Excerpts from ECIG's expansions/developments/finan
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Posted On: 01/21/2016 12:00:00 PM
Excerpts from ECIG's expansions/developments/financial review:
VIP Kiosk Program Continues to ExpandGOLDEN, COLORADO, November 11, 2015 – Electronic Cigarettes International Group, Ltd. (The “Company”) (OTCBB: ECIG) today announced after securing an additional 26 new kiosks in the third quarter of 2015, which included the opening of four new blending boutiques, VIP just confirmed the opening on December 5th of three new locations in Westfield
Electronic Cigarettes International Group Strengthens Balance Sheet with $18.0 Million Financing from a Current InvestorGOLDEN, COLORADO, November 2, 2015 – Electronic Cigarettes International Group, Ltd. (The “Company”) (OTCBB: ECIG) today announced that on October 30, 2015 it completed an $18.0 million term loan financing with one of the Company’s long term investors. The new capital allows the Company to retire subordinate convertible debt, repay loans with interest...
Electronic Cigarettes International Group Further Expands FIN Advanced Vaping System Distribution in USGOLDEN, COLORADO, October 28, 2015 – Electronic Cigarettes International Group, Ltd. (The “Company”) (OTCBB: ECIG) today announced it has expanded the FIN Advanced Vaping System (AVS) distribution in response to continued strong customer demand across the United States. Regarded as the most convenient, user-friendly vaping solution in the market, the FIN...
Electronic Cigarettes International Group Hires Kate Anseth as Senior Director Supply ChainGOLDEN, COLORADO, October 13, 2015 – Electronic Cigarettes International Group, Ltd. (The “Company”) (OTCBB: ECIG) has hired Kate Anseth as Senior Director Supply Chain, and she will join the Company on October 19, 2015. Ms. Anseth has 17 years of experience in the areas of production planning, order fulfillment and supply chain management in the consumer...
Electronic Cigarettes International Group Expands FIN Advanced Vaping System Product Line Following Initial Success in USGRAND RAPIDS, MICHIGAN, October 8, 2015 – Electronic Cigarettes International Group, Ltd. (The “Company”) (OTCBB: ECIG) today announced it has expanded the FIN Advanced Vaping System (AVS) product line in response to strong customer demand across the United States. ECIG is adding 10 new refills in various flavors and strengths, bringing the total number...
Electronic Cigarettes International Group’s UK VIP Expansion Bolstered by Report from Public Health England: E- Cigarettes are 95% Less Harmful Than Normal CigarettesGRAND RAPIDS, MICHIGAN, September 21, 2015 – Electronic Cigarettes International Group, Ltd. (The “Company”) (OTCBB: ECIG) today commented on a recent study published in a report from Public Health England. “The timing of the report could not have been better for the VIP brand as we aggressively expand our Kiosk operations which focus on 1 on 1...
ELECTRONIC CIGARETTES INTERNATIONAL GROUP OPENS 100TH KIOSK IN UKGRAND RAPIDS, MICHIGAN, September 15, 2015 – Electronic Cigarettes International Group, Ltd. (The “Company”) (OTCBB: ECIG) today announced that its VIP brand continues ?the rapid expansion of its award winning kiosk program with the opening of the 100th directly owned unit on September 9th. The brand which began the year with 53 owned and operated outlets...
VAPESTICK BRAND LAUNCHED IN UNITED STATES THROUGH TRADITIONAL RETAIL OUTLETS BY ELECTRONIC CIGARETTES INTERNATIONAL GROUPGRAND RAPIDS, MICHIGAN, August 20, 2015 – Electronic Cigarettes International Group, Ltd. (The “Company”) (OTCBB: ECIG) today announced that its VAPESTICK brand is being launched into 200 traditional small retail stores in the Northeast region of the US. The test will be supported with marketing and promotional programs designed to optimize in-store...
Third Quarter Financial Review
• Net sales increased 28% sequentially from $12.0 million to $15.4 million reflecting the impact of the company’s turnaround program. On a constant currency basis, third quarter 2015 net sales increased 25% sequentially.
