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Marley Coffee Quarterly Revenue Increases 309 Percent for Quarter Ended October 31, 2013 Compared to Quarter Ended October 31, 2012

December 17, 2013 --

DENVER, Dec. 17, 2013 (GLOBE NEWSWIRE) -- Marley Coffee (OTC:JAMN) (www.marleycoffee.com), the sustainably grown, ethically farmed and artisan-roasted gourmet coffee company, reports financial results for the three and nine months ended October 31, 2013 and 2012, including increases in revenue, gross profit and gross profit margins, for the year-over-year periods.



Highlights of the third fiscal quarter and nine months include:




  • Revenue for the 2014 third fiscal quarter (i.e., the three months ended October 31, 2013) increased 309 percent to $2.2 million vs. $536 thousand compared with fiscal 3Q 2013. For the nine-month period ended October 31, 2013, revenue increased 228 percent to $4.6 million compared with $1.4 million in the year-ago nine-month period.


  • Increased grocery retailer penetration to 8,000 authorized locations as of October 31, 2013, compared with 500 locations at the end of the third quarter last year helped contribute to the growth in revenue.


  • Gross profit increased to $811 thousand in the 2014 third fiscal quarter compared with $153 thousand in the year-ago third fiscal quarter. For the nine months ended October 31, 2013, gross profit was $1.8 million compared with $295 thousand in the year-ago nine-month period.


  • Gross profit margins increased to 37 percent in the third quarter of fiscal 2014 from 29 percent in the year-ago third fiscal quarter.


  • Operating expenses for the third fiscal quarter 2014 were $1.5 million compared with $1.0 million in the year-ago third fiscal quarter, and $3.1 million for the nine months ended October 31, 2013 compared with $3.0 million in the year-ago nine-month period. While operating expenses increased by 50%, revenues increased by 309% highlighting the companies ability to scale well.


  • Net loss was $1.4 million or $0.01 per share for the third fiscal quarter of 2014, compared with a net loss of $945 thousand, or $0.01 per share, in the year-ago third fiscal quarter. October 31, 2013 was a non-cash loss on extinguishment of debt of $684 thousand and $1.1 million, respectively and non-cash equity compensation of $601 thousand and $1.6 million, respectively. That loss on extinguishment of debt was specifically due to the financing transaction by Ironridge. The losses relate to a non-cash true up of certain amounts due to Ironridge under the July 2013 transaction and represent the value of shares of common stock issuable to satisfy certain liabilities previously purchased by Ironridge. Moreover, excluding these non-cash transactions, net loss for the three months ending October 31, 2013 would have been $93 thousand or $0.00 per share and net income for the nine-month period would have been $200 thousand or $0.00 per share.


  • Cash flows from operations improved from a net cash burn of $998 thousand for the nine months ending October 31, 2012 to a positive net cash flow of $990 thousand for the nine months ending October 31, 2013. The positive cash flow was due to the significant increase in revenues during the period, in addition to the use of equity financing to pay down and manage debt. The Company believes that this decrease in debt will help minimize the risk for any current and potential investors, and plans to transition from equity-based compensation to cash compensation for the management team during the fiscal year ending January 31, 2015.


  • Generated distribution with several leading supermarket chains and retail outlets including Giant Food Stores, Stop & Shop, Natural Grocers by Vitamin Cottage®, AKiN's Natural Food Markets, Chamberlin's Market & Cafe, Richard's Foodporium, Market District, Vitamin Discount Center, Hen House Market, Ball's Price Chopper, and Brookshire Brothers, were added during the fiscal third quarter.


  • Garden of Life®, named the #1 selling brand in the natural products industry by SPINScan, launched fair trade Marley Coffee flavors of its best-selling Raw Protein and Raw Meal.


  • AVT, Inc., a leader in automated retailing systems, self-service stores and kiosks, placed 360 Marley Coffee automated kiosk in Los Angeles' Westwood Pavilion.


  • Introduced three varieties of Marley Coffee espresso capsules for the Coscolina and Verona espresso machines, manufactured by the Martello Cafe line.


  • Marley Coffee named as primary refreshment option at the New York City headquarters of Spotify, the innovative online music streaming service.


  • Launched "Smile Jamaica," a blend of 20 percent Jamaican Blue Mountain (JBM) coffee and 80 percent Rainforest Alliance Certified coffee, the first authorized JBM blend in North America.


  • Company management featured in a series of media outlets including Bloomberg TV and Fox Business News.


  • Subsequent to the end of the quarter, the Company generated distribution with Kroger-owned Quality Food Centers, Fred Meyer, Ralphs and all 14 New York City metropolitan area locations of Fairway Market.


  • Subsequent to the end of the quarter, the Company purchased the majority of assets of BikeCaffé Franchising Inc., a Denver-based company that owns and sells mobile coffee carts worldwide.



Rohan Marley, Founder and Chairman of Marley Coffee, said, "The progress during this quarter was a result of our company's dedication and vision for Marley Coffee. As we continue to grow our business and introduce more and more customers to our unique blends, we also intend to remain true to our ideals—including sustainability, environmental awareness and community-based responsibility—that truly sets Marley Coffee apart as a coffee company."


Brent Toevs, Chief Executive Officer of Marley Coffee, added, "As we increase our presence in traditional retail markets, we also continue to concentrate on expanding our domestic and international distribution channels. We believe there are many exciting opportunities for us to increase sales of our products, and the recognition of the Marley Coffee brand."




About Jammin Java Corp., d/b/a Marley Coffee



Marley Coffee (corporate name Jammin Java Corp.) is a US-based company that provides premium, artisan roasted coffee to the grocery, retail, online, service, hospitality, office coffee service and big box store industry. Under its exclusive licensing agreement with 56 Hope Road, the company continues to develop its coffee lines under the Marley Coffee brand. The company is a fully reporting company quoted on the OTCQB under the symbol "JAMN". Learn more at www.MarleyCoffee.com or visit the corporate website at www.JamminJavaCorp.com.



