Prime Acquisition Corp. Announces Audited Earnings Results for the Year Ended December 31, 2016
Prime Acquisition Corp. announced audited earnings results for the year ended December 31, 2016. For the year, total Revenue was $3,122,765 against $3,036,198 a year ago. Loss before tax was $730,686 against $7,585,983 a year ago. Loss from continuing operations was $565,144 against $7,256,549 a year ago. Net loss was $565,144 against $7,561,686 a year ago. The increase in revenue was attributable to the previously announced legal settlement with an unrelated third party, pursuant to which Prime received €200,000 (approximately $221,440). Cash generated from operations was $1.3 million for the year ended December 31, 2016, compared to $486,263 for the year ended December 31, 2015. The company reported operating profit of $724,931 for the year ended December 31, 2016, which compares to an operating loss of $221,109 for the year ended December 31, 2015.