Electronic Cigarettes International Group Ltd. Announces Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Announces Impairment for the Second Quarter Ended June 30, 2014
August 20, 2014 at 12:35 pm EDT
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Electronic Cigarettes International Group Ltd. announced earnings results for the second quarter and six months ended June 30, 2014. The company's revenue for the three months ended June 30, 2014 and 2013 were $11,287,723 and $711,845, respectively, an increase of $10,575,878 or approximately 1,485%. The increase in revenue is primarily attributable to the revenue of Vapestick, FIN, and VIP. In addition, the Company began to increase marketing initiatives and investment in U.S. chains as well as through international online and retail channels. The net loss for the three months ended June 30, 2014 and 2013 was $367,138 and $441,312, respectively. The net loss per common share for the three months ended June 30, 2014 and 2013 was $0.00 and $0.01, respectively.
The company's revenue for the six months ended June 30, 2014 and 2013 was $15,426,263 and $1,581,356, respectively, an increase of $13,844,907 or approximately 875%. The increase in revenue is primarily attributable to the revenue of Vapestick, FIN, and VIP. During the three months ended June 30, 2014, the Company began implementing numerous new marketing initiatives globally and substantially revamped the FIN product portfolio to include an expanded offering of vaporizers, tanks, and open system vapor products, including the launch of its new proprietary Advanced Vaping System. The net loss for the six months ended June 30, 2014 and 2013 was $84,491,207 and $693,738, respectively. The net loss per common share for the six months ended June 30, 2014 and 2013 was $1.23 and $0.02, respectively.
The company reported loss on impairment of goodwill for the three months ended June 30, 2014 and 2013 were $8,966,443 and $0, respectively.
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.
Electronic Cigarettes International Group Ltd. Announces Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Announces Impairment for the Second Quarter Ended June 30, 2014