Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


42 Below (FTB) expects to beat projections

42 Below (FTB) expects to beat prospectus projections.

Thursday 24th June 2004: 42 BELOW (FTB) today announced that it expects to exceed it’s prospectus revenue projections by approximately 40%, and project a profit for the financial year ending March 2006.

Based on current sales, customer forward orders, and projected sales volumes, 42 BELOW anticipates sales revenues of more than $9.0 million for the year ending September 2004. The IPO prospectus projected sales of $6.43 million for that period which should be exceeded by at least $2.57 million.

By September 2004, 42 BELOW is projected to have invested $3 million to $4 million more than it had projected in it’s prospectus in additional stock and debtors to support a higher sales base than was projected in the prospectus. 42 BELOW also anticipates spending an additional $1.5 million on market development than was projected in the prospectus. These increases reflect higher than projected export volumes, primarily driven by an increase in USA outlets. There are now more than 5,000 outlets in the USA and other export markets are also experiencing strong growth.

The company anticipates it will have $5.0 million to $6.0 million in cash by September 2004, depending on the timing of US shipments and debtor payments. The company projected in it’s prospectus that it would have $10.449 million in cash by September 2004. The difference between the actual and projected figure is due primarily to the projected increased investment in stock, debtors and marketing expenditure.

Even though 42 BELOW has projected increased expenditure in the above areas it does not anticipate any requirement for additional capital raising.

“We believe the company should reach a key milestone by breaking even on trading in the last quarter of the current financial year (ending March 2005). 42 BELOW believes it will be profitable in the financial year ending March 2006,” said Grant Baker, 42 BELOW’s Executive Chairman.

This positive announcement follows 42 BELOW’s winning of three prestigious European Awards, including a gold at the Salon Internationale de L’ Alimentation Food Exhibition in France.

“Winning these awards should provide us with European opportunities that are not dissimilar to those that have driven this better than expected growth in the US market,” said 42 BELOW’s Chief Vodka Bloke, Geoff Ross.

42 BELOW intends to hold it’s Annual General Meeting in Auckland on Wednesday, 18th August 2004.

© Scoop Media

Business Headlines | Sci-Tech Headlines


I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>


Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>


Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>


Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>


Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>


Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news