Company Repeats the Expectation for $8.0 Million in Revenue for the Fourth Quarter
SAN DIEGO, June 24, 2019 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE – Reis & Irvy’s franchisees have sold in excess of 500,000 cups of frozen yogurt generating $2.5 million in retail sales according to Generation Next. The Company passed these milestones on Wednesday, June 19. Reis & Irvy’s is the Company’s flagship brand which serves Dannon YoCream frozen yogurt through an unattended, robotic kiosk.
Generation Next also reaffirmed its expectation to realize revenue of $8.0 million for its fourth quarter ending June 30, 2019 on the delivery of 200 kiosks compared to revenue of $3.0 million recognized during the prior quarter on 55 units. The Company starts its next fiscal year on July 1, 2019 with a global contract backlog valued at an estimated $140 million in revenue for just under 3,500 Reis & Irvy’s robotic vending kiosks.
“The results for the quarter are satisfactory and we are glad to hit our projections. With fiscal 2020 just around the corner, I would like to see us improve revenues significantly via a combination of increased domestic installs and more shipments made to both current and new international license partners,” said Nick Yates, CEO of Generation Next Franchise Brands.
Sales Per Kiosk, SPK, is a key metric tracked by Company management. Generation Next provided an update on these measures for its top locations by comparing the data available from the most recent four-week period to the data from March when the Company introduced this measure. The Top 25 and Top 50 groups are 16% and 20% higher respectively during the last four weeks.
Another measure, Kiosk Uptime and Availability, KUA, was shared by Generation Next. During the last four weeks, the Company had 95 locations reporting sales 7 days per week for 4 consecutive weeks compared to 48 locations using the same 7 day per week criteria in March. It is also important to note that many locations secured by the Company only operate 5-days per week. Consistent monthly production has allowed the Company to install a Reis & Irvy’s kiosk within 60 to 90 days of securing a location which is beneficial to both securing more sites and attracting interest from the top tier locations.
“We continue to tighten the criteria used to secure locations and we are devoting more resources to support our franchise network through marketing, promotion, and operations training,” said Yates. “Our purpose is to sell more frozen yogurt and continue shifting market share from existing retailers to the Reis & Irvy’s brand.”
For more information, visit Generation NEXT Website: www.gennextbrands.comor call Toll-Free (888) 902-7558.
About Generation NEXT Franchise Brands, Inc.
Generation NEXT Franchise Brands, Inc., based in San Diego, California, is a publicly traded company on the OTC Markets trading under the symbol OTCBB: VEND. Generation NEXT Franchise Brands, Inc. is parent company to Reis and Irvy’s Inc and 19 Degrees Corporate Service LLC
About Reis & Irvy’s, Inc.
Reis & Irvy’s, Inc. is a subsidiary franchise concept of Generation NEXT Franchise Brands, Inc. (VEND). Launched in early 2016, the revolutionary Reis & Irvy’s Vending Robot serves seven different flavors of frozen yogurt, ice cream, sorbets and gelatos, a choice of up to six custom toppings, and to customers within 60 seconds or less at the point of sale. The unique franchise opportunity has since established itself as a high-demand product and currently showcases a franchise network both domestically as well as internationally. Visit Reis & Irvy’s website – www.reisandirvys.com
This information is not intended as an offer to sell, or the solicitation of an offer to buy, a franchise. It is for information purposes only. No Reis & Irvy’s franchises will be sold to any resident of any state until the offering has been exempted from the requirements of, or duly registered in and declared effective by, such state and the required FDD (if any) has been delivered to the prospective franchisee before the sale in compliance with applicable law. Currently, the following states in the United States regulate the offer and sale of franchises: California, Hawaii, Illinois, Indiana, Maryland, Michigan, Minnesota, New York, North Dakota, Oregon, Rhode Island, South Dakota, Virginia, Washington, and Wisconsin. If you reside in one of these states, or even if you reside elsewhere, you may have certain rights under applicable franchise laws or regulations.
Cautionary note on forward-looking statements
This press release contains “forward-looking statements” 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 include, among others, statements concerning our future financial performance, including statements regarding: our ability to generate revenue and recognize deferred revenue; our ability to timely launch delivery and installation of our frozen yogurt robots; and our ability to grow our franchising and licensing divisions and launch our corporate-owned and direct sales platforms. The Company bases these forward-looking statements on its current expectations, estimates and projections about future events and the industry in which it operates using information currently available to it. Actual results could differ materially from those discussed in, or implied by, these forward-looking statements. Forward-looking statements are identified by words such as “believe,” “anticipate,” “propose,” “expect,” “intend,” “plan,” “will,” “may,” “estimates,” variations of such words and other similar expressions. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. Factors that could cause actual results to differ from those implied by the forward-looking statements contained in this press release are set forth in our filings with the Securities and Exchange Commission (SEC), including our most recent Annual Report on Form 10-K for the year ended June 30, 2018, our Quarterly Reports, and our Current Reports on Form 8-K. Be advised that developments subsequent to this press release are likely to cause these statements to become outdated and the Company is under no obligation (and expressly disclaims any such obligation) to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.