The earnings season continued yesterday as several companies announced their financial results, and one of those companies was Reeltime Rentals Inc. (OTC:RLTR). The company announced its financial results for the nine-month period that ended on September 30, 2023. One of the more important things that was announced by Reeltime Rentals was that during the period it did not issue any new shares, and not a single share was converted to free trading from restricted. The company generated net income of $1,485,743 for the period, which worked out to an increase of $2,094,981 from the net loss of $609,238 in the same period in 2022.
Additionally, the company also managed to reduce its operating expenses by as much as $600648, and that was primarily brought about through a reduction of around $113,000 in the professional fees paid out to the Chief Executive Officer of the company and a reduction in stock-based compensation. The reduction in stock-based compensation stood at around $441,000, which had been affected by the cancellation of two contracts in January last year. Barry Henthorn, the Chief Executive Officer of the company, spoke about the company’s performance as well.
He noted that the strength of the financial performance was a demonstration of the fact that Reeltime Rentals remained committed to boosting value for the shareholders. The company achieved that through increasing net revenues, cutting down on debt, reducing share dilution, and growing the business. Henthorn stated that the company would continue to work on tightening the share structure, boosting transparency, and growing the company’s income as well as its asset base. He went on to say that the moves that the company would make on those fronts would be reflected in the financial results in the future and also in many of the upcoming announcements.
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