22nd Century Group Files First Quarter 2015 Financial Results And Announces Conference Call to Provide Business Update

Source from:  Business Wire 05/13/2015

22nd Century Group, Inc. announced today that the Company filed its first quarter 2015 report on Form 10-Q with the U.S. Securities and Exchange Commission and will provide a business update for investors on a conference call to be held Tuesday, May 12th at 10:00 AM (EDT).

Henry Sicignano III, President and Chief Executive Officer of 22nd Century Group, together with John T. Brodfuehrer, Chief Financial Officer, will conduct the call. Interested parties are invited to participate in the call by dialing: 877-852-6583 and using Conference ID 7352193.

The conference call will consist of an overview summary of the financials presented in the Company's first quarter 2015 Form 10-Q and a discussion of business highlights and updates. Immediately thereafter, there will be a question and answer segment open to all callers.

As expected, revenues during the first quarter of 2015 were strong. While not currently at full production capacity, in the first quarter 2015 the Company's factory began contract manufacturing a third-party MSA cigarette brand, continued contract manufacturing filtered cigars, and began producing RED SUN, our own proprietary cigarette brand. As a result, 22nd Century reported net revenue for the three months ended March 31, 2015 of $616,000 (as compared to revenues of $529,000 for the entire year of 2014). The Company reported a net loss for the three months ended March 31, 2015 of approximately $4.1 million (with approximately $2.6 million of such amount consisting of non-cash expenses) and utilized cash in operations of approximately $2.5 million with approximately $1.4 million of such amount representing the cash portion of the net loss, and approximately $1.1 million of such amount being used for working capital related to operations.

Going forward, the Company expects to generate revenue in excess of $1.5 million in the second quarter of 2015, and substantially more than $5 million in revenue for the year. Enditem