Long Island Iced Tea shares soar on preliminary results
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.
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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