PR Newswire
GOLDEN, Colo., Nov. 14, 2016
GOLDEN, Colo., Nov. 14, 2016 /PRNewswire/ -- Electronic Cigarettes International Group, Ltd. (The "Company") (OTCBB: ECIG), a leading global marketer and distributor of electronic cigarettes and vapor products, today announced financial results for the third quarter ended September 30, 2016.
Third Quarter Overview
Dan O'Neill, Chief Executive Officer of Electronic Cigarettes International Group, stated, "The recent successful refinancing represented the catalyst for ECIG and provided a much needed spark to revitalize the team and to restore management's commitment, especially in the critical UK market. Multiple new growth initiatives are underway, driven by the re-engaged team with over 20 new, experienced employees in key positions. The strategy to capture the true potential of the market is accentuated by the launch of five new VIP products since the end of the third quarter."
Conference Call
The Company will hold a conference call to discuss its third quarter 2016 financial results and recent developments today at 5:00 p.m. Eastern time. Please dial 412-902-0030 and ask for the Electronic Cigarettes International Group call at least 10 minutes prior to the start time, or live over the Internet by logging on to the web at the address http://ecig.co/investors/presentations/. A telephonic replay of the conference call will be available through November 21, 2016 and may be accessed by calling 201-612-7415 using passcode 13649494#. A web cast archive will also be available at http://ecig.co/investors/presentations/ shortly after the call and will be accessible for approximately 90 days.
Electronic Cigarettes International Group, a leading global marketer and distributor of electronic cigarettes and vapor products, is dedicated to providing a compelling alternative to traditional cigarettes for more than 1 billion current smokers around the world. The Company offers consumers a full product portfolio whose brands include VIP, FIN and Vapestick, incorporating superior product quality and the latest technology. The Company owns multiple subsidiary companies and has operations in North America and Western Europe. ECIG offers consumers a full product portfolio that incorporates product quality and the latest technology. To learn more, visit www.ecig.co.
Safe Harbor Disclosure
This press release contains forward-looking statements that are made pursuant to the safe harbor provisions within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are any statement reflecting management's current expectations regarding future results of operations, economic performance, financial condition and achievements of ECIG, including statements regarding ECIG's expectation to see continued growth. Forward-looking statements, specifically those concerning future performance are subject to certain risks and uncertainties, and other factors are disclosed in the Company's filings with the Securities and Exchange Commission. Unless required by applicable law, ECIG undertakes no obligation to update or revise any forward-looking statements.
Follow us on social media:
Facebook: @Electronic Cigarettes International Group, Ltd.
Twitter: @ECIGCorporate
CONTACTS: | Dennard - Lascar Associates Ken Dennard / Rick Black 713-529-6600 ecig@dennardlascar.com |
Electronic Cigarettes International Group, Ltd. | ||||
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) | ||||
(Dollars in Thousands, Except Per Share Amounts) | ||||
| | |||
| |
Three Months Ended September 30: | ||
| | 2016 | | 2015 |
| Net sales | $ 9,725 | | $ 12,902 |
| Cost of goods sold | 4,169 | | 5,577 |
| Gross profit | 5,556 | | 7,325 |
| | | | |
| Operating expenses: | | | |
| Selling, general and administrative: | | | |
| Compensation and benefits: | | | |
| Salaries, wages and benefits | 2,470 | | 2,686 |
| Stock-based compensation | 215 | | (61) |
| Professional fees and administrative | 1,505 | | 4,307 |
| Marketing and selling | 1,150 | | 2,060 |
| Depreciation and amortization | 1,368 | | 1,476 |
| Impairment of long-lived assets | 4,274 | | - |
| Severance | 20 | | 74 |
| Total operating expenses | 11,002 | | 10,542 |
| Loss from operations | (5,446) | | (3,217) |
| Other income (expense): | | | |
| Warrant fair value adjustment | 21,338 | | 18,637 |
| Derivative fair value adjustment | 8,603 | | 495 |
| Gain on extinguishment and conversion of debt | 24 | | (334) |
| Interest expense | (1,432) | | (3,809) |
| Debt financing inducement expense | - | | (1,331) |
| Loss on troubled debt restructuring | (24,223) | | - |
| Total other income (expense), net | 4,310 | | 13,658 |
| Income (loss) from continuing operations before income taxes | (1,136) | | 10,441 |
| Income tax expense | (227) | | (304) |
| Income (loss) from continuing operations | (1,363) | | 10,137 |
| Loss from discontinued operations, including loss on disposal of $13,524, net of tax | (13,775) | | (908) Werbung Mehr Nachrichten zur Electronic Cigarettes International Group Aktie kostenlos abonnieren
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