Business
FitLife Brands Announces Fourth Quarter and Full Year 2022 Results
Omaha, March 27, 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, March 27, 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 year ended December 31, 2022. Highlights for the year ended December 31, 2022 include: Total revenue was $28.8 million, an increase of 3.2% compared to $27.9 million in the prior year. Revenue for the fourth quarter was adversely affected by the timing of wholesale shipments, as explained further below.Online sales for the full year increased 23.2% to $8.2 million, representing 28% of total revenue compared to 24% in the prior year. For the fourth quarter, online sales increased 22.2% and accounted for 37% of total revenue compared to 23% during the same period in 2021.Gross profit declined 3.8% to $12.0 million as higher product costs due to supply chain disruptions were partially offset by an increase in higher-margin online sales.Net income declined 18.1% to $4.4 million. Approximately 80% of the decline in net income was due to non-recurring items, specifically the forgiveness of the Company’s PPP loan during 2021 with no similar transaction in 2022, and expenses incurred in 2022 related to the Company’s restatement of its prior years’ financial statements.Adjusted EBITDA declined 4.1% to $6.7 million.During the fourth quarter, the Company repurchased 48,596 shares of its common stock for total consideration of $0.8 million. The Company ended the year with no debt and $13.3 million of cash. Subsequent to the fiscal year end, there was an additional reduction in the number of outstanding shares of common stock, as explained further below. Financial Performance For the fiscal year ended December 31, 2022, total revenue was $28.8 million, an increase of 3.2% compared to $27.9 million during fiscal 2021. Online revenue for the full year was $8.2 million, an increase of 23.2% compared to fiscal 2021. Wholesale revenue for the full year was $20.6 million, a decrease of 3.3% compared to fiscal 2021. Online revenue and wholesale revenue accounted for 28% and 72% of the Company’s total revenue, respectively, during 2022. Total revenue for the fourth quarter was $5.4 million, a decline of 25.4% compared to the same period in 2021. Online revenue for the fourth quarter was $2.0 million, an increase o...