Business
FitLife Brands Announces First Quarter 2023 Results
OMAHA, NE, May 15, 2023 (GLOBE NEWSWIRE) -- FitLife Brands, Inc. (“FitLife” or the “Company”) (OTC Pink: FTLF), a provider of innovative and proprietary
About this update from Fitlife Brands, Inc.
[{"type":"text","content":"OMAHA, NE, May 15, 2023 (GLOBE NEWSWIRE) -- FitLife Brands, Inc. (“FitLife” or the “Company”) (OTC Pink: FTLF), a provider of innovative and proprietary nutritional supplements and wellness products, today announced financial results for the first quarter ended March 31, 2023. Highlights for the first quarter ended March 31, 2023 include: The Company completed the acquisition of Mimi’s Rock Corp (“MRC”) on February 28, 2023. Total revenue was $10.7 million, an increase of 47.2% compared to the first quarter of 2022. Without giving effect to the acquisition of MRC (“Legacy FitLife”), Legacy FitLife revenue for the first quarter of 2023 was $8.1 million, an increase of 11.1% compared to the same period last year, driven by a 6.0% increase in wholesale revenue and a 25.6% increase in online revenue. MRC contributed revenue of $2.6 million for the 32 days during the quarter that it was owned by the Company.Online revenue accounted for 47% of the Company’s total revenue during the first quarter of 2023 compared to 27% during the same period last year.Gross margin was 41.1% compared to 42.7% during the first quarter of 2022. Excluding the impact of the purchase accounting valuation step-up for MRC inventory, gross margin for the first quarter of 2023 would have been 42.1%.Net income for the first quarter of 2023 was $0.2 million compared to $1.3 million during the same period last year. Net income during the quarter was adversely affected by a number of acquisition-related items including transaction expenses of $1.4 million, amortization of the inventory step-up valuation of $0.1 million, and a loss on a currency hedge of $0.1 million.Adjusted EBITDA was $2.2 million, an increase of 30.4% compared to the first quarter of 2022. Legacy FitLife adjusted EBITDA was $1.8 million, and MRC contributed $0.4 million of adjusted EBITDA for the 32 days during the quarter that it was owned by the Company.The Company ended the quarter with $12.5 million outstanding on its term loan and cash of $8.9 million, or total net debt of $3.6 million. For the first quarter ended March 31, 2023, total revenue was $10.7 million, an increase of 47.2% compared to $7.3 million during the same period last year. Online revenue for the quarter was $5.1 million, an increase of 160.1% compared to the quarter ended March 31, 2022. Excluding the addition of MRC revenu...