Join us on Facebook at http://www.facebook.com/MarleyCoffee, or follow us on Twitter at http://twitter.com/marleycoffee, where we post information that's material and non-material about the company.



Forward-Looking Statement



This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended (the "Acts"). In particular, the words "believe," "may," "could," "should," "expect," "anticipate," "estimate," "project," "propose," "plan," "intend," and similar conditional words and expressions are intended to identify forward-looking statements and are subject to the safe harbor created by these Acts. Any statements made in this news release about an action, event or development, are forward-looking statements. Such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the company. These risks and others are included from time to time in documents we file with the Securities and Exchange Commission ("SEC"), including but not limited to, our Form 10-Ks, Form 10-Qs and Form 8-Ks. Other unknown or unpredictable factors also could have material adverse effects on our future results. Accordingly, you should not place undue reliance on these forward-looking statements. Although the company believes that the expectations reflected in the forward-looking statements are reasonable, it can give no assurance that its forward-looking statements will prove to be correct. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. The company takes no obligation to update or correct its own forward-looking statements, except as required by law or those prepared by third parties that are not paid by the company. The company's SEC filings are available at http://www.sec.gov.




















































































































































































































































JAMMIN JAVA CORP.

STATEMENTS OF OPERATIONS

 

 

 

 

 

 

Three Months Ended October 31,

Nine Months Ended October 31,

 

2013

2012

2013

2012

 

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

 

 

 

 

 

Revenue

 $ 2,193,118

 $ 536,055

 $ 4,615,605

 $ 1,405,154

 

 

 

 

 

Cost of sales:

 

 

 

 

Cost of sales products

1,382,067

382,741

 2,833,587

1,110,002

Total cost of sales

1,382,067

382,741

2,833,587

1,110,002

 

 

 

 

 

Gross Profit

 $ 811,051

 $ 153,314

 $ 1,782,018

 $ 295,152

 

 

 

 

 

Operating Expenses:

 

 

 

 

Compensation and benefits

686,241

567,668

1,373,394

1,778,397

Selling and marketing

15,777

191,566

139,709

494,338

General and administrative

758,635

237,774

1,627,383

731,546

Impairment of license

 --

 36,000

 --

 36,000

Total operating expenses

1,460,653

1,033,008

 3,140,486

3,040,281

 

 

 

 

 

Other income (expense):

 

 

 

 

Other expense (Including loss on extinguishment of liabilities of $1,120,593)

 (728,705)

 (11,200)

 (1,044,891)

 (11,200)

Interest income

 --

 48

 --

 461

Interest (expense)

 (244)

 (53,896)

 (108,918)

 (69,285)

Total other income (expense)

 (728,949)

 (65,048)

 (1,153,809)

 (80,024)

 

 

 

 

 

Net Loss

 $ (1,378,551)

 $ (944,742)

 $ (2,512,277)

 $ (2,825,153)

 

 

 

 

 

Net loss per share:

 

 

 

 

Basic and diluted loss per share

 $ (0.01)

 $ (0.01)

 $ (0.03)

 $ (0.04)

 

 

 

 

 

Weighted average common shares outstanding - basic and diluted

96,466,602

77,618,723

90,255,429

77,037,802

 

 

 

 

 

See accompanying notes to financial statements























































































































































































































































 

JAMMIN JAVA CORP.

BALANCE SHEETS

 

 

 

 

October 31,

January 31,

 

2013

2013

 

(Unaudited)

 

Assets

 

 

Current Assets:

 

 

Cash

 $ 806,414

 $ --

Restricted cash

 --

 65,382

Accounts receivable

2,661,906

415,721

Notes receivable - related party

2,724

 --

Inventory

2,249,684

 --

Prepaid expenses

217,979

173,264

Other current assets

 26,160

24,387

Total Current Assets

5,964,867

678,754

 

 

 

Property and equipment, net

182,668

19,705

License agreement

669,167

705,667

Deferred financing costs

 --

43,490

Other assets

 15,716

 --

Total Assets

 $ 6,832,418

 $ 1,447,616

 

 

 

Liabilities and Stockholders' Equity

 

 

Current Liabilities:

 

 

Accounts payable

 $ 1,201,255

 $ 762,663

Common shares due to Ironridge

 1,395,025

 --

Accounts payable - related party

 --

2,258

Accrued royalty - related party

 162,245

 --

Accrued expenses

 137,352

92,586

Accrued expenses - related party

 21,000

 30,073

Bank Overdraft

 --

 8,931

Notes payable - Related party

 --

9,454

Secured promissory note -  net of discount of $-0- and $29,925, respectively

 --

 320,075

Notes payable

 4,965

 --

Derivative liability

 --

 120,006

Total Current Liabilities

 2,921,842

1,346,046

 

 

 

Total Liabilities

 2,921,842

1,346,046

 

 

 

Stockholders' Equity:

 

 

Common stock, $.001 par value, 5,112,861,525 shares authorized; 95,388,136 and 79,373,546 shares issued and outstanding, as of October 31, 2013 and January 31, 2013, respectively

 95,388

79,377

Additional paid-in-capital

 13,386,283

7,081,011

Accumulated deficit

 (9,571,095)

 (7,058,818)

Total Stockholders' Equity

 3,910,576

101,570

 

 

 

Total Liabilities and Stockholders' Equity

 $ 6,832,418

 $ 1,447,616

 

 

 

See accompanying notes to financial statements

CONTACT: Dian Griesel Int'l.
212-825-3210

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