$UVND - Vend, Inc. Posts Over 50% Increase in Revenue For Third Quarter 2016
Company's 2016 Year-to-Date Revenue up Over 74% as Compared to Same Period 2015
SANTA MONICA, CA -- (Marketwired) -- 11/15/16 -- 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 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.
