Jeremy’s MicroBatch® Ice Creams, Inc. (Nasdaq: JMIC; BSE: JMI) reported net sales of $489,005 for the second quarter ended June 30, 2000 versus sales of $572,449 for the second quarter ended June 30, 1999, a decrease of 14.6%. The net loss for the period was $2,483,662, versus a net loss of $440,184 for the prior comparable period. The fully diluted net loss per share for the three months ended June 30, 2000 was $0.83 versus a net loss per share of $0.37 for the three months ended June 30, 1999. The basic and diluted weighted average shares outstanding for the three months ended June 30, 2000 was 3,000,000. The basic and diluted weighted average shares outstanding for the three months ended June 30, 1999 was 1,204,242.
For the six months ended June 30, 2000, total sales were $784,175 versus sales of $854,288 for the prior comparable period, a decrease of 8.2%. The net loss for the six months ended June 30, 2000 was $4,120,368 versus a net loss of $857,996 for the prior comparable period. The fully diluted net loss per share for the six months ended June 30, 2000 was $1.53 versus $0.82 for the six months ended June 30, 1999.
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Incoming president and chief executive officer Joe Phillips said that the decrease in sales was attributable to the company’s decision not to sell ice cream outside of the company’s core market in the Northeast. He added that the net loss was attributable to, among other items, marketing expenses. “While the marketing expenditures in the first half of the year were effective raising awareness of the MicroBatch® brand, they did not drive sales. Moving forward, we will be spending our dollars on revenue generation, not indirect marketing.”
The statements in this news release contain forward-looking information within the meaning of the Private Securities Litigation Act of 1995. Such forward-looking statements involve certain risks, assumptions and uncertainties, including the ability to secure distribution. In each case, actual results may differ materially from such forward-looking statements. The company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results (expressed or modified) will not be realized.
