Business
FitLife Brands Announces Second Quarter 2023 Results
Omaha, Aug. 14, 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, Aug. 14, 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 second quarter ended June 30, 2023, the first full quarter following the acquisition of Mimi’s Rock Corp (“MRC”) on February 28, 2023. Highlights for the second quarter ended June 30, 2023 include: Total revenue was $14.8 million, an increase of 89% compared to the second quarter of 2022. Adjusted EBITDA was $3.0 million, an increase of 35% compared to the second quarter of 2022, approximately half of which was contributed by MRC.Net income for the second quarter of 2023 was $2.0 million compared to $1.4 million during the same period last year, an increase of 36%.Basic earnings per share increased from $0.32 to $0.44 and fully diluted earnings per share increased from $0.29 to $0.40, an increase of 38% for both measures.Excluding the impact of the MRC acquisition (“Legacy FitLife”), Legacy FitLife revenue for the second quarter of 2023 was $7.1 million, a decrease of 9% compared to the same period last year, driven by a 15% decrease in wholesale revenue and a 15% increase in online revenue. Online revenue accounted for 67% of the Company’s total revenue during the second quarter of 2023 compared to 27% during the same period last year.Gross margin was 40.4% compared to 44.6% during the second quarter of 2022. Excluding the impact of the purchase accounting valuation step-up for MRC inventory, gross margin for the second quarter of 2023 would have been 41.9%.The Company ended the quarter with $11.9 million outstanding on its term loan and cash of $9.8 million, or total net debt of $2.1 million. Financial Performance For the second quarter ended June 30, 2023, total revenue was $14.8 million, an increase of 89% compared to $7.8 million during the same period last year. Online revenue for the quarter was $9.9 million, an increase of 371% compared to the quarter ended June 30, 2022. Excluding the addition of MRC revenue, online sales for Legacy FitLife increased 15% during the quarter. Online revenue accounted for 67% and 27% of the Company’s total revenue during the quarters ended June 30, 2023 and 2022, respectively. Wholesale revenue for the quarter ended June 30, 2023 was $4.9 million, a decre...