SANTA MONICA, CA--(Marketwired - Nov 24, 2014) - U-Vend, Inc. (OTCQB: UVND) (the "Company"), a consumer products and technology company that develops, distributes and markets next-generation self-serve electronic kiosks in a variety of retail environments across North America, today announced the filing of their financial results for the three and nine months ended September 30, 2014.
"The focus of U-Vend remains on the expansion of our retail kiosk distribution points and technology integration with our well-known consumer products partners. We now have operating facilities in Chicago and Los Angeles and are poised to continue our U.S. growth," stated Raymond Meyers, CEO of U-Vend, Inc.
Financial Highlights for Three- and Nine-Month Period Ended September 30, 2014
- Revenues for the third quarter 2014 were $86,530, and $182,166 for the nine months ended September 30, 2014, versus no revenue in the comparable periods of 2013.
- Sequential revenue growth over second quarter 2014 was 39%, reflective of the expansion of the Company's installed self-serve kiosk base.
- Gross margins remained consistent, above the 40% range for both the third quarter 2014 and nine months ended September 30, 2014.
- The Company continues to invest in infrastructure and expansion costs and is expected to continue these investments in 2015. As a result, the Company reported a loss of ($0.03) per share for the third quarter, an improvement from the second quarter loss of ($0.07) per share.
- Net loss for the nine months ended September 30, 2014 was approximately $1,452,000 reflecting a loss of ($0.18) per share. Included in this loss was approximately of $815,000 of non-cash expenses for acquisition activities, depreciation, amortization, and stock based compensation. Full report.
