U-VEND ANNOUNCES 2016 RESULTS. 50% PROFIT MARGINS INCREDIBLE.
SANTA MONICA, CA--(Marketwired - Apr 17, 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 year ended December 31, 2016.
"Last year marked a transition year for U-Vend. The introduction of the wholesale grab-and-go distribution strategy doubled points of sale and proved strong sell-through in a non-vending format. This is a high cash-on-cash return approach which may be replicated in new markets as the company focuses on expansion in 2017 and beyond," stated David Graber, CEO of U-Vend, Inc. "I am very much looking forward to focusing the continuation of U-Vend's growth with our existing products as well as new brands in development. The number one priority for our future is product and market expansion and profitability," added Graber.
Select Financial Data Year Ended December 31, 2016
Revenues for the twelve months ended December 31, 2016 increased 60.2% to $1,428,045 as compared to revenue of $891,227 for the twelve months ended December 31, 2015
Gross profits for the year ended December 31, 2016 increased 103% to $714,175 as compared to gross profit of $351,228 for the year ended December 31, 2015
Gross margin for the year ended December 31, 2016 increased to 50% as compared to gross margin of 39% for the year ended December 31, 2015
Net loss for the year ended December 31, 2016 increased 27% to $2,607,461 as compared to a net loss of $2,050,574 for the year ended December 31, 2015
Basic and diluted net loss per share of ($0.13) per common share for the twelve months ended December 31, 2016 compares to the ($0.15) net loss per common share for the twelve months ended December 31, 2015
