Business
FitLife Brands Announces Fourth Quarter and Full Year 2019 Results
OMAHA, Neb., March 30, 2020 (GLOBE NEWSWIRE) -- FitLife Brands, Inc. (“FitLife” or the “Company”) (OTC Pink: FTLF), an international provider of innovative
About this update from Fitlife Brands, Inc.
[{"type":"text","content":"OMAHA, Neb., March 30, 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 and twelve months ended December 31, 2019.\n Highlights for the quarter ended December 31, 2019 include: Total revenue increased 5.3% to $3.7 million.Direct-to-consumer online sales increased to 18% of total revenue, compared to 11% in the same quarter last year.Gross profit improved 11.1% to $1.4 million.Gross margin increased to 38.3% compared to 36.3% in the same quarter last year.Operating expense declined 11.3% to $1.3 million.Net income increased to $73,000, compared to a net loss of ($244,000) last year, representing the first time in several years that the Company has been profitable in the historically slow fourth quarter.The Company ended the quarter with $0.3 million of cash and no borrowings on the line of credit.During the quarter, the Company repurchased 17,277 common shares, 50 shares of Series A preferred stock, and a warrant to purchase 3,260 shares of common stock.During the quarter, all remaining Series A preferred stock was converted into common stock Highlights for the twelve months ended December 31, 2019 include: Total revenue increased 14.2% to $19.5 million.Direct-to-consumer online sales increased to 12% of total revenue, compared to 5% in 2018.Gross profit improved 19.5% to $8.1 million.Gross margin increased to 41.3% in 2019 compared to 39.5% last year.Operating expense declined 10.0% to $5.5 million in 2019, compared to $6.1 million in 2018.Net income increased 430% to $2.7 million in 2019, compared to $0.5 million in 2018.Net income per share available to common shareholders in 2019 increased to $2.57 per share, or $2.41 per diluted share, compared to $0.37 per basic and diluted share in 2018.Including the effect of the reverse/forward split, the Company repurchased 198,731 common shares during the year, or approximately 18% of the shares outstanding as of the beginning of the year.Subsequent to year-end, as previously disclosed, the Company drew the full $2.5 million available on its line of cred...