost rationalization initiatives and adapting rapidly to a virtual business environment without comprising the quality of service to our customers and business partners.”
Additionally, GEX has invested considerable resources in restructuring and reorganizing its operational and staffing infrastructure over the past two years – an initiative that has started to show exceptional results, as demonstrated by the consistently strong sales numbers over the last several quarters. In terms of expanding its business lines, GEX has built a solid strategic path that includes delivering cutting edge enterprise technology solutions to Fortune 50 clients across the globe, developing strategic road maps to VC backed high growth tech startups and advising C-Suite executives on corporate strategies to achieve organic & inorganic growth via long term corporate consulting executive level engagements.
“These corporate growth and cost rationalization initiatives have exceeded our initial target to achieve over
About GEX Management
GEX Management, Inc. is a Management Consulting company providing high end Strategy and Enterprise Technology Consulting solutions to public and private companies across a variety of industry sectors. http://www.gexmanagement.com
Information on Forward Looking Statements
The statements contained herein that are not historical facts are forward-looking statements within the meaning of the federal securities laws (Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934). You can identify such forward-looking statements by the words "expects," "intends," "plans," "projects," "believes," "estimates," "likely," "possibly," "probably," "goal," "opportunity," "objective," "target," "assume," "outlook," "guidance," "predicts," "appears," "indicator" and similar expressions. Forward-looking statements involve a number of risks and uncertainties. In the normal course of business, GEX Management, Inc., in an effort to help keep our stockholders and the public informed about our operations, may from time to time issue such forward-looking statements, either orally or in writing. Generally, these statements relate to business plans or strategies, projected or anticipated benefits or other consequences of such plans or strategies, or projections involving anticipated revenues, earnings, profits, pricing, operating expenses or other aspects of operating results. We base the forward-looking statements on our expectations, estimates, and projections at the time such statements are made. These statements are not guarantees of future performance and involve risks and uncertainties that we cannot predict. In addition, we have based many of these forward-looking statements on assumptions about future events that may prove to be inaccurate. The actual results of the future events described in such forward-looking statements could differ materially from those stated in such forward-looking statements.
SOURCE GEX Management, Inc.
Media Contact:
John Godwin,
Director, Client Relations
Email address: info@gexmanagement.com