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VPR Brands LP Reports Record Annual Financial Performance for Fiscal Year 2023

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VPR Brands LP reported record annual financial performance for fiscal year 2023, with revenue doubling to $9,853,825, net income reaching $3,812,605, and impressive improvements in gross profit margins. The company showcased robust operational health, enhanced cash management, and a strengthened financial position.
VPR Brands LP ha riportato una performance finanziaria annuale record per l'anno fiscale 2023, con un raddoppio del fatturato a $9,853,825, un utile netto di $3,812,605 e miglioramenti notevoli nei margini di profitto lordo. L'azienda ha dimostrato una solida salute operativa, una gestione del contante migliorata e una posizione finanziaria rafforzata.
VPR Brands LP reportó un rendimiento financiero anual récord para el año fiscal 2023, con ingresos que se duplicaron a $9,853,825, un ingreso neto de $3,812,605 y mejoras impresionantes en los márgenes de ganancia bruta. La compañía mostró una salud operacional robusta, mejor gestión del efectivo y una posición financiera fortalecida.
VPR Brands LP가 2023 회계 연도에 사상 최대 연간 재무 성과를 보고했습니다. 매출이 9,853,825달러로 두 배 증가하고, 순이익이 3,812,605달러에 달하며, 총이익 마진에서 눈에 띄게 개선되었습니다. 회사는 견고한 운영 건강, 향상된 현금 관리 및 강화된 재무 상태를 과시했습니다.
VPR Brands LP a rapporté des performances financières annuelles record pour l'exercice 2023, avec un chiffre d'affaires doublé à 9 853 825 $, un bénéfice net atteignant 3 812 605 $ et des améliorations impressionnantes des marges de profit brut. La société a démontré une santé opérationnelle robuste, une gestion améliorée de la trésorerie et une position financière renforcée.
VPR Brands LP meldete für das Geschäftsjahr 2023 eine Rekord-Jahresfinanzleistung, mit einer Verdopplung des Umsatzes auf 9.853.825 Dollar, einem Nettogewinn von 3.812.605 Dollar und beeindruckenden Verbesserungen der Bruttogewinnmargen. Das Unternehmen zeigte eine robuste betriebliche Gesundheit, verbesserte Bargeldverwaltung und eine gestärkte finanzielle Position.
Positive
  • Revenue doubled to $9,853,825 from $4,927,616 in 2022.
  • Net income reached $3,812,605, reversing a net loss of $203,697 in 2022.
  • Gross profit margins expanded to 50.3% in 2023 from 33% in 2022.
  • Operating expenses increased to $2,210,072 due to enhanced advertising activities.
  • Positive cash flow from operations improved to $3,481,356 in 2023.
  • Total assets grew to $3,191,246, while total liabilities decreased to $2,576,936.
  • Other income netted $1,141,350 in 2023, mainly from a litigation settlement.
  • Net cash used in financing activities was $1,706,517 in 2023.
Negative
  • None.

The Company Concluded the Year With Revenue Doubling, Alongside Substantial Improvements in Gross Profit Margins and Net Income

FORT LAUDERDALE, FL, April 19, 2024 (GLOBE NEWSWIRE) -- via NewMediaWireVPR Brands LP (OTCQB: VPRB), a leader in the innovation and monetization of intellectual properties within the electronic cigarette and vaporizer sector, today announced its financial results for the fiscal year ended December 31, 2023. Demonstrating significant growth and enhanced operational efficiency, the company concluded the year with revenue doubling, alongside substantial improvements in gross profit margins and net income.

Annual Financial Highlights:

  • Revenues: Increased significantly to $9,853,825, up from $4,927,616 in 2022. The growth is attributed to increased customer sales and the introduction of new royalty revenue streams.
  • Net Income: Reported a net income of $3,812,605, reversing a net loss of $203,697 in 2022, showcasing the company's effective strategies and operational execution.
  • Cost of Sales: Rose to $4,972,497, reflecting the increased sales volume, with gross margins impressively expanding to 50.3% in 2023 from 33% in 2022, driven by higher-margin direct-to-consumer online sales and higher wholesale margins.
  • Operating Expenses: Increased to $2,210,072 as compared to $1,828,195 in 2022 due to enhanced advertising activities and additional advertising to support the expanded sales and revenue base.
  • Cash Flow from Operations: Improved to a positive $3,481,356 in 2023 from a negative $312,423 in 2022, indicating robust operational health and enhanced cash management.

Liquidity and Capital Resources:

  • Total Assets: Grew to $3,191,246 from $1,632,528 in 2022, bolstered by increased Cash, Inventory, and Accounts Receivable from the growth in sales.
  • Total Liabilities: Decreased to $2,576,936 from $3,951,020 in 2022, significantly reducing the company's debt profile and enhancing financial stability.

Other Financial Updates:

  • Other Income: Other income netted $1,141,350 in 2023, mainly from a litigation settlement which contributed $2,400,172.
  • Financing Activities: Net cash used in financing activities was $1,706,517 in 2023, a pivot from net cash provided of $332,254 in 2022, reflecting a strategic reduction in debt levels.

Executive Comments:

Kevin Frija, CEO of VPR Brands LP, stated, "2023 was a pivotal year for VPR Brands. We've successfully optimized our patent and trademark portfolio and expanded our market presence, resulting in historic revenue levels and profitability. Our strategic focus on Intellectual Property Monetization, including licensing has positioned us strongly within the competitive landscape."

Dan Hoff, COO, added, "Our operational achievements this year reflect our commitment to excellence and innovation. With new products in the pipeline and an expanding rapidly into new segments through licensing, we are poised for continued growth, diversification and are focused on delivering sustainable value to our shareholders."

About VPR Brands LP:

VPR Brands is a technology company and an IP holding company engaged in various monetization strategies of its U.S. patents covering electronic cigarette, vaporizer technologies, and related accessories. The company designs, develops, markets, and distributes products oriented towards the cannabis markets, including the ELF and HONEYSTICK brand of vaporizers and DISSIM Lighters. VPR Brands is actively enforcing its patents and exploring and monetizing licensing opportunities.

For more information about VPR Brands, please visit 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.

Corporate Communications:

For further information, please contact Kevin Frija at kevin.frija@vprbrands.com.


FAQ

What was VPR Brands LP's revenue for fiscal year 2023?

VPR Brands LP's revenue for fiscal year 2023 doubled to $9,853,825.

What was VPR Brands LP's net income for fiscal year 2023?

VPR Brands LP's net income for fiscal year 2023 reached $3,812,605.

How much did VPR Brands LP's gross profit margins improve in 2023?

VPR Brands LP's gross profit margins expanded to 50.3% in 2023 from 33% in 2022.

What were VPR Brands LP's operating expenses in 2023?

VPR Brands LP's operating expenses increased to $2,210,072 in 2023.

What was the total assets growth for VPR Brands LP in 2023?

VPR Brands LP's total assets grew to $3,191,246 in 2023.

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