Jammin Java Corp., d/b/a Marley Coffee, a sustainably grown, ethically farmed and artisan-roasted gourmet coffee company, in the second quarter and six months ended July 31, 2013, trimmed its losses on higher sales, attributed to strong brand awareness and distribution.
Revenue for second quarter fiscal 2014 increased 187 percent to $1.6 million, compared to revenue of $559,000 the second quarter of fiscal 2103. For the six-month period ended July 31, 2013, revenue increased 179 percent to $2.4 million compared with $869,000 in the year-ago six-month period.
JAMN narrowed its quarterly net loss to $715,000, or $0.01 per share, compared with a net loss of $986,000, or $0.01 per share, in the year-ago second fiscal quarter. For the six-month period, the company reported a net loss of $1.1 million, or $0.01 per share, compared with $1.9 million, or $0.02 per share, in the comparable year-ago six-month period.
The company also noted several achievements for the three and six-month periods:
• Generated distribution with several leading supermarket chains and retail outlets including Kroger, Safeway, Shaw’s, Star Market, Winn-Dixie/ BI-LO, Market Basket and Best Buy/Future Shop of Canada.
• Freed up more than $3.7 million in two tranches through Ironridge Global IV, Ltd. for the settlement of trade payables and to help finance JAMN’s rollout to national and regional chains.
• Acquired Black Rock Beverage Services, expanding the company’s business into the office coffee and food service markets.
“We are extremely pleased with the traction that Marley Coffee has made in the marketplace and the improved brand awareness that has increased our footprint with some of the largest and most successful retail grocery chains and consumer electronics chains in North America,” JAMN founder and Chairman Rohan Marley stated in the press release. “Our goal is to continue to increase our distribution network in both domestic and international markets, introduce innovative new products and increase the number of SKUs carried by our customers throughout this fiscal year and into fiscal 2015.”
Moving forward, JAMN management expects to see continued growth based on consumer demand and brand awareness.
“As revenues increase, we also expect to continue to benefit from economies of scale and margin expansion as we seek to capitalize on the significant trend and growing consumer awareness toward organic, sustainable premium and super-premium specialty coffees, and specifically, greater awareness and demand for our brand,” said Marley.
For more information visit www.MarleyCoffee.com or www.JamminJavaCorp.com
Let us hear your thoughts below: