DENVER, CO (Marketwired — May 16, 2017) — New Age Beverages Corporation (NASDAQ: NBEV) the Colorado-based leading all-natural tea and healthy functional beverage company whose brands include XingTea®, XingEnergy®, Aspen Pure®, Búcha® Live Kombucha, Marley One Drop®, Marley Mellow Mood®, and CocoLibre® today announced earnings for its first quarter ended March 31, 2017.
Q1 2017 HIGHLIGHTS
Includes only the results of Búcha and New Age/Xing. No Marley or Coco-Libre results are included.
In Q1 2017 New Age delivered $11.4 million in gross revenue, up $1,842% versus prior year actuals and up 7.2% organically on a pro-forma basis, not including the results of the Marley or Coco-Libre acquisitions. Brent Willis, Chief Executive Officer of New Age Beverages commented, “The first quarter of 2017 continued at the pace we established in 2016. Just one of the accomplishments in Q1 was the uplist onto the NASDAQ — but on top of that we are operationally executing, growing organically, integrating new companies, and developing new products leveraging our R&D expertise. The impact of these will begin to be seen in Q2 as the new companies and brands are integrated and fully consolidated in our financial results.”
Q1 2017 FINANCIAL RESULTS
For the three-month period ending March 31, 2017, gross revenues reached $11,437,638 vs. $620,658 in the prior year. Less discounts, returns, and billbacks, net revenues reached $10,787,801 vs. $588,800 in the prior year, reflective of the significant impact of the acquisition of XingTea.
Gross profit reached (not including shipping expense) $2,854,508 vs. $144,319 in the prior year. Gross Profit reached 26.5% vs. 24.5% in the first quarter of 2106. Shipping expense was 3.8% of net sales vs. 4.3% in the prior quarter and 9.4% in the prior year. Positively impacting gross profit was improved cost of goods sold from increased scale production and the initial benefits of value engineering of the Búcha portfolio.
Total operating expenses were $2,861,449 down to 26.7% of net sales from 59% of net sales in the first quarter of prior year. Adjusted EBITDA (non-GAAP) was $(159,586), when removing the expenses associated with the acquisition of Coco-Libre.
About New Age Beverages Corporation
(NASDAQ: NBEV) New Age Beverages Corporation is a Colorado-based, leading all-natural tea and healthy functional beverage company that was founded in 2003. The Company competes in the fast growing healthy functional beverage segments including Ready to Drink (RTD) Tea, RTD Coffee, Kombucha, Energy Drinks, Relaxation Drinks, Coconut Waters and Functional Waters with the brands XingTea®, Marley One Drop®, Búcha® Live Kombucha, XingEnergy®, Marley Mellow Mood®, Coco-Libre®, and Aspen Pure® PH and Aspen Pure® Probiotic Water. The Company’s brands are sold across all 50 states within the US and in more than 10 countries internationally across all channels via direct and store door distribution systems. The company operates the websites http://newagebev.us, http://newagehealth.us, www.mybucha.com, www.xingtea.com, www.aspenpure.com, www.drinkmarley.com, and www.cocolibre.com.
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 the Company including statements regarding New Age Beverage’s expectation to see continued growth. The forward-looking statements are based on the assumption that operating performance and results will continue in line with historical results. Management believes these assumptions to be reasonable but there is no assurance that they will prove to be accurate. Forward-looking statements, specifically those concerning future performance are subject to certain risks and uncertainties, and actual results may differ materially. New Age Beverages competes in a rapidly growing and transforming industry, and other factors disclosed in the Company’s filings with the Securities and Exchange Commission might affect the Company’s operations. Unless required by applicable law, nBev undertakes no obligation to update or revise any forward-looking statements.
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