NewAge, Inc. Issues Preliminary Financial Results for Fourth Quarter 2021
10 Gennaio 2022 - 11:21PM
NewAge, Inc. (Nasdaq: NBEV) (“NewAge” or
“the Company”), the Colorado-based direct-to-consumer
(D2C) organic and healthy products company, today announced that
the Company anticipates preliminary, unaudited net revenue in the
range of $99 million to $101 million for the fourth quarter ended
December 31, 2021.
The preliminary net revenue range is relatively unchanged from
revenue of $100 million reported in the third quarter 2021;
however, it is below the Company’s previous expectation for a high
single-digit sequential increase. While sales in October and
November were in line with the Company’s expectations, sales
momentum in December declined due to:
- Ongoing restrictions limiting travel and face-to-face meetings
due to COVID;
- Changing regulatory requirements in China and Europe requiring
operational adjustments; and
- Continued backlogs in shipping lanes impacting inventory
levels.
The foregoing expected results are preliminary and remain
subject to the completion of normal quarter end accounting
procedures and closing adjustments. NewAge will report fourth
quarter 2021 earnings in March 2022.
In addition, NewAge filed a Form 8-K with the U.S. Securities
and Exchange Commission (SEC) today announcing that the NewAge
Board of Directors and Chief Executive Officer Brent Willis have
agreed that Mr. Willis will resign as CEO, Director, and employee,
effective immediately. The Form 8-K can be accessed on the investor
section of NewAge’s website at
https://newagegroup.com/investors/tab/sec-filings and on the SEC’s
website at www.sec.gov.
About NewAge, Inc.NewAge is a purpose-driven
firm dedicated to inspiring the planet to Live Healthy™.
Colorado-based NewAge commercializes a portfolio of organic and
healthy products worldwide through primarily a direct-to-consumer
(D2C) route to market distribution system across more than 50
countries. The company competes in three major category platforms
including health and wellness, inner and outer beauty, and
nutritional performance and weight management — through a network
of exclusive independent Brand Partners, empowered with the leading
social selling tools and technology available worldwide. More
information on the Company can be found at NewAgeGroup.com.
Forward Looking StatementsThis press release
contains forward-looking statements that are made under the safe
harbor provisions within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking
statements are any statement reflecting management's expectations
regarding future results of operations, economic performance, and
financial condition, including statements related to operating
margins, the acquisitions and integrations of ARIIX and Aliven and
cost synergies and operational efficiencies related thereto, the
acquisition of additional businesses, the impact of the coronavirus
(“COVID-19”) pandemic, and plans for company growth.
Forward-looking statements, specifically those concerning future
performance, are subject to certain risks and uncertainties, and
actual results may differ materially. NewAge competes in a rapidly
growing and transforming industry, and risk factors, including
those disclosed in the company's filings with the Securities and
Exchange Commission, might affect the company's operations. Unless
required by applicable law, the company undertakes no obligation to
update or revise any forward-looking statements.
Contact:
InvestorsNewAge, Inc.Lisa MuellerVP, Investor
Relationsir@newage.com
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