I agree this is going to be a very positive year :)
Thursday July 29, 9:28 am Eastern Time
Company Press Release
Urban Juice & Soda Announces Second Quarter
Financial Results, Total net sales up 174 Percent
Gross margin up 720 basis points
VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--July 29, 1999-- Urban Juice(VSE:UJS. - news) Urban Juice
& Soda Company Ltd. (the ''Company'' or ''Urban''), today announced financial results for the second fiscal quarter and six
months ended June 30, 1999.
Consolidated sales for the second quarter increased 174 percent to $5,413,907, compared to $1,978,790 for the second
quarter of fiscal 1998. The increase in sales was fueled primarily to substantially higher sales through the Company's existing
distributors as well as the addition of new retailers. Net income was $143,916 versus a loss of ($578,061) in the same period
last year, and earnings per share were $0.01 versus a loss per share of ($0.04) in the second quarter of fiscal 1998.
Net sales for the six months increased 147 percent to $8,263,627, compared to $3,339,969 for the corresponding six months
of fiscal 1998. The company experienced a net loss of ($293,788) or ($0.02) per share for the six month period in 1999,
versus a net loss of ($915,420) or ($0.08) for the same period last year.
Gross margins improved 720 basis points during the quarter from 32.7 percent versus 25.5 percent for the same period last
year. The gross margin expansion was a function of total company focus, as well as increased economies of scale. Operating
expenses as a percentage of sales fell to 30.7 percent compared to 54.6 percent for the second quarter of fiscal 1998, driven
by increased leverage on higher sales.
Peter van Stolk President & CEO commented, ''We are very pleased with our performance in the quarter, particularly our
sales and earnings results, and this strong momentum continues into July. Our significant top line growth is a testament to the
continued growth of the Jones brand and the distributors' and retailers' heightened commitment to our brand.
Mr. Van Stolk concludes, ''We are very excited about our future. Jones Soda is proving that it has all of the components
required to become a successful player in the North American New Age beverage industry.'' He continues, ''our team realizes
that Jones Soda is now just at the starting gate to achieve our goals. We are committed, focused and determined that Jones
Soda will achieve similar success as other New Age category leaders.''
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. (See
attached Exhibits)
URBAN JUICE & SODA COMPANY LTD.
CONSOLIDATED INCOME STATEMENTS
(Unaudited - $CDN)
($CDN) Three Months Ended Six Months Ended
June 30, June 30,
1999 1998 1999 1998
Net Sales $ 5,413,907 $ 1,978,790 $8,263,627 $3,339,969
Cost of Goods
Sold 3,641,998 1,474,832 5,684,292 2,387,889
Gross Profit 1,771,909 503,958 2,579,335 952,080
Gross Margin 32.7% 25.5% 31.2% 28.5%
Operating
Expenses:
Promotion and
Selling 1,095,414 663,896 1,824,737 1,143,503
General & Admin. 486,033 371,799 888,174 654,382
Dep'n &
Amortization 79,039 44,980 156,885 107,480
Total operating
Expenses 1,660,486 1,080,675 2,869,796 1,905,365
Operating income
(loss) 111,423 (576,717) (290,461) (953,285)
Other income
(expense) 32,493 (1,344) (3,327) 37,865
Net income (loss) 143,916 (578,061) (293,788) (915,420)
--------------------------------------------------------------
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Earnings (Loss)
per share $0.01 ($0.04) ($0.02) ($0.08)
--------------------------------------------------------------
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URBAN JUICE & SODA COMPANY LTD.
CONSOLIDATED BALANCE SHEET
Second Quarter Ended June 30, 1999
($CDN)
June 30, 1999 June 30, 1998
ASSETS
Current Assets $6,122,289 $3,169,642
Capital Assets 778,896 891,856
Intangible Assets 425,918 623,528
$7,327,103 $4,685,026
--------------------------------------------------------------
--------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities $2,845,910 $1,633,193
Long Term Debt 15,919 -
Shareholders' Equity 4,465,274 3,051,833
$ 7,327,103 $ 4,685,026
--------------------------------------------------------------
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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
Website: www.urbanjuice.com
E-mail: jencue@urbanjuice.com |
