Bev Tyme announces 2nd quarter results.BROOKLYN, N.Y.--(BUSINESS WIRE)--Aug. 26, 1996--Bev Tyme Inc. reported net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight totalling $5.0 million for the second quarter ended June 30, 1996 vs. $3.3 million in last year's second quarter, an increase of 52.8 percent. Gross profit for the period was $1,071,000 or 22 percent of sales, compared with a gross profit of $500,000 or 16 percent of sales for 1995. Gross profit for the period increased 114 percent compared with last year's second quarter. Total operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. were $1,571,000, compared with $1,074,000 resulting in a net loss of $513,000 or six cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. in this year's second quarter vs. a loss of $588,000 or 13 cents per share in 1995. Robert J. Sipper sip v. sipped, sip·ping, sips v.tr. 1. To drink in small quantities. 2. To drink from in sips. v.intr. To drink something in sips. n. 1. , president and chief executive officer, commented, "The second quarter loss includes approximately $548,000 of non-cash amortization costs, which translates into an operations profit of $47,000 for the quarter." Sipper added, "We are very happy with our recent expansion. The addition of City Club Soda soda: see sodium carbonate. SODA - Symbolic Optimum DEUCE Assembly Program has enabled us to penetrate many new markets. We are in the process of integrating our other brands into the City Club accounts. Our customer base has increased from 3,500 accounts to over 6,000 accounts. Bev Tyme Inc. develops and markets beverages and Mootch & Muck Inc. distributes and markets beverage and snack products in the New York metropolitan area New York–Northern New Jersey–Long Island is the most populous metropolitan area in the United States and the third most populous in the world, after Tokyo and Mexico City. . Bev Tyme is traded on the NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on Small-Cap Market using the symbols BEVTC for common stock, BEVTP for Series C preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. and BEVTZ for Series C preferred stock purchase warrants. -0-
Bev Tyme Inc.
Condensed Consolidated Statement of Operations
Three Months Ended
June 30
1996 1995
Net Sales 5,023,796 3,285,933
Total Cost of Goods Sold 3,952,709 2,785,851
Gross Profit 1,071,087 500,082
Total selling, public
relations and general and
administrative expenses 1,571,766 1,074,190
(Loss) from operations (500,679) (574,108)
Other (Income) expense-net 12,728 (14,419)
Net (Loss) (513,407) (588,527)
Net (Loss) per share (.06) (.13)
Weighted Average number of
shares 9,242,209 4,387,759
-0-
Bev Tyme Inc.
Consolidated Balance Sheet Data
June 30, 1996
Total assets 7,848,394 Total Liabilities 4,066,328 Shareholders' Equity 3,782,066 CONTACT: Bev Tyme Inc., Brooklyn Robert Sipper, 718/894-4300 |
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