Hicksville, NY (October 17, 2016) — Long Island Iced Tea Corp. (NasdaqCM: LTEA) (the “Company”), a growth-oriented company focused on the ready-to-drink (“RTD”) tea segment in the beverage industry, today reported preliminary unaudited net sales results for the three and nine month periods ended September 30, 2016. These preliminary results are subject to completion of the Company’s quarter-end financial reporting processes and reviews and other financial and accounting procedures.
Philip Thomas, CEO of the Company said, “The third quarter of 2016 was another fantastic quarter for the Company. Continued strong growth of our brand and the expansion of our distribution footprint into new regional markets resulted in substantial revenue growth. New partnerships announced in the third quarter included Christmas Tree Shops, Menards, Ingles and Restaurant Depot. In addition, we formed new partnerships with strategic brokers and entered new geographies including Canada with Unique Foods and Puerto Rico with Tres Monjitas.”
Note: Net sales figures listed below are shown after being reduced by all promotional rebates issued to distributors and customers.
Estimated net sales highlights for the three and nine months ended September 30, 2016:
- Estimated net sales growth is primarily due to growth in our 20oz container sales, increased distribution of our gallon containers and introduction of aloe juice
- Estimated net sales is expected to increase approximately 185% to approximately $1,301,000 for the three months ended September 30, 2016, as compared to $456,787 for the comparable prior-year period
- Estimated net sales is expected to increase approximately 144% to approximately $3,412,836 for the nine months ended September 30, 2016, as compared to $1,397,244 for the comparable prior-year period.
About Long Island Iced Tea Corp.
Headquartered in Long Island, New York, Long Island Iced Tea Corp. operates in the ready-to-drink tea segment of the beverage industry. The Company has developed non-alcoholic, premium iced tea bottled beverages made with quality ingredients that are offered at an affordable price. The Company is currently organized around its flagship brand Long Island Iced Tea®, a premium, ready-to-drink iced tea sold primarily on the East Coast of the United States through a network of regional chains and distributors. The Company’s website is www.longislandicedtea.com.
Forward Looking Statements
This press release includes statements of the Company’s expectations, intentions, plans and beliefs that constitute “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are intended to come within the safe harbor protection provided by those sections. These statements, which involve risks and uncertainties, relate to the discussion of the Company’s business strategies and its expectations concerning future operations, margins, sales, new products and brands, potential joint ventures, potential acquisitions, expenses, profitability, liquidity and capital resources and to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable. These statements include any statement that does not directly relate to a historical or current fact. You can also identify these and other forward-looking statements by the use of such words as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “thinks,” “estimates,” “seeks,” “predicts,” “could,” “projects,” “potential” and other similar terms and phrases, including references to assumptions. These forward looking statements are made based on expectations and beliefs concerning future events affecting the Company and are subject to uncertainties, risks and factors relating to its operations and business environments, all of which are difficult to predict and many of which are beyond its control, that could cause its actual results to differ materially from those matters expressed or implied by these forward looking statements. These risks include possible accounting adjustments made in the process of finalizing reported financial results, the Company’s history of losses and expectation of further losses, its ability to expand its operations in both new and existing markets, its ability to develop or acquire new brands, its relationships with distributors, the success of its marketing activities, the effect of competition in its industry and economic and political conditions generally, including the current economic environment and markets. More information about these and other factors are described in the reports the Company files with the Securities and Exchange Commission, including but not limited to the discussions contained under the caption “Risk Factors.” When considering these forward looking statements, you should keep in mind the cautionary statements in this press release and the reports the Company files with the Securities and Exchange Commission. New risks and uncertainties arise from time to time, and the Company cannot predict those events or how they may affect it. The Company assumes no obligation to update any forward looking statements after the date of this press release as a result of new information, future events or developments, except as required by the federal securities laws.
Long Island Iced Tea Corp.