Item 2.02. Results of Operations and Financial Condition.
On August 14 2019, Barfresh Food Group, Inc. ("Barfresh" or the "Company")
issued a press release announcing its second quarter 2019 update on business
progress. The full text of the press release issued in connection with the
announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
A conference call to discuss these results is scheduled for today, Wednesday,
August 14, 2019, at 1:30 pm Pacific Time (4:30 pm Eastern Time). Listeners can
dial (877) 407-4018 in North America, and international listeners can dial (201)
689-8471. Participants from the Company will be Riccardo Delle Coste, Founder
and CEO, Joseph Cugine, President, and Joseph Tesoriero, Chief Financial
A telephonic playback will be available approximately two hours after the call
concludes and will be available through Wednesday, August 28, 2019. Listeners in
North America can dial (844) 512-2921, and international listeners can dial
(412) 317-6671. Passcode is 13693056.
Interested parties may also listen to a simultaneous webcast of the conference
call by logging onto the Company's website at www.barfresh.com in the
Use of Non-GAAP Measures
Barfresh Food Group, Inc. prepares its condensed consolidated financial
statements in accordance with accounting principles generally accepted in the
United States ("GAAP"). In order to aid in the understanding of the Company's
business performance, the Company has also presented certain non-GAAP measures,
including EBITDA and Adjusted EBITDA, which are reconciled to net (loss) in the
schedules to the press release furnished with this Current Report on Form 8-K as
Exhibit 99.1. The primary factors in reconciling these items are non-cash costs,
including stock compensation, stock issued for services, and gain or loss on the
sale of derivatives.
Management believes that Adjusted EBITDA provides useful information to the
investor because it is directly reflective of the cash flow of the Company. In
addition, we use Adjusted EBITDA in developing our internal budgets, forecasts
and strategic plan; in analyzing the effectiveness of our business strategies;
and in making compensation decisions and in communications with our board of
directors concerning our financial performance. The primary factors in
reconciling these items are non-cash costs, including stock compensation, stock
issued for services, and gain or loss on the sale of derivatives.
Adjusted EBITDA should not be considered as an alternative to net loss or to net
cash flows from operating activities as a measure of operating results or of
liquidity. It may not be comparable to similarly titled measures used by other
companies and exclude financial information that some may consider important in
evaluating the Company's performance.
Forward Looking Statements
Except for historical information herein, matters set forth in this press
release are forward-looking within the meaning of the "safe harbor" provisions
of the Private Securities Litigation Reform Act of 1995, including statements
about the Company's commercial progress and future financial performance. These
forward-looking statements are identified by the use of words such as "grow",
"expand", "anticipate", "intend", "estimate", "believe", "expect", "plan",
"should", "hypothetical", "potential", "forecast" and "project", among others.
All statements, other than statements of historical fact, included in the press
release that address activities, events or developments that the Company
believes or anticipates will or may occur in the future are forward-looking
statements. These statements are based on certain assumptions made based on
experience, expected future developments and other factors the Company believes
are appropriate under the circumstances. Such statements are subject to a number
of assumptions, risks and uncertainties, many of which are beyond the control of
the Company and may not materialize. Investors are cautioned that any such
statements are not guarantees of future performance. The contents of this
release should be considered in conjunction with the warnings, risk factors and
cautionary statements contained in the Company's recent filings with the
Securities and Exchange Commission, including its Annual Report on Form 10-K and
Quarterly Report on Form 10-Q. Furthermore, the Company does not intend, and is
not obligated, to update publicly any forward-looking statements, except as
required by law.
Item 9.01. Financial Statements and Exhibits.
The following exhibit relating to Items 2.02 and 7.01 shall be deemed to be
furnished, and not filed:
99.1 Press release of Barfresh Food Group Inc. dated August 14, 2019
© Edgar Online, source Glimpses