• Net sales were $15.4 million compared with $15.9 million in the third quarter of 2014. Net sales in the third quarter of 2015 were reduced by $0.7 million due to the negative impact of foreign currency exchange.
• Gross profit increased 49% sequentially from $6.2 million to $9.3 million, reflecting an increase in gross margin of 8%.
• Net income for the third quarter of 2015 was $9.2 million, or $0.09 per diluted share.
• Adjusted EBITDA was negative $0.7 million compared to adjusted EBITDA for the second quarter of 2015 of negative $1.2 million, a 42% sequential improvement in adjusted EBITDA, and negative $10.4 million in the year ago period.
Financial Review For The Nine Months Ended September 30, 2015
• Net sales for the first nine months of 2015 were $38.5 million, an increase of $7.2 million, or 23%, compared with $31.3 million in the same period of 2014.
• The net loss for the first nine months of 2015 was $15.5 million, or $0.30 per diluted share, compared with a net loss of $43.1 million, or a loss of $8.87 per share, in the same period of 2014.
• Adjusted EBITDA was negative $6.7 million compared to adjusted EBITDA for the first nine months of 2014 of negative $18.6 million, an improvement of $11.9 million.
Dan O’Neill, Chief Executive Officer of Electronic Cigarettes International Group, Ltd, commented, “The results of the overall business continue to improve, driven by the relentless focus and commitment of the new management team to enhance the base fundamentals of the company. At this time I do not foresee any reason that this improvement should not continue in the near future. Additionally, following the previously announced strategic review, the company has identified numerous opportunities and remains well-positioned to grow profitability.”
“The company has continued to strengthen its balance sheet with the recent $18 million Term Debt financing, proceeds from which were used to pay off the $4.5 million balance on the company’s working capital line of credit, the settlement of $6.2 million of Accounts Payable for $4.1 million and to retire the remaining toxic convertible debt,” said Phil Anderson, Chief Financial Officer of Electronic Cigarettes International Group, Ltd.
VIP Kiosk Program Continues to ExpandGOLDEN, COLORADO, November 11, 2015 – Electronic Cigarettes International Group, Ltd. (The “Company”) (OTCBB: ECIG) today announced after securing an additional 26 new kiosks in the third quarter of 2015, which included the opening of four new blending boutiques, VIP just confirmed the opening on December 5th of three new locations in Westfield
Electronic Cigarettes International Group Strengthens Balance Sheet with $18.0 Million Financing from a Current InvestorGOLDEN, COLORADO, November 2, 2015 – Electronic Cigarettes International Group, Ltd. (The “Company”) (OTCBB: ECIG) today announced that on October 30, 2015 it completed an $18.0 million term loan financing with one of the Company’s long term investors. The new capital allows the Company to retire subordinate convertible debt, repay loans with interest...
Electronic Cigarettes International Group Further Expands FIN Advanced Vaping System Distribution in USGOLDEN, COLORADO, October 28, 2015 – Electronic Cigarettes International Group, Ltd. (The “Company”) (OTCBB: ECIG) today announced it has expanded the FIN Advanced Vaping System (AVS) distribution in response to continued strong customer demand across the United States. Regarded as the most convenient, user-friendly vaping solution in the market, the FIN...
Electronic Cigarettes International Group Hires Kate Anseth as Senior Director Supply ChainGOLDEN, COLORADO, October 13, 2015 – Electronic Cigarettes International Group, Ltd. (The “Company”) (OTCBB: ECIG) has hired Kate Anseth as Senior Director Supply Chain, and she will join the Company on October 19, 2015. Ms. Anseth has 17 years of experience in the areas of production planning, order fulfillment and supply chain management in the consumer...
