DENVER, June 16, 2015 (GLOBE NEWSWIRE) -- Jammin Java Corp. (d/b/a Marley Coffee), the sustainably grown, ethically farmed and artisan-roasted gourmet coffee company, provides a summary of its first quarter results and its plans for the remainder of the current fiscal year. It will outline its launch of its Recyclable RealCup®, a sustainable and easy-to-recycle single-serve capsule that's compatible with most Keurig® K-Cup® machines, how it's streamlining its business and its plans for further growth.
Financial Highlights for the Fiscal First Quarter (three months ended April 30, 2015):
- Quarter ended April 30, 2015 sales increased 27.9% ($2,738,379) compared with last year's comparable sales while gross profits rose by 76% making it the 16th consecutive quarter that the company has grown its top line year over quarter since Mr. Brent Toevs took over as CEO.
- Total operating expenses decreased by 27.4% showing continued efficient growth.
- Net losses were down 37.4% compared to the same period last year and of those losses, ~$368,000 was attributed to stock based compensation, resulting in net losses before non-cash expenses of $829,191. We anticipate the losses for the three months ended July 31, 2015 to be the lowest the company has had to date and for that trend to continue through the rest of the year. In addition, we anticipate that the company will become profitable by the fourth quarter of this fiscal year (i.e., that the company will show a profit for the fourth quarter of this fiscal year).
"We have been working hard as a team to not just prepare for the exciting launches in this upcoming year, but also the outlook of this company in the next 3 and 5 years," stated Rohan Marley, Chairman and Founder of Marley Coffee, who continued, "When we plan, we look for 'catalytic events' or projects that can truly drive the needle and push the company into the next level. We believe that Marley Coffee will have three of these events this year alone." View the full report here.
