Business
FitLife Brands Announces Second Quarter 2021 Results
Omaha, Aug. 16, 2021 (GLOBE NEWSWIRE) -- FitLife Brands Announces Second Quarter 2021 Results OMAHA, NE – August 16, 2021 -- FitLife Brands, Inc. (“FitLife”
About this update from Fitlife Brands, Inc.
[{"type":"text","content":"Omaha, Aug. 16, 2021 (GLOBE NEWSWIRE) -- FitLife Brands Announces Second Quarter 2021 Results OMAHA, NE – August 16, 2021 -- FitLife Brands, Inc. (“FitLife” or the “Company”) (OTCQX: FTLF), an international 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 results for the three and six months ended June 30, 2021. Highlights for the second quarter ended June 30, 2021 include: Total revenue increased 197% to $8.1 million.Direct-to-consumer online sales increased 52% and accounted for 21% of total revenue.Gross profit increased 170% to $3.6 million.The Company generated net income of $1.5 million compared to a net loss of ($0.1) million during the same quarter last year.Adjusted EBITDA increased to $2.0 million compared to an adjusted EBITDA loss of ($0.1) million during the second quarter of 2020.Adjusted EBITDA for the trailing twelve months increased to $6.8 million.The Company ended the quarter with no debt and $8.4 million of cash. For the second quarter ended June 30, 2021, total revenue was $8.1 million compared to $2.7 million in the same quarter last year, an increase of 197%. The increase was attributable to the closure of some of our retail partners’ store locations and the stay-at-home orders during the second quarter of 2020 caused by the COVID-19 pandemic, continued organic growth in our online and wholesale businesses, and the acquisition of Nutrology. During the quarter, online sales increased 52% and accounted for approximately 21% of the Company’s revenue. Gross profit increased 170% to $3.6 million, driven primarily by higher revenue. Gross margin declined to 43.7% due primarily to a reduction in higher-margin online sales as a percent of total revenue during the quarter. Net income for the second quarter of 2021 was $1.5 million compared to a net loss ($0.1) million during the same quarter in 2020. Basic earnings per share was $1.37 and diluted earnings per share was $1.26, compared to a loss of ($0.09) per basic and diluted share during the same quarter last year. Subsequent to releasing a substantial portion of the reserve against its deferred tax assets at the end of 2020, the Company now reports a prov...