Generation Next Increases Q4 and Calendar 2019 Installation Update
Projected Revenue for Fiscal Q4 2019 Increased to Between $8.2M and $9.8M
SAN DIEGO, CA, April 29, 2019 // GLOBE NEWSWIRE // - via NEWMEDIAWIRE - Generation Next Franchise Brands (OTCQB: VEND) announced today an increase in the estimate of Reis & Irvy’s unattended retail kiosks to be installed during the fiscal year ending June 30, 2019.
The Company now estimates that it will install between 400 and 440 Reis & Irvy’s unattended retail kiosks during the full fiscal year ending June 30, 2019, with annual revenue recognized between $16.0 million and $17.6 million, compared to the most recent previous estimate of 330 to 380 installations and previously estimated recognized revenue of $12.5 million to $14.4 million. This implies approximately 200 to 240 robots will be installed during the Company’s fourth quarter, which would yield quarterly revenue between $8.2 million and $9.8 million. The revised estimate is the result of kiosk production exceeding plan, company officials said.
“We will announce our full April results later in the week, but I can say that April installs are in line with the 60 to 70 units I communicated a few weeks ago,” said Nick Yates, the Founder and CEO of Generation Next. “One year ago, we reported revenue of $1.0 million for fiscal year 2018. We are ending 2019 with an annualized run rate approaching $40 million and a backlog of almost 3,000 robots not yet installed.”
The Company is not revising its previous 600 to 800 robot installation estimates for the first half of fiscal year 2020 (June – Dec 2019). The average revenue recognized for each robot installed has been increasing; therefore, the Company raised the first half revenue range to $24.6 and $32.8 million between July 1 and December 31, 2019.
For more information, visit Generation NEXT Website: www.gennextbrands.com or 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.
SOURCE Generation NEXT Franchise Brands, Inc.