US: Innovative Beverage Group posts Q1 revenue increase

By just-drinks.com editorial team | 15 May 2009

Innovative Beverage Group Holdings posted an increase in first quarter revenue today (15 May), boosted by the launch of its "relaxation" beverage, Drank.

For three months ended 31 March, sales revenue reached US$1.29bn, compared to $204m for the same period of 2008.

The company said that the signing of new agreements with national distributors and expansion into new sales territories drove the increase in sales.

Net income reached $170m or $0.03 per share, compared to a loss of $101m or 0.002 per share in the previous year.

"The growth of awareness comes full circle leading us to new distributors, which in turn increase our rate of expansion, which then leads to further awareness," said Peter Bianchi, CEO of Innovative Beverage Group.

"This is a profitable whirlpool to be caught in."

Sectors: Soft drinks