Energy drinks company Boo Koo Holdings has announced a net loss of US$2.5m for the first quarter of 2008 - $1.3m higher than the same period last year.

Boo Koo's results for the three months to the end of March showed the company having lost $2.5m, or $0.07 per share. In comparison, last year's Q1 results showed the company down only $1.2m.

Much of this was due to a sharp decline in sales. Boo Koo's first quarter net sales brought in $501,557, 78.8% lower than the same period in 2007, when net sales of $2.4m were achieved.

The company said the loss of key distributors was a key factor, most notably independent Coca-Cola distributors who dropped Boo Koo over the last six months after absorbing additional Coca-Cola North America products.

The company's Q1 results coincide with the finalising of plans to launch Boo Koo Burner energy drink in the US. The drink, which will be rolled out in early June, is envisioned by the company to be an energy drink for a younger generation of consumers. The Gazzu line is also set to be extended, with negotiations currently taking place with Circle K.