Business
Celsius Delivers Record Third Quarter Revenue of $20.4 Million, Net Income of $961,042
BOCA RATON, Fla., Nov. 7, 2019 /PRNewswire/ -- Celsius Holdings Inc. (Nasdaq: CELH), maker of the leading global fitness drink, CELSIUS®, today reported
About this update from Celsius Holdings, Inc.
[{"type":"text","content":"BOCA RATON, Fla., Nov. 7, 2019 /PRNewswire/ -- Celsius Holdings Inc. (Nasdaq: CELH), maker of the leading global fitness drink, CELSIUS®, today reported financial results for the three and nine months ended September 30, 2019.\n\n \n2019 Third Quarter Financial and Business Highlights: \nRevenue of $20.4 million, up 23% from $16.6 million in the year ago quarter Domestic revenue increased 47% to $16.8 million, up from $11.4 million in the year ago quarter Driven by continued strong double-digit growth in all channels of trade and distribution expansion. Domestic normalized revenues grew 66% when adjusting for a delay in shipments in Q2 2018 to Q3 2018 of $1.3 million in the prior year.International revenue decreased 30% to $3.7 million, down from $5.2 million in the year ago quarter Mainly due to a change in our China business model to a royalty and licensing framework effective January 1, 2019 which mitigates risk and reduces marketing investments, but which correspondingly decreased revenue by $1.2 million Nordic distribution partner revenues decreased $435,000 in the quarter due to timing orders and promotional programs.Gross profit of $8.6 million, up 26% from $6.9 million in the year ago quarter Net income to common shareholders of $961,042 million compared to a net loss to common shareholders of $(4.2) million in the year ago quarter Non-GAAP Adjusted EBITDA*, excluding net Asia investment, totaled $2.6 million compared to $2.2 million in the year ago quarter. Closed public offering of 7,986,110 shares of common stock at an offering price of $3.60 per share for total gross proceeds of $28.7 million Secured additional distribution agreements with partners in the Anheuser-Busch InBev, PepsiCo, Keurig Dr. Pepper and MillerCoors networks, further expanding distribution to new regions as Celsius builds out its national distribution network which now includes over 70 regional direct store delivery (DSD) partners Expanded product portfolio with the launch of a branched-chain amino acids (BCAA) functional beverage that fuels muscle recovery * The Company reports financial results in accordance with accounting principles generally accepted in the United States (\"GAAP\"), but believe that disclosure of adjusted EBITDA, a non-GAAP financial measure, may provide users with additional insights into operating performance.\n2019 Year-to...