Business
FitLife Brands Announces Fourth Quarter and Full Year 2020 Results
Omaha, NE, March 26, 2021 (GLOBE NEWSWIRE) -- FitLife Brands Announces Fourth Quarter and Full Year 2020 Results OMAHA, NE – March 26, 2021 -- FitLife Brands,
About this update from Fitlife Brands, Inc.
[{"type":"text","content":"Omaha, NE, March 26, 2021 (GLOBE NEWSWIRE) -- FitLife Brands Announces Fourth Quarter and Full Year 2020 Results OMAHA, NE – March 26, 2021 -- FitLife Brands, Inc. (“FitLife” or the “Company”) (OTC Pink: FTLF), a 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, 2020. For the quarter ended December 31, 2020, the Company provides the following information, not subject to any procedures by our independent Registered Public Accounting Firm, regarding its performance and position as of March 26, 2021. Highlights for the quarter ended December 31, 2020 include: Total revenue increased 60.9% to $5.9 million.Direct-to-consumer online sales increased 107.7% to $1.3 million, representing 21% of total revenue compared to 18% in the same quarter last year.Gross profit improved 75.5% to $2.5 million.Gross margin increased to 41.8% compared to 38.3% in the same quarter last year.Operating expense declined 15.9% to $1.1 million.Net income increased to $5.7 million compared to $0.1 million last year, driven largely by a $4.4 million tax benefit resulting from the Company eliminating a substantial portion of the reserve against its deferred tax assets.Excluding the effect of the non-recurring tax benefit, adjusted net income was $1.4 million compared to $0.1 million last year. Highlights for the twelve months ended December 31, 2020 include: Total revenue increased 11.5% to $21.7 million.Direct-to-consumer online sales increased 82.2% to $4.5 million, representing 20% of total revenue compared to 12% in 2019.Gross profit improved 16.5% to $9.4 million.Gross margin increased to 43.2% in 2020 compared to 41.3% last year.Operating expense declined 5.3% to $5.2 million in 2020, compared to $5.5 million in 2019.Operating income increased 62.9% to $4.2 million in 2020, compared to $2.6 million last year.Net income increased 223% to $8.7 million in 2020, compared to $2.7 million in 2019.Excluding the effect of the non-recurring tax benefit, adjusted net income was $4.3 million in 2020 compared to $2.7 million last year, an increase of 61.0%.Net income per share available to common shareholder...