Mergers and acquisitions firm ILUS International Inc (OTCMKTS:ILUS) saw its stock go through a selloff on Tuesday as it ended up with a decline of as much as 7% for the day.
On Tuesday, ILUS stock fell 7.37% to $0.0899 with more than 6.22 million shares, compared to volume of 8.99 million shares. The stock moved within a range of $0.0879 – 0.1000 after opening trade at $0.0999.
ILUS Confirms Strong Third Quarter Results With Increases in Revenue and Net Profit
However, despite the selloff in the stock it should be noted that yesterday that company reported that its third fiscal quarter performance was its strongest in history. The company further noted that it expected the performance in the fourth quarter to be stronger. ILUS reported that it had managed to generate revenues of $20,419,421 for the quarter which worked out to a year on year boost of as much as 550%.
On the other hand, ILUS managed to bring in net profits to the tune of as much as $1,187,494 for the period and that worked out to a year on year rise of a staggering 203%. Last but not the least, the assets on its books at the end of the quarter were valued at $77,299,258 and that reflected a year on year rise of 187%. While the investors sold off the stock despite the strong performance, it is going to be interesting to see if it bounces back over the course of the coming days or not.
ILUS Managing Director, John-Paul Backwell, commented: “Our third quarter results illustrate the enormous progress we have made as a business in the last year; however, we are already in the midst of an even stronger fourth quarter. Over the last few months, we have consolidated and strengthened key areas of our business to prepare ourselves for the exciting strategic moves ahead. We now look forward to announcing several exciting deals in line with these strategic moves over the coming weeks.”
ILUS stock is trading above the 20-Day and 50-Day Moving averages of $0.0859 and $0.0872 respectively. However, the stock is trading below the 200-Day moving average of $0.1085.