Glenn Simpson, Chairman and Chief Executive Officer of MOJO Organics, Inc. said "we are pleased to report that we ended our 2018 third quarter within our expectations. We hit many milestones including our highest quarterly revenue in two years and our highest quarterly gross margin ever. This was also the fourth consecutive quarter of double digit revenue growth. In addition, revenue increased double digits for the past four quarters on a consecutive basis and year-over-year. During the quarter we focused on increasing sales and gross margin and achieved significant increases during the quarter which is difficult to achieve both in the same quarter. In addition, we added to our points of sale and continued to build out our hybrid distribution system in the northeast region of the USA. We also opened a new channel of distribution with the sale of our products to a major vending company and shipped product to Canada for the first time"
Revenue for the quarter was $498,778 an increase of $50,218 from the same period last year. Gross profit was $235,526 an increase of $48,275 from the same period last year. The increase in revenue was due to the opening of new channels of distribution and sales outside of the USA coupled with increases in same store sales in many locations.
We continue to make progress with our MOJO Sparkling Coconut Water and have seen points of sale increase. MOJO will launch Pure Coconut Water + Pineapple in November 2018 and has orders for the product.
