August 13, 2015

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Electronic Cigarettes International Group Reports Second Quarter 2015 Financial Results – Yahoo Finance

The net income for the second quarter of 2015 includes non-operating income of $50.7 million, substantially all of which was noncash. Adjusted EBITDA was negative $1.2 million compared to adjusted EBITDA for the second quarter of 2014 of negative $5.3 million, an improvement of $4.1 million. Year-to-Date Financial Review For The Six Months Ended June 30, 2015 Net sales for the first half of 2015 were $23.1 million, an increase of $7.7 million, or 50%, compared with $15.4 million in the same period of 2014. Net income was negative $24.7 million in the first half of 2015, or negative $0.61 per diluted share, compared with a net loss of $84.5 million, or a loss of $18.47 per diluted share, in the same period of 2014. The net loss for the first half of 2015 includes non-operating income of $0.3 million, substantially all of which was noncash. Adjusted EBITDA was negative $5.9 million compared to adjusted EBITDA for the second quarter of 2014 of negative $8.2 million, an improvement of $2.3 million. As of June 30, 2015, the Company had $1.9 million of cash and equivalents, and $2.6 million of borrowing availability under a new revolving loan agreement. Strengthening the balance sheet was our primary objective during much of the first half of 2015, said Phil Anderson, Chief Financial Officer of Electronic Cigarettes International Group, Ltd. Through a series of financings we secured an aggregate of $47 million in capital, which allowed ECIG to pay off preexisting toxic convertible debt, retire short-term loans, and pay down the VIP promissory note by $8 million. Meanwhile, we restructured $19 million of senior secured notes to reduce the interest rate and extend the maturity date by 18 months. We also successfully closed a revolving loan agreement to help fund our inventory purchases. Dan ONeill, Chief Executive Officer of Electronic Cigarettes International Group, Ltd., commented, The overall improvements in the balance sheet and the number of accomplishments in such a short period of time has allowed us to initiate steps toward our vision, which is to become the most profitable independent electronic cigarette company in the world delivering profitable growth to enhance shareholder value. We have come a long way and have the plans, partners, players and brands to begin to move toward this goal. About Electronic Cigarettes International Group, Ltd.

source: http://finance.yahoo.com/news/electronic-cigarettes-international-group-reports-200100288.html

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source: http://www.africapulse.com/2015/08/10/california-inc-the-vaping-industry-up-in-smoke/

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