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$VPRB: NEWS out........ Q3-YoY Sales up 66%
VPR Brands LP Announces Increase in Sales Revenue up 66% Year over Year in Third Quarter
FORT LAUDERDALE, Fla., Nov. 16, 2021 /PRNewswire/ -- VPR Brands LP (OTC:VPRB) a market leading supplier and patent holder for electronic cigarettes or vaporizers for nicotine, cannabis and cannabidiol (CBD) and other related smoking accessories such as pocket lighters has reported quarterly and year to date sales and earnings for the period ending September 30th 2021.
"Our sales momentum continues to build and is solid, we are on track to have our best year ever in 2021" Says Kevin Frija CEO of VPR Brands LP " We are excited to see how this year ends."
Gross Revenue up 66% in Q 3 of $1,651,215 in 2021 from $993,509 in 2020
Company's Net loss for Q 3 $48,415 in 2021 cut in half from $102,652 in 2020
Net Profit of $114,721 year to date in 2021 from a Net loss of $574,596 in 2020
Results of Operations for the Three Months Ended September 30, 2021 Compared to the Three Months Ended September 30, 2020.
Revenues
Our revenues for the three months ended September 30, 2021 and 2020 were $1,651,215 and $993,509, respectively. The increase was a result of an industry-wide health-related crisis that hampered sales significantly in 2020.
Cost of Sales
Cost of sales for the three months ended September 30, 2021 and 2020 was $1,114,202 and $562,057, respectively. Gross margins decreased to 33% in 2021 compared to 43% in 2020 due to an increase in wholesale and private label sales in 2021 compared to the same period in 2020 offset by increases in both raw materials and shipping costs as compared to the same period in 2020.
Operating Expenses
Operating expenses for the three months ended September 30, 2021 were $489,061 as compared to $393,196 for the three months ended September 30, 2020. The increase in expenses is primarily due to increased sales activity in 2021.
Other ExpenseInterest expense decreased to $96,366 for the three months ended September 30, 2021 as compared to $140,908 for the three months ended September 30, 2020 due to less interest expense recognized on related party loans in 2021. During 2020, there were more active loans accruing interest than in 2020.
Net Loss
Net loss for the three months ended September 30, 2021 was $48,414 compared to a net loss of $102,652 for the three months ended September 30, 2020.
Results of Operations for the Nine Months Ended September 30, 2021 Compared to the Nine Months Ended September 30, 2020 Revenues Our revenues for the nine months ended September 30, 2021 and 2020 were $4,612,992 and $2,797,512, respectively. The increase was a result of an industry-wide health-related crisis that hampered sales significantly in 2020,. Cost of Sales Cost of sales for the nine months ended September 30, 2021 and 2020 was $2,740,518 and $1,699,876, respectively. Gross margins increased to 41% in 2021 compared to 39% in 2020, due to pricing pressures from the decreased demand related to the industry crisis in 2020.
Operating Expenses
Operating expenses for the nine months ended September 30, 2021 were $1,484,858 as compared to $1,242,671 for the nine months ended September 30, 2020. The increase in expenses is primarily due to increased sales activity in 2021.
Other Expense
Interest expense decreased to $272,894 for the nine months ended September 30, 2021 as compared to $429,561 for the nine months ended September 30, 2020 due to more active loans in 2020.
Net Loss
Net income for the nine months ended September 30, 2021 was $114,721 compared to a net loss of $574,596 for the nine months ended September 30, 2020You can read the entire Form 10-Q here: VPR Brands, LP. (Form: 10-Q, Received: 11/15/2021 17:28:54) (otcmarkets.com)
About VPR Brands, LP:
VPR Brands is a technology company, whose assets include issued U.S. and Chinese patents for atomization related products including technology for medical marijuana vaporizers and electronic cigarette products and components as well as lighters. The company is also engaged in product development for the vapor or vaping market, including e-liquids, vaporizers and electronic cigarettes (also known as e-cigarettes) which are devices which deliver nicotine and or cannabis through atomization or vaping, and without smoke and other chemical constituents typically found in traditional products. For more information about VPR Brands, please visit the company on the web at www.vprbrands.com.
Forward-Looking Statements This news release contains statements that involve expectations, plans or intentions, and other factors discussed from time to time in the Company's Securities and Exchange Commission filings. These statements are forward-looking and are subject to risks and uncertainties, so actual results may vary materially. The Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date made. The Company disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
Contact Information:
VPR Brands LP
Kevin Frija CEO
+1 (954) 715-7001
Info@VPRBrands.com
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