New Leaf Brands (NLEF) Reports 3Q2012 Equity Increase, Better Cash Use and Decreased Net Loss
(firmenpresse) - OLD TAPPAN, NJ -- (Marketwired) -- 07/23/13 -- New Leaf Brands, Inc. (PINKSHEETS: NLEF), a diversified beverage holding company acquiring brands, distributors and co-packers in North America, filed its financial results for the third quarter of 2012 on June 27, 2013. Key positive results during the Company's third quarter and second full quarter of restructuring included:
A decrease in stockholder deficit of $631,963 for the nine months;
A reduction in net cash used in continuing operating activities of $2,530,399, representing a decrease in this key indicator of 74% during the first nine months for 2012;
A significant cut in net losses, dropping to $1,306,651 for the three months ending September 30, 2012, a reduction of 49.0% from 3Q2011.
During the three months ended September 30, 2012, net sales were $86,367, as compared to $128,796 for the same period in 2011. The decrease in sales was primarily due to capital constraints that delayed production and shipment of open customer orders and inventory.
Gross profits were $10,141 or 12.2% of net sales for 3Q2012, as compared to $13,519 or 10.5% of net sales for 3Q2011. Gross profits were up, as a percentage of sales, due to reduced production costs.
Operating expenses for 3Q2012 totaled $1.2 million as compared to $2.5 million for 3Q2011, a decrease of 51.7%. Most of this decrease was attributable to restrained overhead and limited marketing expenses.
The Company recorded a net loss attributable to common stockholders' of $1.306 million for 3Q2012, as compared to a net loss of $2.563 million for 3Q2011, or ($0.00) and ($0.02) per basic and diluted share, respectively. The reduced net loss is attributable to the Company's improved operating results and gains achieved during its second full quarter of debt restructuring.
During the period, the Company also recorded a write down of $845,000 relating to the core value of its New Leaf beverage brands. The impairment was due to a decrease in projected sales and continued restructuring efforts into 2013.
Focus and deliver growth in its core product markets
Focus on the Northeast Corridor from Maine to Maryland
Reduce supply chain costs
Focus on key distributors and value-added partnerships
Identify acquisition targets
Restructure corporate operations and product mix to improve operating margins.
Achieve significant debt restructurings and interim financings to both strengthen the balance sheet and support sustainable growth
"During the third quarter of 2012, New Leaf took critical steps to continue its restructuring. The improved results were evident in the quarter," said Mr. Fuselier. "We are pleased with our financial results for the period and expect to file our reports for the final quarter of 2012 soon."
Mr. Fuselier said that, "We continue to move forward in exploring various strategic alternatives, including business combinations and private placements of debt and equity securities, to raise capital to grow New Leaf. We also intend to expand our business through the acquisition of brands, distributors and co-packers in our industry. Our lenders, shareholders and vendors have shown extraordinary support for our brand and our company's change in strategic direction. Our financial results for the third quarter of 2012 show that support."
"Our recent acquisition in April 2013 of Beverage Network of Maryland and its strong DSD distribution system in the Mid-Atlantic region further our efforts to build and expand our company. We will be filing a revised 8K relating to the acquisition which will include Beverage Network's audited financials and pro formas," said Mr. Fuselier.
New Leaf Brands, Inc. (PINKSHEETS: NLEF) is a diversified beverage holding company acquiring brands, distributors and co-packers in North America. For our customers, we provide high-quality, great-tasting beverages in well-placed consumer markets. For our shareholders, we acquire companies that build, maintain and nourish shareholder value. Our corporate mission is to be the best small-cap beverage holding company in North America.
This press release may contain forward-looking statements, made in reliance upon Section 21D of the Exchange Act of 1934, which involve known and unknown risks, uncertainties or other factors that could cause actual results to differ materially from the results, performance, or expectations implied by these forward-looking statements. The Company's expectations, among other things, are dependent upon economic conditions, continued demand for its products, the availability of raw materials, retention of its key management and operating personnel, its ability to operate its subsidiary companies effectively, need for and availability of more capital as well as other uncontrollable or unknown factors which are more fully disclosed in the Company's 10-Ks and 10-Qs on file with the Securities and Exchange Commission.
David Fuselier
Chief Executive Officer
(646) 660-4337
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Datum: 23.07.2013 - 07:06 Uhr
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