DENVER, Sept. 12, 2013 (GLOBE NEWSWIRE) -- Marley Coffee (OTCQB:JAMN), ( www.marleycoffee.com ), the sustainably grown, ethically farmed and artisan-roasted gourmet coffee company, reports financial results for the three and six months ended July 31, 2013 and 2012, including increases in revenue, gross profit and gross profit margins, as well as improvements in net loss for the fiscal second quarter and six months ended July 31, 2013, compared to the fiscal second quarter and six months ended July 31, 2012.
Highlights of the second fiscal quarter and six months include:
- Revenue for the 2014 second fiscal quarter (i.e., the three months ended July 31, 2013) increased 187 percent to $1.6 million vs. $559 thousand compared with fiscal 2Q 2013. For the six-month period ended July 31, 2013, revenue increased 179 percent to $2.4 million compared with $869 thousand in the year-ago six-month period.
- Gross profit increased to $472 thousand in the 2014 second fiscal quarter compared with $67 thousand in the year-ago second fiscal quarter. For the six months ended July 31, 2013, gross profit was $971 thousand compared with $142 thousand in the year-ago six-month period.
- Gross profit margins increased to 29.4 percent in the second quarter of fiscal 2014 from 11.9 percent in the year-ago second fiscal quarter.
- Operating expenses decreased during the second fiscal quarter 2014 to $867 thousand from $1.0 million in the year-ago second fiscal quarter, and to $1.7 million for the six months ended July 31, 2013 from $2.0 million in the year-ago six-month period.
- Net loss decreased to $715 thousand, or $0.01 per share for the second fiscal quarter of 2014, compared with a $986 thousand net loss, or $0.01 per share, in the year-ago second fiscal quarter. For the six-month period ended July 31, 2013, net loss was $1.1 million, or $0.01 per share compared with $1.9 million or $0.02 per share in the year-ago six-month period.
- Increased retailer penetration to 7,500 locations as of July 31, 2013, compared with 500 locations at the end of the second quarter last year.
- Generated distribution with several leading supermarket chains and retail outlets including Kroger, Safeway, Shaw's, Star Market, Winn-Dixie/ BI-LO, Market Basket and Best Buy/Future Shop of Canada.
- Freed up more than $3.7 million in two tranches through Ironridge Global IV, Ltd. for the settlement of trade payables and to help finance Marley Coffee's rollout to national and regional chains.
- Acquired Black Rock Beverage Services, expanding the company's business into the office coffee and food service markets.
- Moved corporate headquarters to Denver.
"We are extremely pleased with the traction that Marley Coffee has made in the marketplace and the improved brand awareness that has increased our footprint with some of the largest and most successful retail grocery chains and consumer electronics chains in North America," said Rohan Marley, founder and Chairman, who continued, "Our goal is to continue to increase our distribution network in both domestic and international markets, introduce innovative new products and increase the number of SKUs carried by our customers throughout this fiscal year and into fiscal 2015.
"As revenues increase, we also expect to continue to benefit from economies of scale and margin expansion as we seek to capitalize on the significant trend and growing consumer awareness toward organic, sustainable premium and super-premium specialty coffees, and specifically, greater awareness and demand for our brand."
About Jammin Java Corp., d/b/a Marley Coffee
Marley Coffee (corporate name Jammin Java Corp.) is a US-based company that provides premium, artisan roasted coffee to the grocery, retail, online, service, hospitality, office coffee service and big box store industry. Under its exclusive licensing agreement with 56 Hope Road, the company continues to develop its coffee lines under the Marley Coffee brand. The company is a fully reporting company quoted on the OTCQB under the symbol "JAMN". Learn more at www.MarleyCoffee.com or visit the corporate website at www.JamminJavaCorp.com .
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Forward-Looking Statement
This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended (the "Acts"). In particular, the words "believe," "may," "could," "should," "expect," "anticipate," "estimate," "project," "propose," "plan," "intend," and similar conditional words and expressions are intended to identify forward-looking statements and are subject to the safe harbor created by these Acts. Any statements made in this news release about an action, event or development, are forward-looking statements. Such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the company. These risks and others are included from time to time in documents we file with the Securities and Exchange Commission ("SEC"), including but not limited to, our Form 10-Ks, Form 10-Qs and Form 8-Ks. Other unknown or unpredictable factors also could have material adverse effects on our future results. Accordingly, you should not place undue reliance on these forward-looking statements. Although the company believes that the expectations reflected in the forward-looking statements are reasonable, it can give no assurance that its forward-looking statements will prove to be correct. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. The company takes no obligation to update or correct its own forward-looking statements, except as required by law or those prepared by third parties that are not paid by the company. The company's SEC filings are available at http://www.sec.gov .
