DENVER, June 17, 2014 (GLOBE NEWSWIRE) -- Marley Coffee (OTCQB:JAMN) ( www.marleycoffee.com ), the sustainably grown, ethically farmed and artisan-roasted reports fiscal first quarter sales increased 153 percent compared with last year's comparable sales.
Commenting on the results for fiscal first quarter 2015, Brent Toevs, Chief Executive Officer of Marley Coffee, said, "First quarter results were in line with our expectations, as we continued to implement our objectives for the year. The key highlight of the quarter was our strategic agreement and capital raise with Mother Parkers, which we believe is an integral growth catalyst for us in the upcoming year and beyond. Subsequent to the end of the quarter, we have spent time integrating with the Mother Parkers team to help leverage its resources to drive Marley Coffee sales. Our focus during the quarter was on continuing to implement effective marketing campaigns to help increase our velocity of turning products off the shelf, expanding distribution to key retailers and increasing the talent at Marley Coffee as we complete our team."
Mr. Toevs added, "We believe we've successfully executed on our objectives, and our quarterly numbers reflect our continued focus. We remain confident in our ability to substantially increase our sales this year and reach our goal of more than $10 million in gross revenues and have identified a clear path to attain $25 million in the near future."Financial Highlights for the Fiscal First Quarter Ended April 30, 2014 Sales revenue for the fiscal quarter ended April 30, 2014 increased 153 percent to $2.1 million compared with $846 thousand in the year-ago quarter. Cost of sales for the quarter were $1.7 million compared with $318 thousand last year, primarily attributable to increased sales. Gross profit was $453 thousand for the first quarter compared with gross profit of $499 thousand in the year-ago quarter. Gross profit margins were 21 percent compared with 59 percent in the year-ago quarter. The expected decrease in gross profit and gross profit margins was the result of our expansion into new markets and lower initial margins on sales. We expect gross profits to increase in upcoming quarters as we mature in our current grocery operations.