Splash Beverage Group Reports Second Quarter 2022 Financial Results Revenues Increase 41% Year over Year with $4.8 Million in Gross Sales
15 Août 2022 - 10:00PM
Splash Beverage Group, Inc. (NYSE American:
SBEV) ("Splash"
or the "Company"), a portfolio company of leading beverage brands,
today reported financial results for the second quarter period
ended June 30, 2022. Investors are encouraged to read the Company’s
quarterly report on Form 10-Q which was filed with the Securities
and Exchange Commission (the “SEC”), contains additional
information, and is posted at https://splashbeveragegroup.com/.
Second Quarter Financial Performance
- Record gross sales for the second quarter were $4.8
million compared to $3.4 million in the prior year period, an
increase of 41% over the prior year period. The increase in
revenue were primarily due to increased sales of TapouT and from
e-commerce sales.
- Company reports six new or expanded distribution/sales
agreements with distributors or retailers.
- Second quarter net loss was a total of $2.8 million in cash
items and $3.0 million in non-cash items for $5.8 million. $0.8
million favorable, compared to $6.6 million in the prior year
period.
- As of June 30, 2022, the company had total cash and cash
equivalents of $4.2 million, compared with $4.1 million at December
31, 2021.
Robert Nistico, Splash Beverage Group’s Chairman
and CEO, commented, “Our 2022 second quarter results reflect our
ongoing efforts to grow the business through key distribution
agreements and retail authorizations. We are exactly where we
expected to be mid-year, producing another record quarter, and
added 6 new agreements during the quarter, bringing our total
number of new agreements or authorizations since our key November
announcement to more than 20. We also announced our intention to
acquire Pulpoloco during the quarter, and acquisition which hold to
potential to increase margins as well as open new channels for
revenue growth as we explore the opportunities presented by its
unique packaging with CartoCan.
“We continue to execute a business plan that
relies on 4 key pillars for success. We have a strong
management team, we have a diverse portfolio of brands that match
consumer trends, our marketing strategy continues to yield new
distribution agreements and retail authorizations, and we have the
financial flexibility we need. We look forward to the second
half of 2022.”
About Splash Beverage Group, Inc.Splash
Beverage Group, an innovator in the beverage industry, owns a
growing portfolio of alcoholic and non-alcoholic beverage brands
including Copa di Vino wine by the glass, SALT flavored tequilas,
Pulpoloco sangria, and TapouT performance hydration and recovery
drink. Splash’s strategy is to rapidly develop early-stage brands
already in its portfolio as well as acquire and then accelerate
brands that have high visibility or are innovators in their
categories. Led by a management team that has built and managed
some of the top brands in the beverage industry and led sales from
product launch into the billions, Splash is rapidly expanding its
brand portfolio and global distribution.
For more information visit:
www.SplashBeverageGroup.com www.copadivino.com
www.drinksalttequila.com www.pulpo-loco.com
www.tapoutdrinks.com
Forward-Looking StatementThis press
release includes “forward-looking statements” within the meaning of
U.S. federal securities laws. Words such as “expect,” “estimate,”
“project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,”
“may,” “will,” “could,” “should,” “believes,” “predicts,”
“potential,” “continue” and similar expressions are intended to
identify such forward-looking statements. These forward-looking
statements involve significant risks and uncertainties that could
cause the actual results to differ materially from the expected
results and, consequently, you should not rely on these
forward-looking statements as predictions of future events. These
forward-looking statements and factors that may cause such
differences include, without limitation, the risks disclosed in the
Company’s Annual Report on Form 10-K filed with the SEC on March
31, 2022, and in the Company’s other filings with the SEC. Readers
are cautioned not to place undue reliance upon any forward-looking
statements, which speak only as of the date made. Except as
required by law, the Company disclaims any obligation to update or
publicly announce any revisions to any of the forward-looking
statements contained in this press release.
Contact Information:Splash Beverage
GroupInfo@SplashBeverageGroup.com954-745-5815
Splash Beverage (AMEX:SBEV)
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