Another excellent quarter
Thursday October 28, 9:38 am Eastern Time
Company Press Release
Urban Juice Reports Third Quarter Sales Up 147%
Gross Margin Up 1040 Basis Points
VANCOUVER, British Columbia--(BUSINESS WIRE)--Oct. 28, 1999-- Urban Juice(VSE:UJS - news) Urban Juice & Soda
Company Ltd. (the ''Company'' or ''Urban''), today announced financial results for the third fiscal quarter and nine months ended
September 30, 1999.
Consolidated sales for the third quarter increased 147% to $5,137,378 compared to $2,078,076 for the third quarter of fiscal 1998.
Net income was $43,548 versus a loss of ($673,413) in the same period last year, and earnings per share were $.01 versus a loss
per share of ($0.06) in the third quarter of fiscal 1998.
Net sales for the nine months also increased 147% to $13,401,006 from $5,418,045 for the same nine months of fiscal 1998. The
Company experienced a net loss of ($250,240) or ($0.01) per share for the nine month period in 1999, versus a net loss of
($1,588,833) or ($0.13) per share for the same period last year.
Gross margin improved 1040 basis points during the quarter to 36.1% versus 25.7% for the same period last year. Increasing
volume efficiencies generated the gross margin expansion. Operating expenses as a percentage of sales fell to 36.1% compared to
56.7% for the third quarter of 1998.
Peter van Stolk, President & C.E.O commented, ''We are extremely pleased with our performance, which marks the second
consecutive quarter of profitability for the Company. Case sale increases of Jones Soda are enabling it to be recognized as a solid
brand within the industry. Due to continued increases in case sales as well as the Company's improving operating performance, we
are now in a position to attract seasoned beverage professionals to supplement the management team and continue to build on our
success of 1999.''
Headquartered in Vancouver, Canada, Urban Juice & Soda Company Ltd. manufactures its Jones Soda and Wazu Natural Spring
Water brands through its distribution network in select markets across North America. A leader in the premium soda category,
Jones Soda is known for its innovative labeling technique that incorporates always-changing photos sent in from its consumers.
Jones Soda is sold through traditional beverage retailers and everywhere you'd never expect to find a soda!
URBAN JUICE & SODA COMPANY LTD.
CONSOLIDATED INCOME STATEMENT
(Unaudited - $CDN)
($CDN)
Three Months Ended Nine Months Ended
September 30, September 30,
1999 1998 1999 1998
Net Sales $ 5,137,378 $ 2,078,076 $13,401,006 $ 5,418,045
Cost of Goods
Sold 3,284,389 1,544,422 8,968,682 3,932,311
Gross Profit 1,852,989 533,654 4,432,324 1,485,734
Gross Margin 36.1% 25.7% 33.1% 27.4%
Operating Expenses:
Promotion and
Selling 1,277,578 718,193 3,102,314 1,861,696
General & Admin. 496,903 403,042 1,385,077 1,057,424
Dep'n &
Amortization 81,228 56,980 238,113 164,460
Total operating
expenses 1,855,709 1,178,215 4,725,504 3,083,580
Operating income
(loss) (2,720) (644,561) (293,180) (1,597,846)
Other income
(expense) 46,268 (28,852) 42,940 9,013
Net income (loss) 43,548 (673,413) (250,240) (1,588,833)
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Earnings (loss)
per share $0.01 ($0.06) ($0.01) ($0.13)
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URBAN JUICE & SODA COMPANY LTD.
CONSOLIDATED BALANCE SHEET
Third Quarter Ended September 30, 1999
($CDN)
Sept. 30, Sept. 30,
1999 1998
ASSETS
Current Assets $6,508,265 $2,954,230
Capital Assets 865,893 872,156
Intangible Assets 425,522 574,498
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$7,799,680 $4,400,884
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities $3,168,202 $1,746,463
Long Term Debt 100,124 -
Shareholders' Equity 4,531,354 2,654,421
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$7,799,680 $4,400,884
The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy of the content of the
information herein.
Contact:
Urban Juice & Soda Company Ltd.
Jennifer Cue, 604/654-6055
Email: jencue@urbanjuice.com
Website: www.urbanjuice.com |
