Business
FitLife Brands Announces Preliminary 2021 Results
Omaha, April 01, 2022 (GLOBE NEWSWIRE) -- FitLife Brands Announces Preliminary 2021 Results OMAHA, NE – April 1, 2022 – FitLife Brands, Inc. (“FitLife” or the
About this update from Fitlife Brands, Inc.
[{"type":"text","content":"Omaha, April 01, 2022 (GLOBE NEWSWIRE) -- FitLife Brands Announces Preliminary 2021 Results OMAHA, NE – April 1, 2022 – FitLife Brands, Inc. (“FitLife” or the “Company”) (OTCQX: FTLF), a provider of innovative and proprietary nutritional supplements for health-conscious consumers marketed under the brand names NDS Nutrition, PMD, SirenLabs, Nutrology, CoreActive, Metis Nutrition, iSatori, Energize, and BioGenetic Laboratories, today announced preliminary financial results for its fiscal year ended December 31, 2021. The Company is providing the following preliminary financial report, not subject to any procedures by our independent registered accounting firm, regarding its performance for the fiscal year ended December 31, 2021: Total revenue is anticipated to be $27.7-27.9 million.Gross profit is anticipated to be $12.3-12.5 million.Net income is anticipated to be $5.2-5.4 million.Adjusted EBITDA is anticipated to be $6.6-6.8 million.The Company’s cash balance as of December 31, 2021, was $9.9 million. On April 1, 2022, the Company filed a Form 12b-25 with the SEC indicating that it is unable to file its Annual Report on Form 10-K for the year ended December 31, 2021 (the “Annual Report”) without unreasonable effort or expense within the prescribed time period. On March 30, 2022, the audit committee of the Company’s board of directors commenced an independent investigation of issues that include, but may not be limited to, certain aspects of the Company's methods of revenue recognition for certain contractual arrangements of products when the performance obligation is satisfied upon delivery, and expensing of costs of inventory and related issues including the accounting treatment, financial reporting and internal controls related to such arrangements for the years ended December 31, 2021, 2020 and 2019. As the independent investigation includes matters related to accounting for the annual and quarterly periods for the years ended December 31, 2021, 2020 and 2019, the Company is unable to file the Annual Report at this time. Following the completion of the independent investigation, the timing of which cannot be estimated, the Company will make a determination regarding whether any revision, correction or restatement of its financial statements for any previous quarter or fiscal year will be made, as well as the timing of filin...