Bravo! Brands losses mount in quarter
May 16, 2007
by FoodBusinessNews.net Staff
NORTH PALM BEACH, FLA. — Bravo! Brands Inc. had a loss of $29.7 million during the quarter ended March 31, which compared with a loss of $535,450 during the same quarter of 2006.
Revenue during the quarter was $3,152,892, down 11% from $3,561,215 during the same quarter of the previous year.
Ben Patipa, president of Bravo! Brands, said the company has identified five areas that require immediate attention: failure to meet top-line revenue expectations, the cost of running the company, the cost of the financial structure of the company, relationships with groups such as suppliers, licensers, distributors and shareholders, and the short and long-term need for additional financing.
Mr. Patipa said additional financing could come through a strategic partnership preferably within the beverage industry.
Other actions Mr. Patipa said the company is taking include seeking new methods of distribution. To this end, the company has begun an interim distribution agreement with Snapple Distributors Inc. The company also has made significant cuts to personnel recently, including terminating Mike Edwards and Stan Harris, former chief revenue and marketing officers. Additionally, the company terminated Roy Warren, former president and chief executive officer.