Iconic Brands Reports Record Financial Results for Full Year 2021
Total revenue for fiscal year 2021 increased 74% year-over-year, driven primarily by sales from newly acquired TopPop LLC (“TopPop”), products, which include the popular “cocktails-to-go” pouches and alcohol ice pops
AMITYVILLE, NY, June 16, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – Iconic Brands, Inc. (OTCQB: ICNB) (“Iconic” or the “Company”), a leader in the development, design and delivery of alcohol and non-alcohol beverages, today reported its financial results for the full year ended December 31, 2021.
Full Year 2021 Financial Highlights
- Total revenue for the fiscal year ended December 31, 2021, was $4,960,016, an increase of $2,111,103, or approximately 74%.
- Unaudited pro forma revenue for the FY ending December 31, 2021, was $14,853,763, an increase of $9,763,008, or approximately 192%.
- Comparisons to 2020 financial results reflect the Company’s July 2021 acquisition of TopPop, one of the leading providers of ready-to-freeze alcohol ice pops.
Full Year 2021 Highlights
- Completed a $40 million private placement. Iconic used proceeds to acquire 100% of TopPop and expand TopPop’s existing 30,000 square foot FDA-registered facility, and to ramp up domestic and international growth of its Bellissima brand by increasing brand awareness through social media and digital marketing, hiring brand ambassadors and product influencers, increasing inventory, and preparing to roll out new brands in the near future.
- Completed the July 2021 acquisition of TopPop, a premier product development, contract manufacturing and packaging company specializing in flexible packaging applications in the food, beverage and health categories. It is a leader in innovating low-calorie, ready-to-go drinks; ready-to-freeze (RTF); and ready-to-drink (RTD) products. It holds the federal and state licenses necessary to manufacture and blend malt-, wine- and spirits-based products. The acquisition has positioned Iconic as a vertically integrated company, expanding its capabilities to include the development, production and distribution of alcohol brands.
- In September 2021, TopPop leased an additional 65,000 square foot manufacturing facility in Pennsauken, New Jersey. The facility reached full-scale production capability at the end of March 2022. It has approximately $4 million of high-speed packaging equipment and is expected to triple its current production capacity.
- Continued its focus on its “Better-for-You,” “Better-for-the-Planet” sustainable practices within the consumer categories in developing celebrity brands worldwide, such as its Bellissima Prosecco by Christie Brinkley.
- Iconic’s legacy brands, such as Bellissima Prosecco, Bellissima Sparkling Wines, Bella Sprizz Aperitifs and other products, continue to generate momentum, and the Company recently launched Bellissima Zero Sugar Still Wines in 2022.
“2021 was a historic year for our Company and one that we believe will continue to pay dividends into the future,” said Iconic Chief Executive Officer Larry Romer. “We achieved many milestones during the year and have put in place a business plan that we expect to drive Iconic into its next phase of growth by building brands and working with some of the largest beverage brands in the world. Acquiring TopPop was a milestone that we believe has changed the trajectory of our business.
“TopPop has expanded from manufacturing 8 million ice pops in 2020 to 42 million in 2021, and we expect to reach 150 million in 2022. Since the acquisition we have expanded TopPop’s facilities and capacity. Our new 65,000 square foot manufacturing facility in Pennsauken, New Jersey, has already reached full-scale production capability.
“We are pleased to report that revenue for 2021 increased 74% year-over-year, which mainly came from TopPop and success from our Bellissima Prosecco and Bellissima Sparkling Wines. In January 2022, we completed the closing of the final tranche of our previously announced private placement financing, which left us with net proceeds of approximately $10.8 million of cash in addition to cash on hand at December 31, 2021. We plan to use this additional cash for general working capital purposes and capital expenditures. As we enter into a new segment of the alcohol industry with our adult ice-pops, RTF, RTD and pouch products, we believe we are well positioned for the opportunities ahead for our brands and products within our portfolio.”
Full Year 2021 Financial Results
Iconic reported revenue of $4,960,016 and $2,848,913 for the years ended December 31, 2021, and December 31, 2020, respectively, which resulted in an increase of $2,111,103, or approximately 74%. The increase was due primarily to $2,192,119 sales from the Company’s newly acquired TopPop products. Sales were comprised of Bellissima Prosecco and Sparkling Wines, the line of Hooters brand products, Sonja Sangria, and the Company’s RTF TopPop products.
Cost of sales was $4,628,734, or approximately 93% of sales, and $1,330,441, or approximately 47% of sales, for the years ended December 31, 2021, and 2020, respectively. Cost of sales for the year ended December 31, 2021, for the Company’s alcohol sales was approximately 51% of sales, similar to the same prior-year period, while the costs associated with its TopPop acquisition were approximately 151% of sales.
Net operating loss from continuing operations for the year ended December 31, 2021, was $10,261,585, compared to $3,198,092 for the year ended December 31, 2020.
The net loss attributable to Iconic was $10,463,994 for the year ended December 31, 2021, compared to $3,571,602 for the year ended December 31, 2020.
From its July 2021 equity financing, the Company received approximately $15.6 million, net of fees, from the first tranche, and approximately $10.8 million, net of fees, from the second tranche, which closed on January 5, 2022. With the funding of the second tranche of the equity financing, the Company believes it has sufficient capital.
Iconic Brands, Inc (OTCQB: ICNB) is a leader in the development, design and delivery of alcohol and non-alcohol beverages. TopPop, its wholly owned subsidiary, is a leader in the innovation of low-calorie, “ready to go” drinks — ready-to-freeze (RTF) and ready-to-drink (RTD) products in sustainable, flexible and stand-up pouch packaging — and in the alcohol ice-pop and “cocktails-to-go” market. Iconic’s brands include “Bellissima” by Christie Brinkley, a premium better-for-you and better-for-the-planet collection of Prosecco, Sparkling Wines and Still Wines, all of which are certified vegan and made with organic grapes. Bellissima is strategically positioned with its zero sugar wines in the zero sugar beverage category. The Company operates in multiple states, distributes across the globe and has Fortune 500 customers that include some of the world’s largest alcohol beverage companies and brands.
Please visit Iconic’s websites and follow us on social media.
Websites: Iconicbrandsusa.com; bellissimaprosecco.com; toppoppkg.com; sonjasangria.com
Twitter: @iconicbrandsus; @Sonja_Sangria
Instagram: @IconicBrandsUSA; @BellissimaProsecco; @sonja_sangria
LinkedIn: Iconic Brands USA; TopPop Packaging
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of management; are not guarantees of performance; and are subject to significant risks and uncertainties. These forward-looking statements should, therefore, be considered in light of various risks, including those set forth in Iconic’s reports that it files from time to time with the U.S. Securities and Exchange Commission and which you should review, including those statements under “Item 1A – Risk Factors” in Iconic’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
Released June 16, 2022