NEW YORK (TheStreet) -- Shares of Vapor Corp. (VPCO) are down 20.10% to $1.99 after the electronic cigarette company released preliminary 2014 third quarter and nine months information about financial results set to be released after the market closes on Friday, November 14.
Expected net sales are $2,673,926 and $13,547,792 for the three and nine months ended September 30, respectively, which represent decreases of 58.3% and 28.5%, respectively compared to the prior year periods, the company said.
"The decrease in sales is primarily attributable to decreased sales of the company's television direct marketing campaign for the company's Alternacig and VaporX branded campaigns and decreases in sales from our on-line stores," the company said.
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The decrease in sales is also attributable to "distributor inventory build leveling off in 2014 and continued pipeline load in the e-cigarette category in 2013, and the increasing prevalence of vaporizers, tanks and open system vapor products that are marginalizing the e-cigarette category," the company added.
Additionally, Vapor Corp. announced today that it has executed a binding term sheet to enter into a merger with Vaporin Inc. (VAPO) , a company whose primary focus is in vaporizers and eliquids.
Shares of Vaporin are up 27.5% to $2.55.
Separately, TheStreet Ratings team rates VAPOR CORP/NV as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation: