SOURCE: U-Vend, Inc.

U-Vend, Inc.

August 17, 2017 11:05 ET

U-Vend, Inc. Reports Second Quarter 2017 Financial Results

SANTA MONICA, CA--(Marketwired - Aug 17, 2017) - U-Vend, Inc. (OTCQB: UVND) (the "Company"), a consumer products and technology company that develops, distributes, and markets next-generation self-serve electronic kiosks and merchandisers with a digital advertising component across North America, this week announced its financial results for the second quarter ended June 30, 2017.

"Our revenue continues to grow as we remain committed to expanding the points-of-sale for our Mini Melts product. In the past three months, we have secured an additional 60 sites for our very popular 'Grab-N-Go' merchandisers, giving U-Vend a total of 245 retail locations in our Southern California and Las Vegas markets," stated David Graber, U-Vend, Inc. CEO. "In addition, we continue to focus on our professional sports ice cream product line, with an anticipated production and launch into retail stores during the second half of 2017," added Graber.

Select Financial Data for Three and Six Months Ended June 30, 2017

  • Revenues for the three months ended June 30, 2017 increased 15.6% to $441,156 as compared to revenue of $381,481 for the three months ended June 30, 2016.

  • Gross profits for the second quarter 2017 increased 8.4% to $219,691 as compared to gross profit of $202,607 for the second quarter of 2016.

  • Gross margins for the quarter ended June 30, 2017 were approximately 50% as compared to gross margin of 53% for the quarter ended June 30, 2016.

  • Net loss for the second quarter of 2017 was $666,409 as compared to a net loss of $569,869 for the second quarter of 2016.

  • Basic and diluted net loss per share of ($0.03) per common share for the three months ended June 30, 2017 equaled the ($0.03) net loss per common share for the three months ended June 30, 2016.

  • Revenues for the six months ended June 30, 2017 increased 14.2% to $771,182 as compared to revenue of $675,023 for the six months ended June 30, 2016.

  • Gross profits for the six months ended June 30, 2017 increased 8% to $380,826 as compared to gross profit of $352,533 for the six months ended June 30, 2016.

  • Gross margins for the six months ended June 30, 2017 were approximately 50% as compared to gross margin of 52% for the six months ended June 30, 2016.

  • Net loss for the six months ended June 30, 2017 was $1,297,370 as compared to a net loss of $1,058,350 for the six months ended June 30, 2016.

  • Basic and diluted net loss per share of per common share for the six months ended June 30, 2017 was ($0.05) vs. ($0.06) basic and diluted net loss per common share for the six months ended June 30, 2016.

A full analysis of results for the quarter and six months ended June 30, 2017 is available in the Company's Form 10-K, which is available on the Company's website at www.u-vend.com or through the Securities and Exchange Commission's Edgar database at www.sec.gov.

ABOUT U-VEND, INC.
U-Vend, Inc., headquartered in Santa Monica, CA, and with offices in Orange, CA and Las Vegas, NV, is a consumer products and automated retailing company specializing in the creation, marketing and sales of unique ice cream and related food products which are distributed to the retail markets utilizing various "next-generation" self-serve electronic kiosks throughout North America. The Company owns and operates kiosks and has partnered with numerous national consumer product companies to deliver new and innovative customer retail experiences in automated "frictionless" settings. For more information on U-Vend, visit www.u-vend.com or call (855) 55-UVEND.

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FORWARD LOOKING STATEMENTS
Certain statements contained in this news release regarding matters that are not historical facts may be forward-looking statements. Because such forward-looking statements include risks and uncertainties, actual results may differ materially from those expressed in or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, uncertainties pertaining to market acceptance for the Company's products and services, its ability to succeed in increasing revenues in the near term to attain profitable operations and generate sufficient cash flow from operations, the effect of new competitors in its markets, its integration of acquired businesses, and other risk factors identified from time to time in its filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and current reports on Form 8-K which are available at the SEC's website www.sec.gov. Other factors not currently anticipated may also materially and adversely affect U-Vend's results of operations, financial position, and cash flows. There can be no assurance that future results will meet expectations. While the Company believes that the forward-looking statements in this news release are reasonable, the reader should not place undue reliance on any forward-looking statement. In addition, these statements speak only as of the date made. The Company does not undertake, and expressly disclaims any obligation to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

Contact Information

  • For more information, contact:

    U-Vend, Inc. Corporate Office
    Tel: (855) 55-UVEND
    Email: Email Contact

    U-Vend, Inc. Sales & Marketing
    Tel: (855) 55-UVEND, ext. 4
    Email: Email Contact

    U-Vend, Inc. Investor Relations
    Tel: (855) 55-UVEND, ext. 3
    Email: Email Contact