Javo Beverage Co. experiences a profitable 2006
March 16, 2007
by FoodBusinessNews.net Staff
SAN DEIGO — Gross profits for Javo Beverage Co. during fiscal year 2006 increased 56% to $3,142,902 from $2,019,402 during the previous year.
Revenue also increased 67% to $10,321,655 from $6,200,327. However, Javo sustained a loss from operations during the year of $9,926,072, which resulted in part from a non-cash and non-recurring expense relating to an exchange by holders of the promissory notes for non-convertible, non-voting Series B preferred stock. The cash position of the company at the close of the year was $18.3 million.
"We accomplished the two primary goals we had set for the year," said Cody C. Ashwell, chief executive officer and chairman. "First, we dramatically increased our distribution footprint through the addition of distributors like Shamrock Foods, Gordon Food Service, Core-mark and McLane. Second, we made several moves during the year that improved our balance sheet and added financial flexibility."
During the fourth quarter, the company brought in $2,498,117 in revenue, a 72% improvement over revenue during the same period of the previous year. The growth was attributed to the additional beverage dispenser placement.