Electronic Cigarettes International Group, Ltd. Reports Unaudited Consolidated Earnings Results for the Third Quarter Ended of September 30, 2016; Reports Impairment of Long-Lived Assets for the Third Quarter of 2016
November 14, 2016 at 04:24 pm
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Electronic Cigarettes International Group, Ltd. reported unaudited consolidated earnings results for the third quarter ended of September 30, 2016. For the quarter, the company's net sales were $9.7 million, compared to $12.9 million in the third quarter of 2015 and $9.6 million in the second quarter of 2016. Loss from operations was $5,446,000 compared to $3,217,000 a year ago. Net sales for all periods exclude revenues from global e-commerce that are now in discontinued operations due to the sale of that business. Loss from continuing operations was $1,363,000 compared to Income from continuing operations of $10,137,000 a year ago. Loss from continuing operations before income taxes was $1,136,000 compared to income from continuing operations before income taxes of $10,441,000 a year ago. Net loss was $15,138,000 compared to net income of $9,229,000 a year ago. Diluted net loss per share was $0.14 compared to diluted net income per share of $0.09 a year ago. The company's adjusted EBITDA, excluding GEC's results, are now positive for the first time. So for the third quarter of 2016, adjusted EBITDA was a positive $147,000 against a loss of $730,000 in the same quarter last year and a loss of $477,000 in the second quarter of 2016.
For the quarter, the company reported Impairment of long-lived assets of $4,274,000.
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.
Electronic Cigarettes International Group, Ltd. Reports Unaudited Consolidated Earnings Results for the Third Quarter Ended of September 30, 2016; Reports Impairment of Long-Lived Assets for the Third Quarter of 2016