Tarrytown, NY, Oct. 01, 2018 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE — Nightfood, Inc. (OTC: NGTF), the company pioneering the projected multi-billion dollar nighttime snacking category, surpassed $100,000 in revenues for the first time in the Company’s young history.
With unaudited quarterly revenues of $110,069 for the quarter ended September 30, 2018, Nightfood has achieved Company records in both total quarterly revenues, and quarterly direct-to-consumer revenues.
“Obviously this is a milestone for us as we continue to grow, but the days of direct-to-consumer sales dominating our revenue are coming to a quick end with the Nightfood ice cream launch,” commented CEO Sean Folkson. “We have meetings with major retailers starting this week, several of whose initial Nightfood ice cream purchase orders could dwarf the quarterly revenue we just recorded. I personally expect us to get orders from each of them.”
Management research indicates that consumers want better options for night cravings but are reluctant to switch snack formats. Nutrition bars are not a popular snack format among the 200 million plus nighttime snackers, and especially among mainstream consumers.
However, ice cream is number two on the night-snacking list, and consumption is growing. A Harris Poll reported that “Nearly half (48 percent) of millennials say ‘in bed watching TV’ is where they choose to enjoy ice cream…”
“We believe that Nightfood ice cream tackles the night snacking problem in a way that consumers can get really excited about,” remarked Jim Christensen, Nightfood’s VP of Ice Cream Sales. “Switching people from ice cream to nutrition bars is hard. Switching them from their current ice cream to a more sleep-friendly and delicious ice cream is easy.”
Christensen served as VP of Ice Cream Sales at ice cream giant Unilever, where he headed up sales and distribution initiatives for brands such as Ben & Jerry’s, Klondike, Breyers and Good Humor.
“With so many people already enjoying ice cream at night, we’re removing the friction from the transition to Nightfood products,” continued Folkson. “Don’t forget, the nighttime snack spend in the U.S. is estimated at over $1 Billion weekly. By letting consumers stay within their favorite snack format, and securing distribution in the stores where they already shop, the pent-up consumer demand for better night snacking can be released and turned into massive revenue as we build a household brand. It all starts this quarter.”
The Company will be conducting a quarterly investor conference call tentatively scheduled for the week of October 8. Call details are expected to be announced on October 3.
About Nightfood Holdings:
Nightfood Holdings, Inc. (OTC: NGTF), owns Nightfood, Inc. and MJ Munchies, Inc.
Nightfood, Inc, “The Nighttime Snack Company”, is a snack food company dedicated to providing consumers delicious, better-for-you, sleep-friendly choices for evening snacking. According to IRI Worldwide, 44% of snack consumption occurs at night, representing a consumer spend of over $1B weekly on nighttime snacks. The Company has developed a dynamic infographic at http://NightSnacking.com as a definitive consumer and media resource clearly illustrating the size and scope of the largely untapped nighttime snack category.
Market research giant Mintel recently released a report identifying nighttime specific food and beverages as one of their most “compelling and category changing” trends for 2017 and beyond.
Consumer’s most popular choices are cookies, chips, and ice cream. Nightfood creates, manufactures, and distributes snacks formulated to help consumers satisfy nighttime cravings in a better, healthier, more sleep friendly way.
MJ Munchies, Inc. was recently formed as a new, wholly owned subsidiary of Nightfood Holdings, Inc. to capitalize on legally compliant opportunities in the CBD and marijuana edibles and related spaces. The Company intends to market some of these new products under the brand name “Half-Baked”. Munchies is currently preparing a patent application with the USPTO for a proprietary ingredient to be used in Half-Baked snacks that Management believes will give it a unique and defensible competitive advantage against other recreational edible brands. The Company believes tremendous opportunities currently exist to launch successful and legally compliant products in this space, and that such opportunities will continue to grow over time.
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Forward Looking Statements:
This current press release contains “forward-looking statements,” as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to, any products sold or cash flow from operations.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with distribution and difficulties associated with obtaining financing on acceptable terms. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.