Business
Marley Coffee Issues Shareholder Letter to Discuss Anticipated Results of Operations For Its 2017 First Quarter (Three Months Ended April 30, 2016)
Marley Coffee Issues Shareholder Letter to Discuss Anticipated Results of Operations For Its 2017 First Quarter (Three Months Ended April 30, 2016).
About this update from Jammin Java Corp.
[{"type":"text","content":"\n\n DENVER, May 31, 2016 (GLOBE NEWSWIRE) -- Jammin Java Corp. (d/b/a Marley Coffee) (OTCQB:JAMN) (\"Marley Coffee\", \"we\", \"us\" and the \"Company\"), the sustainably grown, ethically farmed and artisan-roasted premium coffee company has issued the following letter to its shareholders in connection with a summary of its preliminary unaudited anticipated financial results for the three months ended April 30, 2016, as described below.\n Preliminary Anticipated Financial Highlights for the Three Months Ended April 30, 2016: Financial Highlights 20 Consecutive Quarters of Revenue Growth - We anticipate gross revenues of approximately $3.08 million for the quarter ended April 30, 2016, an increase of 12.6% compared to the same period last year. We had forecasted a larger first quarter growth this year, however we saw softness in green coffee sales as some of our customers had already purchased surplus Jamaica Blue Mountain (JBM) green coffee in previous periods. Last year at this time, the Company generated $336,000 in JBM green sales, whereas it generated almost no money in JBM green sales this quarter. Where we saw significant growth is in our core business, which is domestic grocery coffee sales, where we saw 55% year-over-year growth for the quarter ended April 30, 2016, compared to 2015. We expect continued significant growth in this area and international sales.Improved Gross Profits and Margins - The Company continues to focus on improving its gross project margins even more so than its top line growth and anticipates gross profits for the first quarter to come in at $941K, which is an 18% increase from the year prior’s period.  We plan to continue to scale our business, improve our supply chain and get more accounts to switch to a direct distribution model, which we believe should lead to even stronger gains in our gross margins. Gross profits as a percentage of sales are expected to be 34.5% for the quarter ended April 30, 2016 compared to 30.9% for the quarter ended April 30, 2015. Operational Efficiency – We continue to take significant strides to make our operations more efficient. Total anticipated operating expenses for the three months ended April 30, 2016 are expected to be $1.73 million compared to $2 million for the three months ended April 30, 2015, which represents a decrease of $252K or...