Bravo! Foods Announces First Quarter 2002 Financial Results.Business Editors NORTH PALM BEACH, Fla.--(BUSINESS WIRE)--May 15, 2002 Bravo BRAVO Cardiology A clinical trial–Blockade of the GP IIB/IIIA Receptor to Avoid Vascular Occlusion– which evaluated lotrafiban in preventing strokes and acute MI. See GP IIB/IIIA. ! Foods International Corp. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :BRVO BRVO Branch Retinal Venous Occlusion ), a brand marketing company that holds the Looney Tunes(TM) license to manufacture, promote and distribute flavored milk, today announced its financial results for its first quarter ended March 31, 2002. The Company reported gross sales Gross Sales A measure of overall sales that isn't adjusted for customer discounts or returns, calculated simply by adding all sales invoices, and not including operating expenses, cost of goods sold, payment of taxes, or any other charge. of $248,221 compared to $172,091 for the first quarter of 2001. Sequentially, Bravo! Foods' U.S. business grew nineteen percent during the quarter to $221,845. Gross sales in China and Mexico fell short of our internal plan by $67,000 due to the timing of product and kit sales in China and a three-month delay in introducing product in 200 Wal-Mart stores in Mexico. As of today, sales in both countries are back on track. Bravo! Foods reported a quarterly net loss of $485,220 before 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. dividends and non-cash charges Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. or $0.03 per share for first quarter 2002, a decrease of $786,000 or 62 percent from the previous year first quarter level of $1,271,053 or $0.096 per share. The net loss applicable to common stockholders after preferred stock dividends and non-cash charges was $762,000 or $0.05 per share for the current quarter, as compared to a net loss of $1.3 million or $0.10 per share in the first quarter of 2001. The company took a one-time non-cash charge of $236,764 as a result of "deemed dividends" associated with the issuance of its preferred series H in first quarter 2002. Bravo! Foods pressed on with the implementation of its new business model of branding, marketing, packaging design and promotion of its flavored fresh milk products using the Looney Tunes(TM) characters. During the quarter, the Company announced its agreement with Jasper Products, an industry leader in the production and distribution of protein based nutritional beverages, to produce and distribute its extended shelf life products to Publix Supermarket's 696 stores. Bravo! Foods also received the "The Best of Show" award in the flavored milk category in the 2002 Awards of the Americas nation food taste test. More recently, the Company announced its distribution arrangement with Winn-Dixie's supermarket chain of 1,174 stores. Bravo! Foods' management team continues to make significant progress in the national rollout of its products. The Company also recently reported a relationship with Pan American Food Brokers Inc., a manufacturers representatives/sales agent of grocery, dairy and frozen items to the retail food industry. "We are highly encouraged by the reception Bravo! Foods products have received by supermarket chains, nationwide. Our goal was to be in 25% of U.S. supermarkets by June, and we have already beaten that schedule by one month," said Roy Warren, Bravo! Foods' CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "We have now adjusted our goal upward to place our products in 50% of supermarkets within the next six months. To help achieve our targets, our marketing team is aggressively pursuing opportunities to quickly establish our product branding. We are the beverage sponsor for the Warner Bros BROS Brothers BROS Benefits and Retirement Operations Section (King County, Washington) BROS Barnes and Richmond Operatic Society (London, UK) . Consumer Products Taz Atti-Tour. This involves a nineteen-city tour in which our products are being sampled by youths attending the extreme sporting events. The 2002 Taz Atti-Tour is rolling into select Wal-Mart stores and weekend hotspots." John McCormack This article is about the Irish tenor. For other people of the same name, see John McCormack (disambiguation). John McCormack (14 June, 1884 - 16 September, 1945), was a world-famous Irish tenor in the fields of opera and popular music, and renowned for , president and chief operation officer commented, "We also focused on cost containment cost containment, n the features of a dental benefits program or of the administration of the program designed to reduce or eliminate certain charges to the plan. during the quarter, as we push closer toward profitability. We are steadfast on achieving this near-term goal. Our improved business model leads to higher gross margins. Retaining control of sales and marketing has enabled us to more effectively plan product introductions and maximize market penetration Noun 1. market penetration - the extent to which a product is recognized and bought by customers in a particular market penetration - the act of entering into or through something; "the penetration of upper management by women" . The launch of our extended shelf life products has provided further impetus to our distribution successes." Company Guidance We anticipate that during 2002, Bravo! Foods International Corp. will achieve cash-flow break even by third quarter and exit the year clearly in the black. By fourth quarter our plan calls for $0.02 earnings per share and revenues in the range of $1,000,000 to $1,200,000. As we look out into 2003, we see our momentum continuing to build at 20 percent sequential revenue growth rate off the fourth quarter 2002 base. Conference Call The company has scheduled a