Iconic Brands Reports Record Revenues for its Third Quarter 2021 Financial Results
- Innovative premium beverage provider reports best quarterly results in its corporate history with 386% sequential revenue growth and 300% year-over-year revenue
- Strong balance sheet with approximately $55 million in total assets
- Accretive acquisition of TopPop; added approximately 6 million ice pops manufactured and $2.0 million in sales since the acquisition in July 2021
- New management brings experience from Anheuser-Busch, Jim Beam, as well as innovative packaging expertise working with Fortune 500 and multinational companies
AMITYVILLE, NY, Nov. 23, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Iconic Brands, Inc. (OTCQB: ICNB) (“Iconic” or the “Company”) today reported its financial results for the third quarter ended September 30, 2021. Iconic, together with its wholly owned subsidiary TopPop LLC (“TopPop”), establishes and supports brands, innovates, produces, licenses, packages and sells alcohol and non-alcohol beverages and creates sustainable packaging solutions for the consumable goods market.
Third Quarter 2021 Financial Highlights
- Total revenue of $2.8 million for the three months ended September 30, 2021, an increase of $2.1 million or approximately 300% year-over-year, compared to $712,000 for the three months ended September 30, 2020.
- Gross profit was $695,000, an increase of 57% year-over-year as compared to gross profit for the same period in 2020.
- Strong balance sheet with ~55 million in total assets.
Third Quarter 2021 Corporate and Business Developments
- Iconic completed the first of a two-tranche $40 million private placement and corporate restructuring that included the acquisition of TopPop, a contract manufacturing company specializing in the development of products containing alcohol, to become a fully integrated manufacturer.
- Announced the expansion of TopPop facilities through the addition of a 64,000 sq. ft. property to meet growing demand from both current and new customers; the Company expects to be in full production by the end of the first quarter of 2022 and expects to have the capacity to manufacture over 150 million ice pops in 2022.
- TopPop manufactured approximately 36 million ice pops during the nine-month period ending September 30, 2021, up from 10 million for the fiscal year ended 2020.
- TopPop has also developed a robust pipeline in the single serve, ready to drink (“RTD”) alcohol cocktail market and anticipates launching a line of products in this market in 2022.
- During the quarter, Iconic added the following to its leadership team of experienced beverage industry executives:
- Larry Romer, CEO: Brings over 40 years of beverage industry experience to Iconic, including senior management positions with Coca-Cola, The Paddington Corporation, Jim Beam and most recently as Senior VP and GM at Southern Glazer Wine & Spirits in New York.
- John Cosenza, COO: 30-years of experience at Anheuser-Busch, and in-depth experience in alcohol sales, Mr. Cosenza has extensive connections with major chains for distribution.
- David Allen, CFO: 22 years of experience as a public company CFO and over 40 years as a Certified Public Accountant.
- Tom Martin, President & COO of TopPop: A 40-year veteran in the primary and secondary packaging industry. Mr. Martin’s expertise is in sales, engineering and company-building.
- Tom Belton, CFO of TopPop: 35 years of experience in assisting businesses to create and drive innovation and growth strategies.
- Launched Sonja Sangria by Sonja Morgan in two expressions: Sonja Sangria Red and Sonja Sangria White - SONJA is a premium quality Sangria, developed with the help of American television personality, businesswoman, socialite, and philanthropist Sonja Morgan