Javo Beverage Q4 Net Sales Surge To $3.6m
Javo Beverage has reported net sales of $3.6m for the fourth quarter of 2009, an increase of 48.8% compared $2.5m for the same quarter last year.
For the quarter, operating loss decreased to $2.5m from $3m in the prior year quarter. Net loss was $3.2m for the quarter, a $779,000 improvement over the fourth quarter of prior year.
For the fourth quarter of 2009, gross sales increased to $4.8m, up 48.8% from $3.2m in the same quarter in the prior year. Gross sales from dispensed products, the company's primary source of revenue, grew to $4.2m, a 45.7% increase compared to the prior year quarter.
This improvement was due, primarily, to an increase in the number of beverage dispensing locations serving Javo's coffee and tea products. At the end of the fourth quarter, the company owned and serviced 5,209 beverage dispensers at customer locations using its coffee and tea concentrates.
For the full year 2009, net sales increased 8.8% to $18.7m from $17.2m in the prior year. Net loss for the full year was $13.7m or $0.05 loss per diluted share compared to $10.8m or $0.074 loss per diluted share in the previous year.
Gary Lillian, president of Javo Beverage Company, said: For our fourth quarter, we experienced a 35% increase in hot coffee sales and our iced coffee business improved 75% even as many of our regions were working through high inventories following unseasonably wet and cold weather in the summer.
“These were positive rates of growth given that our year ending base of 11,509 installed, revenue generating dispensers was 25% above the same point in 2008. This dispenser total revises the method of past reports to eliminate sold but pending installations and report only on the locations that were estimated to be installed at customer foodservice locations. The installed dispenser metric is intended to provide better insight into and correlation with our dispensed products revenue.
The company has expanded its product offerings of iced coffees and teas and added four new premium on-demand hot coffee flavors. According to the company, these new flavors are suited to serve the growing number of foodservice operators that want to offer their customers high-end coffee in a less labor intensive and less wasteful manner.
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