Business
FitLife Brands Announces First Quarter 2020 Results
OMAHA, Neb., May 15, 2020 (GLOBE NEWSWIRE) -- FitLife Brands, Inc. (“FitLife” or the “Company”) (OTC Pink: FTLF), an international provider of innovative and
About this update from Fitlife Brands, Inc.
[{"type":"text","content":"OMAHA, Neb., May 15, 2020 (GLOBE NEWSWIRE) -- FitLife Brands, Inc. (“FitLife” or the “Company”) (OTC Pink: FTLF), an international provider of innovative and proprietary nutritional supplements for health-conscious consumers marketed under the brand names NDS Nutrition™, PMD®, SirenLabs®, CoreActive®, Metis Nutrition™, iSatori™, Energize, and BioGenetic Laboratories, today announced results for the three months ended March 31, 2020.\n Highlights for the quarter ended March 31, 2020 include: Total revenue increased 4.6% to $6.2 million.Direct-to-consumer online sales increased to 14% of total revenue, compared to 10% in the same quarter last year.Gross profit improved 7.7% to $2.7 million.Gross margin increased to 44.5% compared to 43.2% in the same quarter last year.Net income increased 20.3% to $1.4 million.Net income per share increased to $1.36 per share, or $1.27 per diluted share, compared to $1.07 per share, or $0.94 per diluted share, in the same quarter last year. For the first quarter ended March 31, 2020, total revenue was $6.2 million versus $5.9 million in the same quarter last year, an increase of 4.6%. The increase was primarily attributable to continued growth in our online direct-to-consumer business. During the first quarter of 2020, online sales accounted for approximately 14% of the Company’s revenue, compared to 10% during the first quarter of 2019. Gross profit improved to $2.7 million, an increase of 7.7% from the first quarter of 2019. Gross margin improved from 43.2% to 44.5% over the same time period. The improvement in gross margin was driven by product mix and higher online sales volumes. Total operating expenses increased 5.8% from $1.3 million to $1.4 million, driven by an increased investment in sales and marketing. Net income for the first quarter of 2020 was $1.4 million, an increase of 20.3% over the same quarter in 2019. The Company delivered basic earnings per share of $1.36 in the first quarter of 2020, compared to $1.07 in the same quarter last year. Diluted earnings per share increased from $0.94 in the first quarter of last year to $1.27 this year. Dayton Judd, the Company’s Chairman and CEO, commented “I am very pleased with the Company’s performance during the first quarter, especially given the disruption that began in mid-March due to the COVID-19 pandemic. That said, given the uncertai...