Revenues Increase Over 350% for Both Three- and Six-Month Reporting Periods
SANTA MONICA, CA–(Marketwired – Sep 9, 2015) – U-Vend, Inc. (OTCQB: UVND) (the “Company”), a consumer products and technology company that develops, distributes and markets next-generation self-serve electronic kiosks in a variety of retail environments across North America, announced its financial results for the second quarter ended June 30, 2015.
“Although we are very pleased with the revenue traction we’ve experienced in the first half of 2015, I am even more excited about the foundation and relationships we are building for U-Vend’s future,” stated Raymond Meyers, CEO of U-Vend, Inc. “Our commitment to increasing shareholder value through the strategic execution of our business plan remains our highest priority. We continue to evaluate new product offerings, strengthen our existing product offerings, expand our distribution network, and explore potential synergistic M&A opportunities,” added Meyers.
Select Company Highlights Included Within 2015 Second Quarter Report
- Introduced a novelty, premium ice cream product and subsequently entered into multi-year licensing agreement with the National Hockey League becoming “Official Ice Cream of the NHL”
- Launched and expanded market presence of our self-serve kiosk locations into the Southern California and Las Vegas, NV markets
- Announced partnership with Anaheim Ducks RINKS program
- Appointed Mr. Mark A. Chapman, an experienced and successful consumer products executive to the management team
- Partnered with Ingram Micro Canada to launch an automated retail platform for mobile phone market
Select Financial Data for Three and Six Month Period Ended June 30, 2015
- Second quarter revenues increased by $162,445, or 360%, to $224,463 for the quarter ended June 30, 2015 as compared to revenues of $62,008 for the quarter ended June 30, 2014.
- Gross profits for the second quarter ended June 30, 2015 were $89,742, an increase of $61,705, or 320%, as compared to gross profit of $28,037 for the three months ended June 30, 2014.
- Net loss for the quarter ended June 30, 2015 was $321,893, a decrease of $253,221, or 44%, as compared to a net loss of $575,114 for the quarter ended June 30, 2014.
- Basic and diluted net loss per share of ($0.02) per common share for the quarter ended June 30, 2015 compares to the ($0.07) net loss per common share for the quarter ended June 30, 2014.
- Revenues for the six months ended June 30, 2015 were up $253,576, or 365%, to $349,212, as compared to revenue of $96,636 for the six months ended June 30, 2014.
- Gross profit for the six months ended June 30, 2015 was $133,943, an increase of $92,288, or 321%, from a gross profit of $41,655 for the six months ended June 30, 2014.
- Net loss for the six months ended June 30, 2015 decreased by $352,765, or approximately 30%, to $812,725 as compared to a net loss of $1,165,490 for the six months ended June 30, 2014.
- Basic and diluted net loss per share of ($0.07) per common share for the six months ended June 30, 2015 compares to the ($0.15) net loss per common share for the six months ended June 30, 2014.
A full analysis of results for the quarter ended June 30, 2015 is available in the Company’s Form 10-Q, which is available on the Company’s website at www.u-vend.com or through the Securities and Exchange Commission’s Edgar database at www.sec.gov.
ABOUT U-VEND, INC.
U-Vend, Inc., located in Santa Monica, CA, is a consumer products and automated retailing company specializing in the creation, marketing and sales of unique ice cream and related food products which are distributed to the retail markets utilizing various “next-generation” self-serve electronic kiosks throughout North America. The Company owns and operates kiosks and has partnered with numerous national consumer product companies to deliver new and innovative customer retail experiences in automated “frictionless” settings. For more information on U-Vend, visit www.u-vend.com or call (855) 55-UVEND.
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FORWARD LOOKING STATEMENTS
Certain statements contained in this news release regarding matters that are not historical facts may be forward-looking statements. Because such forward-looking statements include risks and uncertainties, actual results may differ materially from those expressed in or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, uncertainties pertaining to market acceptance for the Company’s products and services, its ability to succeed in increasing revenues in the near term to attain profitable operations and generate sufficient cash flow from operations, the effect of new competitors in its markets, its integration of acquired businesses, and other risk factors identified from time to time in its filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and current reports on Form 8-K which are available at the SEC’s website www.sec.gov. Other factors not currently anticipated may also materially and adversely affect U-Vend’s results of operations, financial position, and cash flows. There can be no assurance that future results will meet expectations. While the Company believes that the forward-looking statements in this news release are reasonable, the reader should not place undue reliance on any forward-looking statement. In addition, these statements speak only as of the date made. The Company does not undertake, and expressly disclaims any obligation to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.