SANTA MONICA, CA--(Marketwired - May 16, 2017) - U-Vend, Inc. (OTCQB: UVND) (the "Company"), 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, today announced its financial results for the first quarter ended March 31, 2017.
"Although our results are consistent with our winter seasonality period, we were able to post a 12.4% increase in revenue. Looking forward into 2017, we have significant opportunities before us to capture several additional revenue streams, and we are currently evaluating various capital formation plans to support this growth," stated David Graber, U-Vend, Inc. CEO. "In the meantime, we are receiving tremendous results from our MiniMelts division, and continue to be aggressive with the expansion of our points-of-sale of both our very popular self-serve kiosks and Grab-n-Go merchandisers. The executive team remains focused and committed to the execution of our strategic business plan with a view towards sustainability and increasing value for our shareholders," added Graber.
Select Financial Data Quarter End March 31, 2017
- Revenues for the three months ended March 31, 2017 increased 12.4% to $330,026 as compared to revenue of $293,542 for the three months ended March 31, 2016.
- Gross profits for the first quarter 2017 increased 7.5% to $161,135 as compared to gross profit of $149,926 for the first quarter of 2016.
- Gross margins for the quarter ended March 31, 2017 were relatively flat at approximately 49% as compared to gross margin of 51% for the quarter ended March 31, 2016.
- Net loss for the first quarter of 2017 was $630,961 as compared to a net loss of $488,481 for the first quarter of 2016.
- Basic and diluted net loss per share of ($0.03) per common share for the three months ended March 31, 2017 equaled the ($0.03) net loss per common share for the three months ended March 31, 2016.
