Long Island Iced Tea Corp., a Hicksville-based maker of nonalcoholic ready-to-drink iced tea, reported higher net sales but a wider net loss for the quarter ended June 30.
The company, founded in July 2011, recorded a net loss of $2.1 million, compared with a loss of $683,486 during the year earlier period. Long Island Iced Tea said the net loss was due to increased payroll costs, and higher advisory board and board of director fees.
Revenue for the second quarter rose to $1.6 million from $675,735 a year earlier. The company said the rise in sales was primarily due to an increase in its distribution and the addition of new customers.
“We are proud of achieving significant net sales growth in the second quarter and reaching several exciting milestones, including surpassing one-and-a-half million dollars in quarterly net sales for the first time,” Philip Thomas, chief executive of Long Island Iced Tea, said in a statement.
Long Island Iced Tea last month raised $6.9 million in a stock offering and began trading on the Nasdaq Capital Market Shares of the company closed at $4.59, up 35 cents, Tuesday.