| JAMMIN JAVA CORP. | ||
| BALANCE SHEETS | ||
| July 31, 2013 | January 31, 2013 | |
| (Unaudited) | ||
| Assets | ||
| Current Assets: | ||
| Cash | $ 410,061 | $ -- |
| Restricted cash | -- | 65,382 |
| Accounts receivable | 1,629,165 | 415,721 |
| Notes receivable - related party | 2,724 | -- |
| Inventory | 2,982,303 | -- |
| Prepaid expenses | 364,501 | 173,264 |
| Other current assets | -- | 24,387 |
| Total Current Assets | 5,388,754 | 678,754 |
| Property and equipment, net | 69,808 | 19,705 |
| License agreement | 681,334 | 705,667 |
| Deferred financing costs | -- | 43,490 |
| Other assets | 15,716 | -- |
| Total Assets | $ 6,155,612 | $ 1,447,616 |
| Liabilities and Stockholders' Equity | ||
| Current Liabilities: | ||
| Accounts payable | $ 876,197 | $ 762,663 |
| Accounts payable - related party | -- | 2,258 |
| Accrued expenses | 53,253 | 92,586 |
| Accrued expenses - related party | 84,503 | 30,073 |
| Bank Overdraft | -- | 8,931 |
| Notes payable - Related party | -- | 9,454 |
| Secured promissory note -- net of discount of $-0- and $29,925, respectively | -- | 320,075 |
| Notes payable | 6,207 | -- |
| Derivative liability | -- | 120,006 |
| Total Current Liabilities | 1,020,160 | 1,346,046 |
| Total Liabilities | 1,020,160 | 1,346,046 |
| Stockholders' Equity: | ||
| Common stock, $.001 par value, 5,112,861,525 shares authorized; 95,722,901 and 79,373,546 shares issued and outstanding, as of July 31, 2013 and January 31, 2013, respectively | 97,959 | 79,377 |
| Shares due from Ironridge | (674,450) | -- |
| Additional paid-in-capital | 13,904,488 | 7,081,011 |
| Accumulated deficit | (8,192,545) | (7,058,818) |
| Total Stockholders' Equity | 5,135,452 | 101,570 |
| Total Liabilities and Stockholders' Equity | $ 6,155,612 | $ 1,447,616 |
| JAMMIN JAVA CORP. | ||||
| STATEMENTS OF OPERATIONS | ||||
| Three Months Ended July 31, | Six Months Ended July 31, | |||
| 2013 | 2012 | 2013 | 2012 | |
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |
| Revenue | $1,605,438 | $ 559,485 | $2,422,487 | $ 869,099 |
| Cost of sales: | ||||
| Cost of sales products | 1,133,359 | 492,728 | 1,451,520 | 727,261 |
| Total cost of sales | 1,133,359 | 492,728 | 1,451,520 | 727,261 |
| Gross Profit | $ 472,079 | $ 66,757 | $ 970,967 | $ 141,838 |
| Operating Expenses: | ||||
| Compensation and benefits | 411,996 | 635,066 | 687,153 | 1,210,729 |
| Selling and marketing | 37,719 | 124,994 | 123,932 | 302,772 |
| General and administrative | 416,946 | 277,712 | 868,748 | 493,772 |
| Total operating expenses | 866,661 | 1,037,772 | 1,679,833 | 2,007,273 |
| Other income (expense): | ||||
| Other expense (Including loss on settlement of liabilities of $436,207) | (319,321) | -- | (316,186) | -- |
| Interest income | -- | 103 | -- | 413 |
| Interest (expense) | (1,176) | (15,320) | (108,674) | (15,389) |
| Total other income (expense) | (320,497) | (15,217) | (424,860) | (14,976) |
| Net Loss | $ (715,079) | $ (986,232) | $ (1,133,726) | $ (1,880,411) |
| Net loss per share: | ||||
| Basic and diluted loss per share | $ (0.01) | $ (0.01) | $ (0.01) | $ (0.02) |
| Weighted average common shares outstanding - basic and diluted | 90,108,517 | 76,744,150 | 85,413,315 | 76,744,150 |
Dian Griesel Int'l. 212-825-3210
