Florida-based Bravo! Foods International, a brand development and marketing company that holds the Looney Tunes license to manufacture and distribute flavoured milks, has posted revenue of US$496,000 for its Q2 ended 30 June 2002, up 99% on the Q1 2001 and comparing favourably to US$159,000 year on year.

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Bravo! reported a quarterly cash loss of US$441,000 or US$0.03 per share for the Q2 2002, compared to US$429,000 or US$0.03 per share for the Q1 2002 and US$665,000 or US$0.05 per share for the Q2 2001. General and administrative costs in the quarter were US$1.5m, which includes a non-cash stock compensation charge of US$516,000. The company reported a net loss applicable to common stockholders of US$1.4m or US$0.08 per share for the Q2, as compared to US$762,000 or US$0.05 per share in the Q1 2002 and US$773,000 or US$0.06 per share in the Q2 2001.


“We are experiencing an exciting acceleration in our revenue growth. During the quarter we have been able to distribute our flavoured milk in 32% of the supermarkets in the US and have added Canada to our list of foreign markets that sells our product.


“Our recently announced relationship with Parmalat enables us to double our selling space within the grocery store. Now all five flavored milks will not only be available in the diary case, but also in the juice aisle as well,” said CEO Roy Warren.


Summary

      
    Q1           Q2              H1
                  FY2002       FY2002       FY2001      FY2002       FY2001


    Revenues     $248,221     $496,179     $158,683     $744,400    $330,774
    Gross margin $243,738     $424,175     $138,348     $667,913    $187,343
    Cash loss   $(428,601)   $(441,083)   $(665,062)   $(869,684)$(1,791,734)
    Cash loss
     per share     $(0.03)      $(0.03)      $(0.05)      $(0.05)     $(0.14)
    Non-cash
     charges     $332,930     $997,901     $108,365   $1,330,831    $291,701
    Net earnings
     (loss)    $(761,531) $(1,438,984)   $(773,427)  $(2,200,215)$(2,083,435)
    EPS           $(0.05)      $(0.08)      $(0.06)       $(0.13)     $(0.16)
    Weighted
     shares out-
     standing  15,570,010   17,452,542   13,195,414   16,498,111  13,194,862


        
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Bravo! incurred slightly higher general and administrative cash outlays for the Q2 compared to the Q1 2002 due to an escalation of its branding effort. Warren continued, “The increase in cash outlay during the quarter was attributed to three branding initiatives. The Taz Atti-Tour has provided us with a tremendous opportunity to introduce the Slammers name and promote our products with the tour. Secondly, we incurred the packaging and new product development costs for Slammers and Slim Slammers along with the package designs for the Parmalat Slammers brick. Lastly, it was essential that we formalise our promotional plans and spend the money that was required to secure relationships with these power houses during the quarter.


“Our expansion rate, our success in branding together with our tight controls permits us to be confident, steadfast and focused on our short-term goal of achieving profitability by year end.”