US: Sales slow, as do losses at Who's Your Daddy
Who's Your Daddy has posted slowing sales in its third quarter, although net losses have also decelerated.
The California-based energy drinks company said yesterday (19 December) that sales in the three months to the end of September dipped by 18% on the corresponding period a year earlier, falling to US$539,095. Net loss in the quarter, however, slowed to $1.6m from 3.1m for Q3 2006.
For the first nine months of this year, sales were up by 37% to $1.3m, while net loss grew to $9.7m from $6.9m for the same period in 2006.
"With the resolution of accounting issues and the initial favourable responses for the $1.2m bridge financing, we feel that we have weathered the recent financial storm and are getting back on track to resume growing the company," said Who's Your Daddy's CEO, Edon Moyal. "Despite very limited cash to support the sales and marketing of our products in the third quarter, our revenues for the first nine months this year are well ahead of last year."
In October, the company had to revise its second quarter results, partly due to the collapse of an intended distributor acquisition. Net sales for the three months to the end of June, which had previously been reported as reaching $800,000, were revised downwards to $629,471.
Operating loss for the quarter hit $1.6m, while a net loss of $3m was recorded.
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