conference call to discuss the first quarter financial results and guidance with the investment community for 4:30 p.m. (EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT ) today. Conference Call Details: Date/Time: Wednesday, May 15, 2002 4:30p.m. (EST) Telephone Number: 1-800-288-8968 For International Calls: 1-612-332-0720 Conference Name: "Bravo! Foods" It is recommended that participants call at least 10 minutes before the call is scheduled to begin. The conference call can also be accessed on the Internet through AT&T at http://65.197.1.5/att/confcast. Enter Conference ID# 638970. Then click Go. A replay of the conference call in its entirety The whole, in contradistinction to a moiety or part only. When land is conveyed to Husband and Wife, they do not take by moieties, but both are seised of the entirety. will be available approximately one hour after its completion for 48 hours thereafter by calling: Domestically: 1-800-475-6701 International: 1-320-365-3844 Access Code: 638970 About Bravo! Foods Bravo! Foods holds a license from Warner Bros. Consumer Products to utilize the Looney Tunes(TM) characters and names on milk products throughout the fifty U.S. States A U.S. state is any one of the fifty subnational entities of the United States, although four states use the official title "commonwealth". The separate state governments and the federal government share sovereignty, in that an American is a citizen both of the federal entity and , Puerto Rico Puerto Rico (pwār`tō rē`kō), island (2005 est. pop. 3,917,000), 3,508 sq mi (9,086 sq km), West Indies, c.1,000 mi (1,610 km) SE of Miami, Fla. , the U.S. Virgin Islands, China and Mexico. The milk is available in the U.S. through production agreements with regional dairies. It is currently available in retail outlets retail outlet n → punto de venta retail outlet n → point m de vente retail outlet retail n → in the following thirty-two states: Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Illinois, Kentucky, Maine, Maryland, Massachusetts, Minnesota, Mississippi, Missouri, Nevada, New Hampshire New Hampshire, one of the New England states of the NE United States. It is bordered by Massachusetts (S), Vermont, with the Connecticut R. forming the boundary (W), the Canadian province of Quebec (NW), and Maine and a short strip of the Atlantic Ocean (E). , New Mexico New Mexico, state in the SW United States. At its northwestern corner are the so-called Four Corners, where Colorado, New Mexico, Arizona, and Utah meet at right angles; New Mexico is also bordered by Oklahoma (NE), Texas (E, S), and Mexico (S). , North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. , North Dakota North Dakota, state in the N central United States. It is bordered by Minnesota, across the Red River of the North (E), South Dakota (S), Montana (W), and the Canadian provinces of Saskatchewan and Manitoba (N). , Ohio, Oregon, Pennsylvania, Rhode Island Rhode Island, island, United States Rhode Island, island, 15 mi (24 km) long and 5 mi (8 km) wide, S R.I., at the entrance to Narragansett Bay. It is the largest island in the state, with steep cliffs and excellent beaches. , South Dakota South Dakota (dəkō`tə), state in the N central United States. It is bordered by North Dakota (N), Minnesota and Iowa (E), Nebraska (S), and Wyoming and Montana (W). , Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia Washington is a census-designated place (CDP) in Wood County, West Virginia, along the Ohio River. The population was 1,170 at the 2000 census. The CDP is home to the Washington Works, one of the largest single facilities of chemicals manufacturing giant DuPont. and Wisconsin. Through Bravo!'s agreement with the Quality Chekd dairy co-op, a region by region rollout of Looney Tunes(TM) brand flavored milk will continue. LOONEY TUNES, characters, names and all related indicia Signs; indications. Circumstances that point to the existence of a given fact as probable, but not certain. For example, indicia of partnership are any circumstances which would induce the belief that a given person was in reality, though not technically, a member of a given are trademarks of and(c)Warner Bros. (s01) Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. under the Private Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Reform Act of 1995 This release may contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties, including but not limited to, statements concerning the company's future operating results, the expected stronger market conditions in the second half of the year, the company's expected results of operations for the third and fourth quarters of 2002, and the projected growth rate for 2003. Actual results may differ materially from the results predicted. Important factors, which could cause actual results to differ materially from those expressed or implied in the forward-looking statements are detailed under "Risk Factors" in filings with the Securities and Exchange Commission made from time to time by Bravo! Foods International Corp., including its Annual Reports on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. , its quarterly reports on Form 10-Q Form 10-Q See 10-Q. , and its current reports on Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. . Other factors that could cause our actual results to differ materially from those expressed or implied in the forward-looking statements include the following risks: regulatory approval process, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties. Bravo! Foods International Corp. undertakes no obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or occurring after the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" or to reflect the occurrence of unanticipated events.
