Business
FitLife Brands Announces Preliminary Second Quarter 2022 Results and Hiring of New CFO
Omaha, Aug. 15, 2022 (GLOBE NEWSWIRE) -- FitLife Brands Announces Preliminary Second Quarter 2022 Results and Hiring of New CFO OMAHA, NE – August 15, 2022 –
About this update from Fitlife Brands, Inc.
[{"type":"text","content":"Omaha, Aug. 15, 2022 (GLOBE NEWSWIRE) -- FitLife Brands Announces Preliminary Second Quarter 2022 Results and Hiring of New CFO OMAHA, NE – August 15, 2022 – 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, Nutrology, CoreActive, Metis Nutrition, iSatori, Energize, and BioGenetic Laboratories, today announced preliminary financial results for the three months ended June 30, 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 second quarter ended June 30, 2022 (unaudited): Total revenue is anticipated to be $7.9-8.1 million, of which online revenue is anticipated to be approximately $2.1 million.Gross profit is anticipated to be $3.6-3.7 million.Net income is anticipated to be $1.4-1.5 million.Adjusted EBITDA is anticipated to be $1.9-2.0 million.The Company ended the second quarter with no debt and a cash balance of $12.3 million. During the second quarter, the Company received supplier rebates of approximately $250,000 that historically were received during the first quarter. In addition, included in the Company’s preliminary second quarter results are approximately $200,000 of M&A expenses related to a transaction that the Company ultimately elected not to pursue and approximately $70,000 of non-recurring expenses relating to the Company’s ongoing work regarding a potential restatement of historical financial statements. The Company continues to make progress on the analysis of a potential restatement and anticipates completing the process prior to the end of the third quarter. The Company’s performance has continued to be strong thus far during the third quarter. From January through late July, the Company’s online revenue growth rate was approximately 21-22% on a year-over-year basis. Beginning in late July, we began to experience an acceleration in our online revenue growth rate. For the first two weeks of August, our year-over-year online revenue growth rate was approximately 42%. The retail sales growth rate of our products through our wholesale channels also increased over the past four weeks, although the increase has...