DALLAS, Ga. — Following third-quarter results for the period ended Feb. 28, Bemax said it’s poised to accelerate growth in 2017 as it continues expanding its private-label portfolio.
For the quarter, the global distributor of disposable baby diapers had operating expenses of $79,558, compared with $10,859 for same period last year. The increase was driven, in part, by administrative expenses associated with product bagging, packaging and consulting. Total assets for the quarter stood at $234,907, made up of inventory, prepaid expenses and cash. Total cost of goods sold was $20,067 compared with $187,361 for same period last year. Bemax said the decrease was fueled by a reduction in cost associated with purchases of resale items.
"Our third quarter financial results highlight the progress we are making across our business and demonstrate further success with both new and existing customers," said Taiwo Aimasiko, Bemax president and CEO. "We are now positioned to deliver higher 2016 annual revenue based on stronger distribution network and demand for our private label brands."
In 2017, Bemax has plans to extend its sales and distribution channel to U.S. retail outlets, source for viable and non-dilutive financing to accelerate paying down existing convertible notes and commence a business distributor program across the U.S. and Canada. The company also plans to expand its private label offering with products associated with baby diapers, such as baby wipes, begin work on two production lines for Bemax disposable diaper brands and negotiate new and better competitive pricing with Bemax private label distributors to increase sales.
And now that Bemax has launched a dedicated web store for its private label disposable diapers, it plans to roll out bi-weekly and monthly subscription offerings to its online customers.