NORTH PALM BEACH, Fla., Nov. 12 /PRNewswire-FirstCall/ -- Bravo! Foods International Corp. (BULLETIN BOARD: BRVO) , a brand development and marketing company that holds the Looney Tunes(TM) license to manufacture, promote and distribute flavored milks, today announced its financial results for its third quarter ended September 30, 2002. The company reported revenue of $308,729 as compared to the previous year level of $256,971 and the prior quarter of $496,179. The reduction in revenue in the current quarter was the result of retailers deferring orders pending the availability of Bravo! Foods' new vitamin and mineral fortified Slammers line of single serve flavored milk.
The Company reported a quarterly cash loss (defined as a loss before depreciation, amortization, non-cash stock compensation charges and deemed dividends accruals) of $519,912 or $0.02 per share for the third quarter of 2002, compared to a cash loss of $441,000 or $0.03 per share for the second quarter of 2002 and a cash loss of $392,426 or $0.03 per share for the third quarter of 2001. General and administrative costs in the quarter totaled $882,555. The Company reported a net loss applicable to common stockholders of $1.0 million or $0.05 per share for the quarter, which compares to a net loss of $1.4 million or $0.08 per share in the second quarter of 2002 and $497,324 or $0.04 per share in the third quarter of 2001.
Roy Warren, Bravo! International's chief executive officer: "This quarter marks the completion of a transitional period for the company. Our revenues this quarter fail to reflect the progress we have made over the past three months. The long awaited launch of our vitamin and mineral fortified Slammers line, necessitated the simultaneous conversion of our entire product line to the new formulation and packaging. Many food retailers and food service establishments, anticipating our new product line, held off introducing the existing Bravo! Product offering until the new fortified Slammers were ready to ship. This delay had a marked impact on our revenues for the quarter."
Mr. Warren continued, "During the quarter, we introduced Slammers and dramatically expanded our distribution to include all 50 states and Canada in both the dairy and juice aisles of supermarkets. In addition, we launched our Slammers product in 5300 7-Eleven convenience stores nationwide and the U.S. Public School System in four states. Of significant importance, we have made meaningful strides in improving our balance sheet and anticipate stronger fourth quarter revenues with the shipment of our new Slammers line."
QUARTER HIGHLIGHTS AND RECENT EVENTS
* Bravo! Foods' Looney Tunes(TM) Brand Flavored Milk Introduced Vitamin
Enriched 'SLAMMERS' Line and Received Industry Distinction
Company fortifies its premium milk line with 11 essential vitamins and
minerals. Dairy Food Magazine hails Slammers as one the top new dairy
foods of 2002 in its annual "Best New Products of 2002" issue.
* Bravo! Foods Added Twelve Supermarket Chains and Five Food Distributors
to its Customer List During the Quarter
Approximately 1,225 East and Southeast supermarket stores, from
Massachusetts to Alabama, will now be offering Bravo! Foods healthy
milk line. Royal Ahold's Bi-Lo and Bruno's, together with Great
Atlantic & Pacific Tea Company, Gristedes, Krasdale, Met Foods and
Pioneer are among the large chains that have added the milk line over
the last three months. CNS Metro, White Rose, U.S. Food Service, A.E.
Wease Distributing and Cash-Wa are new distributors of the premium milk
* Bravo! Foods' Looney Tunes(TM) Brand Flavored Milk Entered Canada
During the quarter, the Bravo! Foods contracted with Farmers
Cooperative Dairy Limited of Canada to manufacture and distribute its
premium flavored fluid milk throughout Canada. Bravo! Looney Tunes(TM)
brand flavored milk is available in grocery and convenience stores
within Atlantic Canada region. A national Canadian roll out is
expected early 2003.
* Farmland Dairies LLC, a Division of Parmalat USA Corp. Began Shipment
of Slammers in Eight-Ounce Aseptic Tetra-Brik
Aseptic Slammers Fortified Reduced Fat Milk(TM) is available in five
flavors in multi and variety packs in the juice aisle. Currently,
aseptic Slammers is available in all Pathmark stores and is scheduled
to be available in an additional 1500 northeast supermarket stores by
the end of the year. Parmalat expects distribution to exceed 3400
stores by first quarter 2003.
* Bravo! Foods Launched Its Premium Flavored Milk Line into Convenience
Up to 5,300 participating 7-Eleven stores are the first convenience
stores to offer Bravo! Foods Looney Tunes(TM) Brand Slammers. This
event jettisons Slammers into becoming a nationally distributed milk
* Slammers Fortified Reduced Fat Milk(TM) Enters U.S. Public School
32,500 children in 55 schools in Missouri, Nebraska, Pennsylvania and
Tennessee are the first to enjoy Bravo! Foods' healthy premium flavored
* Bravo! Foods Introduced Beng Beng Le Flavored Milks and Yogurt in China
Through a cooperative effort between its wholly owned subsidiary China
Premium Food and Wonder Sun Dairy, Bravo! Foods branded a new line of
ultra-high temperature (UHT) bottled Looney Tunes(TM) branded flavored
milk and drinkable yogurts.
* Bravo! Foods International Corporation Announced Institutional Investor
Mid Am Capital, L.L.C., a finance affiliate of Dairy Farmers of
America, made a $1 million investment in Bravo! Foods. The proceeds
are being used to promote marketing initiatives for the Company's new
Slammers products, for general working capital and to improve the
Company's balance sheet.
About Bravo! Foods
Bravo! Foods holds a license from Warner Bros. Consumer Products to utilize the Looney Tunes(TM) characters and names on milk products throughout the fifty U.S. States, Puerto Rico, the U.S. Virgin Islands, Canada, China and Mexico. The milk is available in the U.S. through production agreements with milk processors. It is currently available in five flavors under the brand name Slammer Fortified Reduced Fat Milk(TM) and can be purchased in retail outlets in all fifty U.S. states and is also internationally available in Canada, China and Mexico.
LOONEY TUNES, characters, names and all related indicia are trademarks of and (c) WarnerBros. (02)
Safe Harbor under the Private Securities Litigation Reform Act of 1995: The statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future financial results, regulatory approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties as may be detailed in the Company's filings with the Securities and Exchange Commission.