SANTA MONICA, CA--(Marketwired - Nov 15, 2016) - U-Vend, Inc. announced the financial results for the Company's fiscal quarter and nine months ended September 30, 2016.
"Crossing the million dollar revenue mark is certainly a milestone for our Company and validates that our expansion initiatives are being executed successfully," stated Raymond Meyers, CEO of U-Vend, Inc. "During the third quarter, we placed over 130 Mini Melt merchandiser freezers in our regions through our popular 'Grab It-Taste It-Love It' program, continued to optimize the placement of our 140 traditional Mini Melts vending kiosks, and launched several unique pilot marketing programs with a prestigious entertainment venue in our Las Vegas region. In addition, work has continued on the development of our major league sports-themed products and the integration of our digital advertising platform," added Meyers.
Select Financial Data for Three and Nine Months Ended September 30, 2016
- Revenues for the three month ended September 30, 2016 increased over 50% to $414,842 as compared to revenue of $275,266 for the three months ended September 30, 2015. As of September 30, 2016, the Company had 140 electronic self-serve vending kiosks and over 130 "Grab It-Taste It-Love It" merchandiser freezers installed in our Southern California and Las Vegas regions.
- Gross profits for the quarter ended September 30, 2016 increased approximately 140% to $209,438 as compared to gross profit of $87,567 for the quarter ended September 30, 2015.
- Operating expenses for the quarter ended September 30, 2016 increased approximately 35% to $932,464, as compared to operating expenses of $690,080 for the quarter ended September 30, 2015.
- Net loss for the quarter ended September 30, 2016 was $953,514 as compared to a net loss of $619,039 for the quarter ended September 30, 2015.
- Revenues for the nine month ended September 30, 2016 increased 74.5% to $1,089,865 as compared to revenue of $624,478 for the nine months ended September 30, 2015.
- Operating expenses for the nine months ended September 30, 2016 were $2,188,852 as compared to operating expenses of $1,450,649 for the nine months ended September 30, 2015.
- Net loss for the nine months ended September 30, 2016 was $2,011,864 as compared to a net loss of $1,431,764 for the nine months September 30, 2015.
A full analysis of results for the three and nine months ended September 30, 2016 is available in the Company's Form 10-Q, 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.
