Electronic Cigarettes International Group, Ltd. Announces Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014
April 31, 2015
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Electronic Cigarettes International Group, Ltd. Announced earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported adjusted revenue of $15.7 million, compared with $0.6 million in the fourth quarter of 2013. Total revenue of $12.1 million compared with $0.6 million in the fourth quarter of 2013. GAAP net loss was $336.2 million for the fourth quarter ended December 31, 2014, including impairment charges of $144.4 million which is primarily related to FIN and VAPESTICK business units.
For the full year, the company reported adjusted revenue of $46.9 million, compared with $3.1 million in 2013. Total revenue of $43.5 million compared with $3.1 million in 2013. GAAP net loss was $381.6 million for the full year ended December 31, 2014. The net loss includes a goodwill impairment charge of $144.4 million related to the FIN and Vapestick reporting units. The increase in revenue was driven by growth in online sales to new and recurring customers, along with sales to retail and wholesale sources, as a result of an increase in distributors and in marketing efforts throughout 2014.
Electronic Cigarettes International Group Ltd is a United States-based company. The Company is an independent marketer and distributor of vaping products and e-cigarettes. The e-cigarettes are battery-powered products that simulate tobacco smoking through inhalation of nicotine vapor without the fire, flame, tobacco, tar, carbon monoxide, ash, stub, smell and other chemicals found in traditional combustible cigarettes. The Company accommodates the various product preferences of e-cigarette users by offering a set of products, including disposables, rechargeables, tanks, starter kits, e-liquids, open and closed-end vaping systems and accessories. Its products consist of components and nicotine liquids. Its global brand portfolio includes the FIN, VIP, VAPESTICK, E-CIG, PRO VAPOR and VICTORIA brands. The Company offers E-cigarette cartridges in a range of flavors.