Bravo! Foods International Corp has posted consolidated revenues, net loss, and loss per share for the fiscal year ended 31 December 2001.
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Revenues for fiscal 2001, increased 316% to US$869,227 as compared to about US$208,821 for the same period in 2000. The increase in revenues for the year is the result of adding five additional processor dairies in the US during 2001, with greater market penetration and distribution of Looney TunesTM flavoured milks.
Net loss for fiscal 2001 was US$2.9m, or US$0.24/share, as compared to net losses of US$4.5m, or US$0.49/share for fiscal 2000.
Roy Warren, CEO of Bravo! Foods, said: 2001 was a transition year for Bravo!. While growing sales in our “kit” business in China, Mexico, and domestically by 316% to US$869,227 we reduced our loss attributable to common shares by 45% to US$3,207,569 and from US$0.49 per share to US$0.24 per share.
“Most gratifying was the reduction in loss from operations between the H1 and H2 of 2001. During Q1 and Q2 Bravo! incurred operating losses totalling US$1.9m and the combined operating loss for Q3 and Q4 was US$0.9m, a reduction of US$1m or 52%.”
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By GlobalDataWarren continued: “Quarterly, we reported sales of US$172,000 in Q1 and US$159,000 in Q2. Sales grew to US$257,000 in Q3 and US$281,000 in Q4.
“This base will serve as a platform for growth in 2002 where I believe the company will reach profitability. New relationships with retailers like Wal-Mart, Target, Albertson’s, and Publix have become possible due to strategic agreements with milk processors providing both fresh and extended shelf life (ESL) milk products. This growth, coupled with our international expansion, serves as our strategic path to profitability.”
