Coffee- and tea-based beverage manufacturer Javo Beverage Co. Inc. announced third-quarter financial results Nov. 16.
For the third quarter ended Sept. 30, net sales were $2.3 million, down from $2.7 million for the same period in 2005.
Net loss for the period was $709,141, or 1 cent per share, compared to the like period 2005 net loss of $844,636, or 1 cent per share.
Year-to-date sales for the nine months ended Sept. 30 were $7.8 million, up 65 percent from $4.8 million for the first nine months of 2005. Same period net loss was $8 million, or 5 cents per share, compared to a net loss of $3 million, or 2 cents per share, in 2005.
Nine-month net loss includes accelerated interest expense of $5.4 million. According to Javo representatives, this was a “non-cash hit” to income related to the conversion of debt into non-voting, non-convertible preferred stock.
Vista-based Javo Beverage is traded on the over-the-counter bulletin board as JAVO and closed on Nov. 16 at $1.47, down 11 cents from the previous day’s close.
, Andy Killion