Electronic Cigarettes International Group, Ltd. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Reports Impairment of Long-Lived Assets for the Fourth Quarter Ended December 31, 2015
March 28, 2016 at 04:01 pm EDT
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Electronic Cigarettes International Group, Ltd. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported net sales of $14,830,000 compared with $13,889,000 a year ago. Loss from operations was $16,843,000 compared with $159,674,000 a year ago. Loss before income taxes was $30,609,000 compared with $347,515,000 a year ago. Net loss was $29,616,000 or $0.40 per basic and diluted share compared with $346,758,000 or $55.08 per basic and diluted share a year ago. LBITDA was $46,946,000 compared with $312,842,000 a year ago. Adjusted LBITDA was $1,584,000 compared with $10,088,000 a year ago.
For the full year, the company reported net sales of $54,227,000 compared with $44,690,000 a year ago. Loss from operations was $44,640,000 compared with $222,436,000 a year ago. Loss before income taxes was $44,460,000 compared with $410,383,000 a year ago. Net loss was $44,215,000 or $0.78 per basic and diluted share compared with $388,844,000 or $74.45 per basic and diluted share a year ago. EBITDA was $3,250,000 compared with loss of $355,619,000 a year ago. Adjusted LBITDA was $7,347,000 compared with $37,248,000 a year ago.
For the quarter, the company reported impairment of long-lived assets of $13,020,000 compared with $135,391,000 a year ago.
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 Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Reports Impairment of Long-Lived Assets for the Fourth Quarter Ended December 31, 2015