Splash Beverage Sales Nearly Double, Net Loss Slashed 58%

Splash Beverage Group reports third quarter net sales nearly doubled, rising to $5.1 million from $2.9 million a year earlier.  The  third quarter net loss from continued operations narrowed to $5.1 million from $12.1 million in the prior year period.

Robert Nistico, chairman/CEO, said:

“We continue to execute our business strategy, and our third quarter results reflect those efforts.  Distribution is key to the beverage industry for success.  We continue to focus expanding our distribution network with (9) nine new distribution/sales agreements with distributors and retailers this quarter alone.

"Inventory build is a vital component of growth as we add more retail and distribution partners.  We’ve accessed the capital markets to help fund this growth, and as mentioned above, we intend to activate various traditional credit facilities that are on the table as we speak," he said, adding:

"We will keep a close eye on expenses, evidenced by our reduced operating expenses this quarter as we work towards a revenue neutral/positive position.  We are opportunistic, with good reason regarding our ability to further our expansion of distribution and retail support, which ultimately builds revenue and profitability.”