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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Healthier Choices Management Corporation (PK) | USOTC:HCMC | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.000099 | 9,900.00% | 0.0001 | 0.000001 | 0.0001 | 0.0001 | 0.000001 | 0.000001 | 110,033,910 | 20:59:27 |
DANIA BEACH, Fla., Nov. 16, 2015 /PRNewswire/ -- Vapor Corp. (NASDAQ CM: VPCO, VPCOU) ("Vapor" or the "Company"), a leading U.S.-based distributor and retailer of vaporizers, e-liquids and e-cigarettes, today announced its financial and operating results for the third quarter ended September 30, 2015.
Third Quarter 2015 Financial Highlights
"We have delivered on our expansion strategy by opening and acquiring 11 additional vape retail stores, further strengthening our position in this vast growing industry. We currently operate a total of 21 retail locations, with each new store contributing to the growth of our revenue and putting us on the path towards profitability. As we achieved a higher gross profit during the quarter, we are continuing to invest and build out our retail footprint," said Jeff Holman, Chief Executive Officer of Vapor Corp.
Gina Hicks, Chief Financial Officer of Vapor Corp, added, "With effective management of our retail store expansion and cost control, the Company's gross profit has grown during this quarter. Retail store sales represented 52% of our total quarterly net sales, and with the addition of retail stores we anticipate the retail sales will continue to grow".
Recent Business Highlights
Non-GAAP Financial Measure
This press release includes both financial measures in accordance with Generally Accepted Accounting Principles, or GAAP, as well as a non-GAAP financial measure. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position or cash flows that either excludes or includes amounts that are not normally included or excluded in the most directly comparable measure calculated and presented in accordance with GAAP. Non-GAAP financial measures should be viewed as supplemental to, and should not be considered as alternatives to net income (loss), operating income (loss), and cash flows from operating activities, liquidity or any other financial measures. They may not be indicative of the historical operating results of Vapor nor are they intended to be predictive of potential future results. Investors should not consider non-GAAP financial measures in isolation or as substitutes for performance measures calculated in accordance with GAAP.
Our management uses and relies on Adjusted EBITDA, a non-GAAP financial measure, we define as net loss allocable to common shareholders before interest expense, income taxes, depreciation and amortization, stock-based compensation, non-cash change in fair value of derivatives, non-recurring acquisition, offerings, restructuring, or other expenses, loss on debt extinguishment, loss on sale or abandonment of assets, and goodwill impairment, if any. We believe that both management and shareholders benefit from referring to the following non-GAAP financial measure in planning, forecasting and analyzing future periods. Our management uses this non-GAAP financial measure in evaluating its financial and operational decision making and as a means to evaluate period-to-period comparison. Our management recognizes that the non-GAAP financial measure has inherent limitations because of the excluded items described below.
We have included a reconciliation of our non-GAAP financial measure to the most comparable financial measures calculated in accordance with GAAP. We believe that providing the non-GAAP financial measure, together with the reconciliation to GAAP, helps investors make comparisons between Vapor and other companies. In making any comparisons to other companies, investors need to be aware that companies use different non-GAAP measures to evaluate their financial performance. Investors should pay close attention to the specific definition being used and to the reconciliation between such measure and the corresponding GAAP measure provided by each company under applicable SEC rules.
About Vapor Corp.
Vapor Corp., a NASDAQ company, is a U.S. based distributor and retailer of vaporizers, e-liquids and electronic cigarettes. It recently acquired the retail store chain "The Vape Store" as part of a merger with Vaporin, Inc. The Company's innovative technology enables users to inhale nicotine vapor without smoke, tar, ash or carbon monoxide. Vapor Corp. has a streamlined supply chain, marketing strategies and wide distribution capabilities to deliver its products. The Company's brands include VaporX®, Krave®, Hookah Stix® and Vaporin™ and are distributed to retail stores throughout the U.S. and Canada. The Company sells direct to consumer via e-commerce and Company-owned brick-and-mortar retail locations operating under "The Vape Store" brand.
Safe Harbor Statement
This press release includes forward-looking statements including statements regarding future profitability, opening up to 20-30 new vape stores and minimizing future product returns. The words "believe," "may," "estimate," "continue," "anticipate," "intend," "should," "plan," "could," "target," "potential," "is likely," "will," "expect" and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. The results anticipated by any or all of these forward-looking statements might not occur. Important factors that could cause actual results to differ from those in the forward-looking statements include a shift in consumer preferences, contractual difficulties which adversely affect Vapor's acquisition strategy and future federal and/or state regulation regarding vaporizers and tobacco alternatives. Further information on our risk factors is contained in our filings with the SEC, including the Prospectus dated July 23, 2015. We undertake no obligation to publicly update or revise any forward-looking statements, whether as the result of new information, future events or otherwise.
For the Three Months Ended |
|||||
2015 |
2014 |
2015 to 2014 | |||
(Unaudited) |
(Unaudited) |
||||
SALES: |
|||||
Wholesale and online sales, net |
$ 1,894,822 |
$ 2,673,926 |
$ (779,104) | ||
Retail sales, net |
984,323 |
- |
984,323 | ||
Total Sales |
2,879,145 |
2,673,926 |
205,219 | ||
Cost of sales wholesale and online |
1,517,327 |
2,026,422 |
(509,095) | ||
Cost of sales retail |
343,528 |
- |
343,528 | ||
GROSS PROFIT |
1,018,290 |
647,504 |
370,786 | ||
EXPENSES: |
|||||
Advertising |
101,088 |
671,817 |
(570,729) | ||
Selling, general and administrative |
3,364,475 |
2,626,638 |
737,837 | ||
Retail kiosk closing cost |
430,334 |
- |
430,334 | ||
Total operating expenses |
3,895,897 |
3,298,455 |
597,442 | ||
Operating loss |
(2,877,607) |
(2,650,951) |
(226,656) | ||
OTHER INCOME (EXPENSES): |
|||||
Costs associated with underwritten offering |
(5,279,003) |
- |
(5,279,003) | ||
Amortization of debt discounts |
(67,797) |
- |
(67,797) | ||
Amortization of deferred financing costs |
(32,857) |
- |
(32,857) | ||
Loss on debt extinguishment |
(1,544,044) |
- |
(1,544,044) | ||
Non-cash change in fair value of derivatives |
45,209,758 |
- |
45,209,758 | ||
Stock-based expense in connection with waiver agreements |
(1,757,420) |
- |
(1,757,420) | ||
Interest income |
7,183 |
- |
7,183 | ||
Interest expense |
(23,244) |
(8,107) |
(15,137) | ||
Interest expense-related party |
(10,212) |
- |
(10,212) | ||
Total other income (expense) |
36,502,364 |
(8,107) |
36,510,471 | ||
Income (loss) before for income tax benefit |
33,624,757 |
(2,659,058) |
36,283,815 | ||
Income tax benefit (expense) |
- |
(2,177,057) |
2,177,057 | ||
NET INCOME (LOSS) |
33,624,757 |
(4,836,115) |
38,460,872 | ||
Deemed dividend |
(38,068,021) |
- |
(38,068,021) | ||
NET LOSS ALLOCABLE TO COMMON SHAREHOLDERS |
$ (4,443,264) |
$ (4,836,115) |
$ 392,851 |
For the Three Months Ended | |||
2015 |
2014 | ||
(Unaudited) |
(Unaudited) | ||
Reconciliation of Adjusted EBITDA to net loss allocable to common stockholders: |
|||
NET LOSS ALLOCABLE TO COMMON SHAREHOLDERS |
$ (4,443,264) |
$ (4,836,115) | |
Interest |
33,456 |
8,107 | |
Income tax benefit (expense) |
- |
2,177,057 | |
Depreciation and Amortization |
139,971 |
6,937 | |
Costs associated with underwritten offering |
5,279,003 |
- | |
Deemed dividend |
38,068,021 |
- | |
Non-cash change in fair value of derivatives |
(45,209,758) |
- | |
Stock-based expense in connection with waiver agreements |
1,757,420 |
- | |
Loss on debt extinguishment |
1,544,044 |
- | |
Amortization of debt discounts and deferred financing costs |
100,654 |
- | |
Stock-based compensation expense |
75,313 |
391,236 | |
Retail kiosk closing costs |
430,334 |
- | |
Adjusted EBITDA |
$ (2,224,806) |
$ (2,252,778) |
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/vapor-corp-reports-third-quarter-2015-results-300179584.html
SOURCE Vapor Corp.
Copyright 2015 PR Newswire
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