Long Island Iced Tea Corp. Announces Preliminary 2017 Third Quarter and First Nine Months Net Sales Results
October 24 2017 - 7:00AM
Long Island Iced Tea Corp. (NasdaqCM: LTEA) (the “Company”), a
growth-oriented company focused on the non-alcoholic ready-to-drink
(“NARTD”) segment in the beverage industry, today reported
preliminary unaudited net sales results for the three and
nine-month periods ended September 30, 2017.
Philip Thomas, Chief Executive Officer of the
Company, commented, "Through the first half of 2017, we undertook a
number of foundational projects to set the framework for future
growth, the most notable of these being the March 2017 relaunch of
our flagship Long Island Iced Tea® brand into a new 18oz slimline
bottle and the April 2017 appointment of Big Geyser as our
exclusive Long Island Iced Tea® distributor in the New York region.
Following the successful execution of these projects, we expect to
report another milestone quarter, achieving approximately 67%
branded business net sales growth over the previous corresponding
period, and continuing our solid growth trajectory.”
During the third quarter the Company:
- Appointed Rob Stefanizzi as Vice President, New York region to
work with and support the Big Geyser partnership
- Recruited alongside Mr. Stefanizzi a team of industry veterans
with backgrounds at leading beverage organizations including Bai
Brands, Big Geyser, Honest Tea and Coca-Cola
- Continued marketing initiatives including Long Island Iced Tea®
named as the exclusive iced tea of Barclays Center
- Announced first partnership in the Asia Pacific region with the
Stellare Group in New Zealand
- Extended Canadian footprint through new partnership with
Sobeys, one of only two national grocery retailers in Canada
- Entered new distribution partnership in the Mid-Atlantic with
Swartz & Sons
- Continued Northeast expansion through new local partnerships
with Target, Stew Leonard’s and Fairway Market
Note: Net sales figures listed below are shown
after being reduced by all promotional rebates issued to
distributors and customers.
|
3 Months Ended September 30, |
|
9 Months Ended September 30, |
(Dollars in
Thousands) |
|
2016 |
|
2017 |
|
|
|
2016 |
|
2017 |
|
Net Sales -
Branded Business |
$ |
822 |
$ |
1,372 |
|
|
$ |
2,417 |
$3,510¹ |
YoY Growth |
|
|
67 |
% |
|
|
|
45 |
% |
Net Sales - ALO
Juice® and Other |
$ |
479 |
$ |
272 |
|
|
$ |
996 |
$ |
737 |
|
YoY Growth |
|
|
(43 |
)% |
|
|
|
(26 |
)% |
Total Net
Sales |
$ |
1,301 |
$ |
1,644 |
|
|
$ |
3,413 |
$ |
4,247 |
|
YoY Growth |
|
|
26 |
% |
|
|
|
24 |
% |
(1) Net Revenue stated above for branded
business is before a non-cash sign on incentive of $257,022 in the
second quarter of 2017 in connection to warrants issued for the Big
Geyser distribution agreement.
Net sales highlights for the three and
nine-months ended September 30, 2017:
- Estimated net sales growth for the Company’s branded business
is expected due to a combination of an increase in sales
distribution, including the recently announced distribution
agreement with Big Geyser and sales from the recently launched Long
Island Brand LemonadeTM
- Estimated net sales for the Company’s branded business is
expected to increase approximately 67% to approximately $1,371,994
for the three months ended September 30, 2017, as compared to
$822,389 for the comparable prior-year period
- Estimated net sales for the Company’s ALO Juice® product is
expected to decline as the Company strategically focuses on its
flagship Long Island brands and its relationship with Big
Geyser
- Estimated total net sales is expected to increase approximately
26% to approximately $1,644,000 for the three months ended
September 30, 2017, as compared to $1,301,125 for the comparable
prior-year period
The above information is unaudited, preliminary and subject to
completion of quarter-end financial reporting processes and
reviews.
About Long Island Iced Tea
Corp.
Headquartered in Long Island, NY, Long Island
Iced Tea Corp. operates in the non-alcohol ready-to-drink segment
of the beverage industry. The Company’s flagship brand ‘The
Original Long Island Brand Iced Tea®’, together with ‘The Original
Long Island Brand LemonadeTM’ are marketed as premium beverages
made with non-GMO ingredients. The company also imports and markets
‘ALO Juice®’ a functional Aloe Vera based beverage. The Company’s
portfolio of premium brands sits within the ‘better-for-you’
category of the beverage industry, and are offered to consumers at
an affordable price, reflecting the Company’s mission. Its
beverages are sold primarily through a network of regional chains
and distributors primarily on the East Coast and the Midwest of the
United States, as well as Canada and Latin America. The Company’s
website is www.longislandicedtea.com.
Forward Looking
Statements
This press release includes statements of the
Company’s expectations, intentions, plans and beliefs that
constitute "forward looking statements" within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934 and are intended to come within the
safe harbor protection provided by those sections. These
statements, which involve risks and uncertainties, relate to the
discussion of the Company’s business strategies and its
expectations concerning future operations, margins, sales, new
products and brands, potential joint ventures, potential
acquisitions, expenses, profitability, liquidity and capital
resources and to analyses and other information that are based on
forecasts of future results and estimates of amounts not yet
determinable. These statements include any statement that does not
directly relate to a historical or current fact. You can also
identify these and other forward-looking statements by the use of
such words as "may," "will," "should," "expects," "intends,"
"plans," "anticipates," "believes," "thinks," "estimates," "seeks,"
"predicts," "could," "projects," "potential" and other similar
terms and phrases, including references to assumptions. These
forward looking statements are made based on expectations and
beliefs concerning future events affecting the Company and are
subject to uncertainties, risks and factors relating to its
operations and business environments, all of which are difficult to
predict and many of which are beyond its control, that could cause
its actual results to differ materially from those matters
expressed or implied by these forward looking statements. These
risks include possible accounting adjustments made in the process
of finalizing reported financial results, the Company’s history of
losses and expectation of further losses, its ability to expand its
operations in both new and existing markets, its ability to develop
or acquire new brands, its relationships with distributors, the
success of its marketing activities, the effect of competition in
its industry and economic and political conditions generally,
including the current economic environment and markets. More
information about these and other factors are described in the
reports the Company files with the Securities and Exchange
Commission, including but not limited to the discussions contained
under the caption “Risk Factors.” When considering these forward
looking statements, you should keep in mind the cautionary
statements in this press release and the reports the Company files
with the Securities and Exchange Commission. New risks and
uncertainties arise from time to time, and the Company cannot
predict those events or how they may affect it. The Company assumes
no obligation to update any forward looking statements after the
date of this press release as a result of new information, future
events or developments, except as required by the federal
securities laws.
Contacts:
For Investors
Phil Thomas
Long Island Iced Tea Corp.
1-855-542-2832
info@longislandteas.com