The e-cigarette company, Vapor Corp, announced that net sales for the year 2012 had reached a record $21.4 million, 33.6 percent up on its net sales during 2011.
The company’s cost of goods sold, at $13.2 million, was 96.4 percent higher than it was during 2011, while gross margins decreased to 38.1 percent from 57.8 percent.
Overall, Vapor made a net loss of $1,920,972 during 2012, as compared with net income of $713,338 during the prior year..
Commenting on the results, CEO Kevin Frija, said the company was happy to have achieved its fourth consecutive year of sales growth.
“This is encouraging for our efforts in 2013, as we have major initiatives lined up, the most important of which is the expansion of our soft-tip filters and Krave King product line,” said Frija.
“2012′s results were as we anticipated with record sales of $21.4 million offset by heightened expenses incurred as we made certain strategic investments in the business.
“We brought on our co-founder Jeffrey Holman as president, Harlan Press as our chief financial officer and Christopher Santi as our chief operations officer. Assembling this executive team was critical to building a solid foundation for the company to operate effectively, strategize intelligently, and, in essence, execute on all of our expansion initiatives. We now believe we have the right management team in place to take the company to its next stage of growth.”