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FitLife Brands Announces Preliminary First Quarter 2022 Results
Omaha, May 16, 2022 (GLOBE NEWSWIRE) -- FitLife Brands Announces Preliminary First Quarter 2022 Results OMAHA, NE – May 16, 2022 – FitLife Brands, Inc.
About this update from Fitlife Brands, Inc.
[{"type":"text","content":"Omaha, May 16, 2022 (GLOBE NEWSWIRE) -- FitLife Brands Announces Preliminary First Quarter 2022 Results OMAHA, NE – May 16, 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 the three months ended March 31, 2022. The Company is providing the following preliminary update, not subject to any procedures by our independent registered public accounting firm, regarding its performance for the first quarter ended March 31, 2022 (unaudited): Total revenue is anticipated to be $7.0-7.3 million, of which online revenue is anticipated to be $1.9-2.0 million.Gross profit is anticipated to be $3.0-3.3 million.Net income is anticipated to be $1.0-1.3 million.Adjusted EBITDA is anticipated to be $1.4-1.7 million.The Company ended the quarter with no debt and a cash balance of $11.1 million. Historically, the Company has received rebates from some of its suppliers during the first quarter of the fiscal year. Approximately $250,000 of rebates that were expected during the first quarter of 2022 are anticipated to be received during the second quarter. This shift is the primary driver of the decline in gross margin for the first quarter of 2022 relative to the first quarter of 2021. In addition, a number of the Company’s product listings were suppressed by Amazon for varying periods of time during the first quarter of 2022. Based on the sales volumes of the products prior the suppression of the listings, the Company estimates that the suppressed listings resulted in lost revenue of $150,000 - $200,000 during the first quarter. 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 a...