Business
Barfresh Provides Business Update
Expect to Achieve First Quarter 2021 Revenue of Over $1.0 Million; a 36% Improvement Over First Quarter of 2020 Company Very Well Positioned to Continue
About this update from Barfresh Food Group Inc.
[{"type":"text","content":"Expect to Achieve First Quarter 2021 Revenue of Over $1.0 Million; a 36% Improvement Over First Quarter of 2020 Company Very Well Positioned to Continue Strong Revenue Growth and Margin Improvement Once Schools Return to Normal Capacity LOS ANGELES, April 14, 2021 (GLOBE NEWSWIRE) -- Barfresh Food Group, Inc. (the “Company” or “Barfresh”) (OTCQB: BRFH), a manufacturer of frozen, ready-to-blend and ready-to-drink beverages, is providing a business update in conjunction with the filing of its form 10-K for the full year ended December 31, 2020. Management Comments Riccardo Delle Coste, the Company’s Chief Executive Officer, stated, “We spent the past year positioning our Company to capture a much larger market share of school servings once schools begin to return to normal capacity post-covid. A small portion of our school clients began to open during the first quarter and we expect to achieve over $1.0 million in revenue during this period, an improvement not only over last year but also the first quarter of 2019. We expect more schools to slowly return to normal capacity over the course of the current school year and believe we will really get to see the full potential of our expanded school footprint in the Fall once schools have resumed normal operating conditions.” Mr. Delle Coste continued, “Additionally, we are beginning to experience an increase in military related food service and believe US military bases and other foodservice accounts will begin re-engaging with us in a more meaningful way throughout this year. The strategic relationships we have built over the past few years, along with the cost reduction measures and efficiency improvements we have made position us nicely for revenue and margin expansion post-covid.” Fiscal Year 2020 Accomplishments and Opportunities in 2021 Launched two new products primarily for school customers: In April 2020, Barfresh introduced Twist & Go™, a ready-to-drink, bottled fruit and yogurt smoothie line with no sugar added, no preservatives, artificial flavors or colors. Twist & Go™ increases the Company’s growth opportunities in the school channel as it enables Barfresh to expand with entire school districts instead of school by school. The product serves as a complement to the Company’s Bulk Easy Pour product with no customer equipment required.In August 2020, Barfresh introduced WHIR...