ECIG revenue up 41 percent

Electronic Cigarettes International Group (ECIG) of Grand Rapids, Michigan, USA, announced third-quarter revenue of $15.9 million, up 41 percent over the prior-year quarter’s result. The company reported growth in all its brands, including FIN in the U.S. and VIP in the U.K.

Gross profit, however, declined to $2.3 million from $6.9 million. Cost of goods sold was $13.6 million in compared with $4.4 million in the previous quarter, driven by increased sales activity and the one-time $5.6 million charge for aging inventory of “early generation products” purchased as part of the FIN company acquisition, ECIG said.

“ECIG performed well during the third quarter and executed against its key initiatives and operational drivers across the Group,” said CEO Brent Willis.