Fort Lauderdale, Fl -August 20, 2021- VPR Brands LP (OTC: VPRB) a market leading supplier and patent holder for electronic cigarettes or vaporizers for nicotine, cannabis and cannabidiol (CBD) and other related smoking accessories such as pocket lighters has reported quarterly and year to date sales and earnings for the period ending June 30, 2021
“The company has finally put the pandemic and other extenuating circumstances behind us and is back on track.” said Kevin Frija CEO of VPR Brands LP “The numbers, which show a tremendous turnaround from last year, speak for themselves as our team is focused on maintaining not only steady growth but most importantly profitability.”
Results of Operations for the Three Months Ended June 30, 2021 Compared to the Three Months Ended June 30, 2020
Revenues
Our revenues for the three months ended June 30, 2021 and 2020 were $1,709,719 and $1,205,370, respectively. The increase was a result of an industry-wide health-related crisis that hampered sales significantly in 2020, as well as increased direct on-line sales in 2021.
Cost of Sales
Cost of sales for the three months ended June 30, 2021 and 2020 was $915,815 and $751,691, respectively. Gross margins increased to 47% in 2021 compared to 37% in 2020, due to pricing pressures from the decreased demand related to the industry crisis in 2020, and increased direct sales in 2021.
Operating Expenses
Operating expenses for the three months ended June 30, 2021 were $457,895 as compared to $372,652 for the three months ended June 30, 2020. The increase in expenses is primarily due to increased sales activity in 2021.
Other Income (Expense)
Interest expense decreased to $71,223 for the three months ended June 30, 2021 as compared to $131,381 for the three months ended June 30, 2020 due to less interest expense recognized on related party loans in 2021.
Net Income (Loss)
Net income for the three months ended June 30, 2021 was $264,786 compared to a net loss of $50,354 for the three months ended June 30, 2020.
Results of Operations for the Six Months Ended June 30, 2021 Compared to the Six Months Ended June 30, 2020
Revenues
Our revenues for the six months ended June 30, 2021 and 2020 were $2,961,777 and $1,804,003, respectively. The increase was a result of an industry-wide health-related crisis that hampered sales significantly in 2020, as well as increased direct on-line sales in 2021.
Cost of Sales
Cost of sales for the six months ended June 30, 2021 and 2020 was $1,626,316 and $1,137,819, respectively. Gross margins increased to 43% in 2021 compared to 35% in 2020, due to pricing pressures from the decreased demand related to the industry crisis in 2020, and increased direct sales in 2021.
Operating Expenses
Operating expenses for the six months ended June 30, 2021 were $995,798 as compared to $849,476 for the six months ended June 30, 2020. The increase in expenses is primarily due to increased sales activity in 2021.
Other Income (Expense)
Interest expense decreased to $176,528 for the six months ended June 30, 2021 as compared to $288,652 for the six months ended June 30, 2020 due to less interest expense recognized on related party loans in 2021.
Net Income (Loss)
Net income for the six months ended June 30, 2021 was $163,135 compared to a net loss of $471,944 for the six months ended June 30, 2020.
About VPR Brands, LP:
VPR Brands is a technology company, whose assets include issued U.S. and Chinese patents for atomization related products including technology for medical marijuana vaporizers and electronic cigarette products and components as well as lighters. The company is also engaged in product development for the vapor or vaping market, including e-liquids, vaporizers and electronic cigarettes (also known as e-cigarettes) which are devices which deliver nicotine and or cannabis through atomization or vaping, and without smoke and other chemical constituents typically found in traditional products. For more information about VPR Brands, please visit the company on the web at www.vprbrands.com.
Forward-Looking Statements This news release contains statements that involve expectations, plans or intentions, and other factors discussed from time to time in the Company’s Securities and Exchange Commission filings. These statements are forward-looking and are subject to risks and uncertainties, so actual results may vary materially. The Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date made. The Company disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.