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TurboChef Technologies, Inc. reported financial results for the three and six months ended June 30, 2007. Revenue for the second quarter 2007 was US$23.0 million, a sequential increase of 25% over the $18.3 million revenue reported in first quarter 2007 and an increase of 119% over the year ago quarter. Shipments of residential units in the quarter were minimal and recognition of residential revenue will commence in third quarter 2007.
The company reported a net loss of $6.5 million or $0.22 per share for the second quarter of 2007 as compared with a net loss of $5.0 million or $0.17 per share for the year ago quarter. The 2007 second quarter loss includes a $3.2 million charge or about $0.11 per share attributable to costs of the SEC stock option inquiry and $2.2 million or about $0.08 per share in marketing costs related to the launch of its new residential oven products.
For the fourth consecutive quarter, the commercial segment posted strong gains in revenue and operating income. Commercial segment operating income for the three months ended June 30, 2007 increased 121% to $3.1 million or 13% of segment revenue, as compared with $1.4 million or 8% of segment revenue for the sequential quarter ended March 31, 2007. The company expects to continue to ramp its commercial revenues over the remainder of 2007.
Production is underway on the company's 30" Double Wall Speedcook Oven and initial shipments have commenced to the company's network of premium dealers locations, which now stand at 148. Marketing investments continue to focus on demonstrating the product in highly visible national events, regional and local dealer showrooms as well as the introduction of the first advertising campaign in leading trade publications.
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