SANTA MONICA, CA--(Marketwired - Aug 16, 2016) - U-Vend, Inc., 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, announced the financial results for the Company's fiscal quarter and six months ended June 30, 2016.
"During the second quarter, we continued to focus on growing our top-line revenue, which parallels the breadth of our market expansion activities. We experienced strong overall sales growth with period-over-period sales revenue up approximately 69% to record levels, our current six-month sales revenue has almost doubled from the same period in 2015, and our six-month period-over-period gross margins are up over 15%. As we add to our revenue mix the unique, new consumer products and services currently in development, secure additional and more efficient points of distribution, and ultimately integrate our digital advertising technology into existing kiosks and merchandisers, we anticipate significant positive growth across all of the Company's financial metrics. We believe this revenue growth will also allow us the ability to reduce our operating losses and continue to increase overall shareholder value," stated Raymond Meyers, CEO of U-Vend, Inc.
Select Financial Data for Three and Six Months Ended June 30, 2016
- Revenues for the three month ended June 30, 2016 increased approximately 69% to $381,481 as compared to revenue of $224,463 for the three months ended June 30, 2015. As of June 30, 2016, the Company had 138 electronic kiosks located throughout Southern California, Las Vegas, Nevada, and Chicago, Illinois
- Gross profits for the quarter ended June 30, 2016 increased approximately 125% to $202,607 as compared to gross profit of $89,742 for the quarter ended June 30, 2015
- General and administrative expenses for the three months ended June 30, 2016 increased by $77,951 to $361,967 as compared to $284,016 for the quarter ended June 30, 2015.
- Selling expenses for three months ended June 30, 2016 increased by $97,763 to $318,820 as compared to $221,051 for the quarter ended June 30, 2015
- Operating expenses for the quarter ended June 30, 2016 increased to $680,787, or 241%, as compared to operating expenses of $281,900 for the quarter ended June 30, 2015
- Net loss for the quarter ended June 30, 2016 was ($569,869) as compared to a net loss of ($321,893) for the quarter ended March 31, 2015
- Revenues for the six month ended June 30, 2016 increased 93.3% to $675,023 as compared to revenue of $349,212 for the six months ended June 30, 2015.
- Gross profits for the quarter ended June 30, 2016 increased 163% to $352,533 as compared to gross profit of $133,943 for the six months ended June 30, 2015
- Operating expenses for the six months ended June 30, 2016 were $1,256,388 as compared to operating expenses of $760,569 for the six months ended June 30, 2015
- Net loss for the six months ended June 30, 2016 was ($1,058,350) as compared to a net loss of ($812,725) for the six months June 30, 2015. Full report.
