ChampionLyte Holdings has posted its operating results for the quarter to 31 March 2004. Revenues for the company hit US$237,182, representing a loss of $0.03 per share, the company said yesterday.

"We are truly seeing the impact of a major company-wide restructuring that has yielded high-quality products and vastly improved marketing and distribution to, most recently, some of the nation's premier grocery chains and specialty retailers," said David Goldberg, president of ChampionLyte, said.

"Our sugar-free sports drinks and sugar-free syrups are clearly products that are in demand and address growing national concerns over obesity and diabetes," he added.

"Last week we announced a long-term distribution agreement with our beverage subsidiary for a minimum of 18,000 cases of ChampionLyte sugar free sports drinks, with Havana International and FTZ Ship and Duty Free Supplies Inc.," Goldberg said.

"We shipped the first order last month and we have just received a second order for 18,000 additional cases. We believe the Havana contract along with other recent orders, as well as reorders, will have a positive impact on 2nd quarter results."