U-Vend, Inc. Posts Record Revenues in First Quarter
First Quarter 2016 Revenues Increase Over 135%
(firmenpresse) - SANTA MONICA, CA -- (Marketwired) -- 05/24/16 -- (OTCQB: UVND) (the "Company"), a consumer products and technology company that develops, distributes, and markets next-generation self-serve electronic kiosks and merchandisers with a digital advertising component across North America, today announced the financial results for the Company''s first quarter ended March 31, 2016.
"During the first quarter, historically one of our slower quarters for overall sales, we were able to maintain triple-digit revenue growth associated with our Mini Melts product offering. Sales from our strategically located self-serve kiosks generated Mini Melts product sell-through volumes that exceeded our expectations, and we will continue to focus on acquiring additional high-traffic locations that are consistent with our current Mini Melts business model," stated Raymond Meyers, CEO of U-Vend, Inc.
"Underlying the current growth of Mini Melts kiosk operations is the tremendous revenue opportunities available to us not only with our current sports-theme product line, Frozen Pond™ Premium Ice Cream, the Official Ice Cream of the NHL, but also with the other global brands and accompanying digital advertising platforms we are currently developing. Given proper capital structure and market conditions, our goal of significant, sustainable growth with a view to profitability is certainly achievable" added Meyers.
Revenues for the three month ended March 31, 2016 increased 135% to $293,542 as compared to revenue of $124,749 for the three months ended March 31, 2015. As of March 31, 2016, the Company had 125 electronic kiosks located throughout Chicago, Illinois, Southern California and Las Vegas, Nevada
Gross profits for the quarter ended March 31, 2016 increased 336% to $149,926 as compared to gross profit of $44,201 for the quarter ended March 31, 2015
General and administrative expenses for the three months ended March 31, 2016 decreased by $51,393 to $273,577 as compared to $324,970 for the quarter ended March 31, 2015
Selling expenses for three months ended March 31, 2016 increased by $148,325 to $302,034 as compared to $153,699 for the quarter ended March 31, 2015. Selling expenses increased, in part, due to increased revenues attained by the Company during 2016
Operating expenses for the quarter ended March 31, 2016 increased to $575,601, or 20.3%, as compared to operating expenses of $478,669 for the quarter ended March 31, 2015
Net loss for the quarter ended March 31, 2016 was relatively unchanged at $488,481 as compared to a net loss of $490,832 for the quarter ended March 31, 2015
A full analysis of results for the quarter ended March 31, 2016 is available in the Company''s Form 10-Q, which is available on the Company''s website at or through the Securities and Exchange Commission''s Edgar database at .
U-Vend, Inc., headquartered in Santa Monica, CA., and with offices in Oakville Ontario, Canada, Orange, CA and Las Vegas, NV., 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 or call (855) 55-UVEND.
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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 . 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.
For more information, contact:
U-Vend, Inc. Corporate Office
Tel: (855) 55-UVEND
Email:
U-Vend, Inc. Investor Relations
Tel: (855) 55-UVEND, ext. 3
Email:
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Datum: 24.05.2016 - 07:05 Uhr
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News-ID 1437119
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