Skinny Nutritional Corp. Revenues Stay Strong for Q2 of 2011
Operating Loss Decreases 10% Year over Year in the Second Quarter of 2011
BALA CYNWYD, PA. August 18, 2011---SKINNY NUTRITIONAL CORP. (OTCBB: SKNY), the maker of Skinny Water® and a leader in the zero-calorie enhanced water category, today announced net revenues of approximately $2,113,000 for the three months ending June 30, 2011. This represents a decrease of approximately $137,000, over revenues of approximately $2,250,000 for the same period ending June 30, 2010. The Company sold 293,746 cases of Skinny Water® for the three month period ending June 30, 2011compared to 310,914 cases for the same period in 2010, a decrease of approximately 6%, (1 case = twelve 16 ounce bottles). This decrease reflects a decrease in product sales as a result of inadequate capital to fund inventory purchases and meet customer demand during the second quarter 2011.
During 2011, the Company has raised $3,250,500, less offering costs of approximately $55,000, for working capital requirements and to fund increased inventory and additional chain authorizations.
Michael Salaman , CEO stated, ”Sales remained consistent in the 2nd quarter, even though the demand for Skinny Water was greater than our finished goods inventory levels were able to provide to our customers during the quarter. We completed distribution agreements that now allow us to deliver to a number of chain accounts in the high growth region of Southern California. New chains that the company shipped to included CVS, nationally, and Brookshire Markets in the Dallas, Texas region. Through our account authorizations with retailers, our management believes that Skinny Water products have been authorized for sale with retail accounts which aggregate approximately 13,000 chain stores and in numerous independent stores around the country.
The following information was filed by Skinny Nutritional Corp. (SKNY) on Thursday, August 18, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: SKNY CIK: 1176325 Form Type:10-Q Quarterly Report Accession Number: 0001144204-11-066166 Submitted to the SEC: Mon Nov 21 2011 3:53:55 PM EST Accepted by the SEC: Mon Nov 21 2011 Period: Friday, September 30, 2011 Industry: Wholesale Groceries General Line