Consolidated Balance Sheet
December 31, March 31,
2001 2002
---------- ----------
Assets
Current assets:
Cash and cash equivalents $ 232,040 $ 21,908
Accounts receivable 152,682 192,573
Other receivable 17,178 16,634
Advance to vendor 20,998 20,998
Inventories 91,403 90,799
Deferred interest 521 --
Prepaid expenses 23,585 30,782
---------- ----------
Total current assets 538,407 373,694
Furniture and equipment, net 123,099 112,438
License rights, net 433,709 352,222
Deposits 10,000 10,000
---------- ----------
Total assets $1,105,215 $ 848,354
========== ==========
Liabilities and Shareholders' Equity
Current liabilities:
Notes payable to individual lenders $ 350,000 $ 100,000
Current portion of note payable 187,743 187,743
Current portion of note payable
to Warner Brothers 473,750 315,853
Other payables 780,492 809,631
Accrued liabilities 575,019 477,613
---------- ----------
Total current liabilities 2,367,004 1,890,840
---------- ----------
Dividends payable 280,370 270,207
---------- ----------
Long-term liabilities 280,370 270,207
---------- ----------
Total liabilities 2,647,374 2,161,047
---------- ----------
Commitments and contingencies
Shareholders' Equity (Note 2):
Series B convertible, 9% cumulative, and
redeemable preferred stock, stated value
$1.00 per share, 1,260,000 shares authorized,
107,440 and 107,440 shares issued and
outstanding, redeemable at $107,440 107,440 107,440
Series D convertible, 6% cumulative and
redeemable preferred stock, stated value
$10.00 per share, 87,500 and 58,750 shares
issued and outstanding 853,432 573,017
Series F convertible and redeemable preferred
stock, stated value $10.00 per share, 174,999
and 174,999 shares issued and outstanding 1,616,302 1,616,302
Series G convertible, 8% cumulative and
redeemable preferred stock, stated value
$10.00 per share, 93,335 and 90,060 shares
issued and outstanding 829,704 800,591
Series H convertible and redeemable
preferred stock, stated value $10.00 per
share, 105,500 and 175,500 shares issued
and outstanding 465,200 939,686
Common stock, par value $0.001 per
share, 20,000,000 shares authorized,
14,681,008 and 16,121,909 shares issued
and outstanding 14,681 16,122
Additional paid-in capital 16,028,979 16,853,105
Accumulated deficit (21,457,425) (22,218,956)
Translation adjustment (472) -
---------- ----------
Total shareholders' equity (1,542,159) (1,312,693)
---------- ----------
Total liabilities and shareholders' equity 1,105,215 848,354
========== ==========
Income Statement
Three Months Ended
March 31,
2001 2002
---------- ----------
(Unaudited) (Unaudited)
Revenue $ 172,091 $ 248,221
Cost of revenue 123,096 4,483
---------- ----------
Gross profit 48,995 243,738
Selling expenses 76,242 10,286
General and administrative expense 1,229,254 707,567
---------- ----------
Loss from operations (1,256,501) (474,115)
Other income (expense)
Interest expense, net (14,552) (9,737)
Other expenses -- (1,368)
---------- ----------
Loss before income taxes (1,271,053) (485,220)
Income tax provision -- --
---------- ----------
Net loss (1,271,053) (485,220)
Dividends accrued for Series B
preferred stock (2,417) (2,417)
Dividends paid and accrued for Series D
preferred stock (16,538) (10,202)
Dividends accrued for Series G preferred stock (20,000) (16,321)
Dividends accrued for Series H preferred stock -- (247,371)
---------- ----------
Net loss applicable to common shareholders $(1,310,008) $ (761,531)
---------- ----------
Weighted average number of common
shares outstanding 13,195,414 15,570,010
---------- ----------
Basic and diluted loss per share $ (0.10) $ (0.05)
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