SANTA MONICA, CA--(Marketwired - Aug 17, 2017) - U-Vend, Inc. (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, this week announced its financial results for the second quarter ended June 30, 2017.
"Our revenue continues to grow as we remain committed to expanding the points-of-sale for our Mini Melts product. In the past three months, we have secured an additional 60 sites for our very popular 'Grab-N-Go' merchandisers, giving U-Vend a total of 245 retail locations in our Southern California and Las Vegas markets," stated David Graber, U-Vend, Inc. CEO. "In addition, we continue to focus on our professional sports ice cream product line, with an anticipated production and launch into retail stores during the second half of 2017," added Graber.
Select Financial Data for Three and Six Months Ended June 30, 2017
- Revenues for the three months ended June 30, 2017 increased 15.6% to $441,156 as compared to revenue of $381,481 for the three months ended June 30, 2016.
- Gross profits for the second quarter 2017 increased 8.4% to $219,691 as compared to gross profit of $202,607 for the second quarter of 2016.
- Gross margins for the quarter ended June 30, 2017 were approximately 50% as compared to gross margin of 53% for the quarter ended June 30, 2016.
- Net loss for the second quarter of 2017 was $666,409 as compared to a net loss of $569,869 for the second quarter of 2016.
- Basic and diluted net loss per share of ($0.03) per common share for the three months ended June 30, 2017 equaled the ($0.03) net loss per common share for the three months ended June 30, 2016.
- Revenues for the six months ended June 30, 2017 increased 14.2% to $771,182 as compared to revenue of $675,023 for the six months ended June 30, 2016.
- Gross profits for the six months ended June 30, 2017 increased 8% to $380,826 as compared to gross profit of $352,533 for the six months ended June 30, 2016.
- Gross margins for the six months ended June 30, 2017 were approximately 50% as compared to gross margin of 52% for the six months ended June 30, 2016.
- Net loss for the six months ended June 30, 2017 was $1,297,370 as compared to a net loss of $1,058,350 for the six months ended June 30, 2016.
- Basic and diluted net loss per share of per common share for the six months ended June 30, 2017 was ($0.05) vs. ($0.06) basic and diluted net loss per common share for the six months ended June 30, 2016.
A full analysis of results for the quarter and six months ended June 30, 2017 is available in the Company's Form 10-K, 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., headquartered in Santa Monica, CA, and with offices in 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 www.u-vend.com or call (855) 55-UVEND.
