Electronic Cigarettes International Group, Ltd. Announces Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014
November 21, 2014 at 01:00 pm
Share
Electronic Cigarettes International Group, Ltd. announced earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, revenue growth of 41% versus the previous quarter was driven by solid performance across all business units worldwide, and the expansion of new products, expansion to new markets, and penetration of new channels. For the quarter, total revenue was $15.9 million, a 41% increase as compared with $11.3 million in the second quarter 2014. Gross profit was $2.3 million as compared with $6.9 million in the previous quarter. Gross profit margin was 14.4% in the third quarter 2014.
For the nine months, total revenue was $31.3 million. Net loss was $43.1 million for the nine month period ended September 30, 2014. Gross profit was $10.5 million.
Electronic Cigarettes International Group Ltd is a United States-based company. The Company is an independent marketer and distributor of vaping products and e-cigarettes. The e-cigarettes are battery-powered products that simulate tobacco smoking through inhalation of nicotine vapor without the fire, flame, tobacco, tar, carbon monoxide, ash, stub, smell and other chemicals found in traditional combustible cigarettes. The Company accommodates the various product preferences of e-cigarette users by offering a set of products, including disposables, rechargeables, tanks, starter kits, e-liquids, open and closed-end vaping systems and accessories. Its products consist of components and nicotine liquids. Its global brand portfolio includes the FIN, VIP, VAPESTICK, E-CIG, PRO VAPOR and VICTORIA brands. The Company offers E-cigarette cartridges in a range of flavors.