Business
VPR Brands, LP announces First Quarter 2017 Results
VPR Brands, LP announces First Quarter 2017 Results.
About this update from Vpr Brands, Lp
[{"type":"text","content":"\n\n FORT LAUDERDALE, Fla., May 23, 2017 (GLOBE NEWSWIRE) -- VPR Brands, LP (OTC PINK:VPRB) has released its first quarter 2017 results of operations. Revenue for first quarter 2017 totaled $786,535 with a gross profit of $275,014 and a gross margin of 34.96%. In comparison, the first quarter 2016 revenue and gross profit was $-0- and $-0-, respectively. The increase is a result of the asset acquisition from Vapor Corp. of its wholesale business.\n Cost of sales for the quarter ended March 31, 2017 and 2016 was $511,521 and $-0-, respectively. The increase is a result of the asset acquisition from Vapor Corp. of its wholesale business. Operating expenses for the quarter ended March 31, 2017 were $598,556 as compared to $61,005 for the quarter ended March 31, 2016. The increase in expenses is due to increased general, selling and administrative costs for the asset acquisition from Vapor Corp. Payroll made up $250,482 of the difference and marketing expense another $162,330. The rest of the difference included travel expenses and professional fees related to the Vapor Corp. asset acquisition.  Net loss for the quarter ended March 31, 2017 was $(292,294), compared to a net loss of $(61,005) for the quarter ended March 31, 2016. The net loss has increased mainly as the result of the expense related to the increased expenses and interest expense from loans related to the acquisition.  “The Company has completely shifted its focus to service the cannabis sector and is increasing its investment into our award winning HONEYSTICK brand,” said Kevin Frija, CEO of VPR Brands, LP. \"We’re excited about our new trajectory and believe that our focus on the HONEYSTICK brand will lead to increased sales of our branded products, which should translate into increased margins and ultimately, profitability.\" \"The first quarter was a true transitional quarter, where the Company made the switch from distributing popular vaporizer brands and liquids, to building, expanding, and focusing on the HONEYSTICK brand and further expanding its presence in the cannabis space. I believe this transition was in the long term best interest of VPR Brands LP and look forward to the further emergence and expansion of the HONEYSTICK brand as well as our portfolio of cannabis business,\" said Dan Hoff, COO of VPR Brands, LP. Although our s...