NEW YORK, Jan. 19, 2016 (GLOBE NEWSWIRE) -- (OTCBB:SOUP) Soupman Inc. (www.originalsoupman.com) makers of the heartiest and tastiest soups in the world, today announced financial results for the first quarter of fiscal 2016 ending November 30, 2015.
Highlights of the first quarter of fiscal 2016:
- Total revenue increase of 12.5%
- Gross Profit increase of 379%
- Net loss reduction of 41%
“We had a solid first quarter that met expectations, marking my first quarter as CEO,“ said Jamieson Karson, CEO of Soupman, Inc. “Total sales increased 12.5%, led by a 63% increase in Tetra Pak sales to our national supermarket customers. Gross profit increased over 379%, and our net loss shrunk by 41%. During the quarter we rolled out product for the first time at 2,200 Kroger stores including Ralph’s, Fred Meyer and King Sooper (www.Kroger.com). To support our product sales, we initiated a data-driven geo-targeted marketing plan which utilizes the “Soupman” in media and personal appearances in key regional markets. To date, this effort has successfully increased sales per supermarket in those key regional markets. We are now beta testing our marketing plan in other markets so that it becomes the framework for our marketing efforts for 2016 and beyond. While we recognize that we have much work to do, we are nevertheless encouraged by a 63% increase in our key Tetra Pak business, as well as expanded distribution and deeper product development which will position us well for a strong 2016,” continued Karson.
Net revenue increased by 12.5% to $0.7 million, compared to the three months ended November 30, 2014, due to strong growth in Tetra Pak sales. Gross profit increased by 379% over the same quarter of fiscal 2014 to $0.3 million. Operating expenses were $0.7 million compared to $0.5 million in last year’s first quarter. Operating loss was $0.4 million in the first quarter of fiscal 2016 compared to a $0.5 million operating loss in the first quarter of fiscal 2015.
Net loss for the three months ended November 30, 2015 was $0.7 million, or $0.01 per share, compared to a net loss of $1.1 million, or $0.02 per share for the three months ended November 30, 2014. Per share results are based on average weighted shares outstanding of 72,277,520 and 48,071,302 for the first quarter of fiscal 2016 and 2015 respectively.
About Soupman, Inc.
The Original Soupman® offers over 50 varieties of soups including such famous flavors as Lobster Bisque, Crab Bisque, Chicken Gumbo, Crab Corn Chowder, Mulligatawny, Butternut Squash, Jambalaya, Shrimp Bisque, Italian Sausage, Eggplant Parmigiana, Tomato Basil and many more. The Original Soupman® soups are also available in 6 varieties in 17 ounce Tetra Pak cartons in grocery stores and are available next to Campbell’s and Progresso in the soup aisle of such fine retailers, including Safeway, Publix, HEB, Kroger, Ralph's, Vons, and Pavilions among many others.
Consumers can visit the Soupman at his original store in NYC on 55 Street & 8th Ave, on soupmobiles at local events throughout the nation and ladling soup for fans at MetLife stadium during the football season.
In 1984, The Original Soupman opened its doors at 55th Street & 8th Avenue in Manhattan and quickly became a worldwide destination. Rated #1 by Zagat and praised by the New York Times as "Art, not Soup," it set the standard for innovation and excellence long before the famous "Seinfeld" episode made it a cultural icon. The company sells soup across America in Tetra Pak cartons to grocery stores next to Campbell's and Progresso as well in franchise restaurants, soupmobiles and foodservices. Shaquille O'Neal is an advisor and equity partner, as are Mr. October, Reggie Jackson and the award-winning actor, Jason Alexander. Jamieson Karson, former CEO of Steve Madden Shoes, is the company’s Chairman and CEO. Soupman Inc., is a fully reporting public company trading on the OTCQB under the symbol SOUP. For additional information on our company please visit: www.originalsoupman.com OriginalSoupMan and "Like" us on Facebook.
Safe Harbor Statement:
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The forward-looking statements are based on current expectations, estimates and projections made by management. The Company intends for the forward-looking statements to be covered by the safe harbor provisions for forward-looking statements. Words such as "anticipates", "expects", "intends", "plans", "believes", "seeks", "estimates" or variations of such words are intended to identify such forward-looking statements. The forward-looking statements contained in this press release include, statements regarding, continuing to reduce liabilities and expand our product line and distribution, expanding our national restaurant chain test, supporting the grocery and restaurant channels of distribution revenue channels, using new varieties to open up new accounts and markets for us and supporting our new product introductions with marketing campaigns. All forward-looking statements in this press release are made as of the date of this press release, and the Company assumes no obligation to update these forward-looking statements other than as required by law. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth or implied by any forward-looking statements such as, our ability to continue to reduce liabilities and expand our product line and distribution, our ability to raise capital and position the Company for future growth, and the risk factors discussed in the Business and Management's Discussion and Analysis sections in our Quarterly Reports on Form 10-Q, Annual Reports on Form 10-K and Current Reports on Form 8-K. Copies of these filings are available www.originalsoupman.com. http://ir.stockpr.com/originalsoupman/overview
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For Additional Information: Soupman Inc. Bender Group PR Stacey Bender ( 973) 744-0707 PCG Advisory Group: Investors: Stephanie Prince Managing Director Phone: 646-762-4518 Media: Sean Leous Managing Director Phone: 646-863-8998