Good Morning
Good Morning

Long Island Iced Tea shares soar on preliminary results

Long Island Iced Tea Corp., a Farmingdale-based maker

Long Island Iced Tea Corp., a Farmingdale-based maker of ready-to-drink iced tea, released preliminary results Tuesday, Oct. 23, 2017. Credit: Long Island Iced Tea Corp.

Shares of Long Island Iced Tea Corp. soared more than 16 percent Tuesday after the company issued preliminary third quarter results showing a 26 percent increase in year-over-year net sales despite a sharp decline in sales of its beverage based on aloe vera.

Net sales reached $1.6 million for the quarter ended Sept. 30, the Farmingdale-based company said in a news release Tuesday. That total included its core iced tea business, where sales rose 67 percent to $1.4 million.

Growth in iced tea sales was partly offset by a 43 percent decline in sales of its ALO Juice line to $272,000. Net income data were not included in the preliminary release.

Chief executive Philip Thomas attributed the growth in the iced tea segment to introduction of a new 18-ounce slimline bottle in March and the appointment of a new distributor in the New York region.

Shares of the company, which have fallen about 52 percent in the past 12 months, closed Tuesday at $2.74.

Earlier this month, the company disclosed that it had received a delisting notice from the Nasdaq Stock Market because the company’s listed securities had fallen below the required $35 million minimum market value.

More news