Electronic Cigarettes International Group Expands FIN Advanced Vaping System Product Line Following Initial Success in USGRAND RAPIDS, MICHIGAN, October 8, 2015 – Electronic Cigarettes International Group, Ltd. (The “Company”) (OTCBB: ECIG) today announced it has expanded the FIN Advanced Vaping System (AVS) product line in response to strong customer demand across the United States. ECIG is adding 10 new refills in various flavors and strengths, bringing the total number...
Electronic Cigarettes International Group’s UK VIP Expansion Bolstered by Report from Public Health England: E- Cigarettes are 95% Less Harmful Than Normal CigarettesGRAND RAPIDS, MICHIGAN, September 21, 2015 – Electronic Cigarettes International Group, Ltd. (The “Company”) (OTCBB: ECIG) today commented on a recent study published in a report from Public Health England. “The timing of the report could not have been better for the VIP brand as we aggressively expand our Kiosk operations which focus on 1 on 1...
ELECTRONIC CIGARETTES INTERNATIONAL GROUP OPENS 100TH KIOSK IN UKGRAND RAPIDS, MICHIGAN, September 15, 2015 – Electronic Cigarettes International Group, Ltd. (The “Company”) (OTCBB: ECIG) today announced that its VIP brand continues ?the rapid expansion of its award winning kiosk program with the opening of the 100th directly owned unit on September 9th. The brand which began the year with 53 owned and operated outlets...
VAPESTICK BRAND LAUNCHED IN UNITED STATES THROUGH TRADITIONAL RETAIL OUTLETS BY ELECTRONIC CIGARETTES INTERNATIONAL GROUPGRAND RAPIDS, MICHIGAN, August 20, 2015 – Electronic Cigarettes International Group, Ltd. (The “Company”) (OTCBB: ECIG) today announced that its VAPESTICK brand is being launched into 200 traditional small retail stores in the Northeast region of the US. The test will be supported with marketing and promotional programs designed to optimize in-store...
Third Quarter Financial Review
• Net sales increased 28% sequentially from $12.0 million to $15.4 million reflecting the impact of the company’s turnaround program. On a constant currency basis, third quarter 2015 net sales increased 25% sequentially.
• Net sales were $15.4 million compared with $15.9 million in the third quarter of 2014. Net sales in the third quarter of 2015 were reduced by $0.7 million due to the negative impact of foreign currency exchange.
• Gross profit increased 49% sequentially from $6.2 million to $9.3 million, reflecting an increase in gross margin of 8%.
• Net income for the third quarter of 2015 was $9.2 million, or $0.09 per diluted share.
• Adjusted EBITDA was negative $0.7 million compared to adjusted EBITDA for the second quarter of 2015 of negative $1.2 million, a 42% sequential improvement in adjusted EBITDA, and negative $10.4 million in the year ago period.
Financial Review For The Nine Months Ended September 30, 2015
• Net sales for the first nine months of 2015 were $38.5 million, an increase of $7.2 million, or 23%, compared with $31.3 million in the same period of 2014.
• The net loss for the first nine months of 2015 was $15.5 million, or $0.30 per diluted share, compared with a net loss of $43.1 million, or a loss of $8.87 per share, in the same period of 2014.
• Adjusted EBITDA was negative $6.7 million compared to adjusted EBITDA for the first nine months of 2014 of negative $18.6 million, an improvement of $11.9 million.
Dan O’Neill, Chief Executive Officer of Electronic Cigarettes International Group, Ltd, commented, “The results of the overall business continue to improve, driven by the relentless focus and commitment of the new management team to enhance the base fundamentals of the company. At this time I do not foresee any reason that this improvement should not continue in the near future. Additionally, following the previously announced strategic review, the company has identified numerous opportunities and remains well-positioned to grow profitability.”
“The company has continued to strengthen its balance sheet with the recent $18 million Term Debt financing, proceeds from which were used to pay off the $4.5 million balance on the company’s working capital line of credit, the settlement of $6.2 million of Accounts Payable for $4.1 million and to retire the remaining toxic convertible debt,” said Phil Anderson, Chief Financial Officer of Electronic Cigarettes International Group, Ltd.
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