DENVER, Sept. 16, 2014 (GLOBE NEWSWIRE) -- Marley Coffee (OTCQB:JAMN) (www.marleycoffee.com), the sustainably grown, ethically farmed and artisan-roasted gourmet coffee company, reports fiscal second quarter sales increased 27 percent compared with last year's comparable sales, and 62.6 percent for the fiscal six month period. This resulted in the Company becoming one of the Top 10 brands in the natural/organic coffee category and the number one in terms of growth in the category at 1,582 percent versus previous 52 weeks according to SPINSscan Conventional syndicated data (52 weeks ending July 13, 2014).
Financial Highlights for the Fiscal Second Quarter and Six Months Ended July 31, 2014
Sales revenue for the fiscal second quarter ended July 31, 2014 increased 27.1 percent to $2.1 million compared with $1.6 million in the year-ago quarter. For the six-month period, sales revenue increased 62.6 percent to $4.2 million compared with $2.6 million in the year-ago six months. These increases were the result of the Company's continued expansion into the retail grocery market and growth of its other business verticals.
Cost of sales for the second quarter was $1.6 million compared with $1.1 million last year. For the six-month period, cost of sales was $3.3 million compared with $1.5 million in the prior year period. The increases in both the quarter and six-month periods were primarily attributable to increased sales.
Gross profit was $495 thousand for the second quarter compared with gross profit of $472 thousand in the year-ago quarter. For the six-month period, gross profit was $947 thousand, compared with $971 thousand in the year-ago six months. Gross profit margins for the second quarter were 23.8 percent compared with 28.9 percent in the year-ago quarter. For the six-month period, gross profit margins were 22.4 percent compared with 37.4 percent in the year-ago six-month period. The expected decrease in gross profit margins was the result of the Company's expansion into new markets and lower initial margins on sales. The Company continues to expect gross profits to increase in upcoming quarters as it matures in its current grocery operations. Full report.
