LI beverage maker says preliminary figures show sales up 97%
Long Island Iced Tea Corp., the Hicksville company that earlier this month filed to raise $11.5 million in a stock offering, on Tuesday announced preliminary first quarter net sales of about $522,000, a 97 percent increase versus the year-ago period.
The company attributed the increase in the unaudited results for the quarter ended March 31 to “brand momentum and an increase in distribution.”
The company, which posted a net loss of $3.2 million in 2015, did not provide preliminary net income numbers.
Shares of Long Island Iced Tea Tuesday closed up 1.35 percent to $11.25 in over-the-counter trading. The company has applied to move its listing to the Nasdaq Capital Market, which caters to small capitalization companies.
Ken Schachter covers corporate news, including technology and aerospace, and other business topics for Newsday. He has also worked at The Miami Herald and The Jerusalem Post.
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