Business
FitLife Brands Announces Third Quarter 2020 Results
Omaha, Nov. 12, 2020 (GLOBE NEWSWIRE) -- OMAHA, NE – November 12, 2020 -- FitLife Brands, Inc. (“FitLife” or the “Company”) (OTC Pink: FTLF), an international
About this update from Fitlife Brands, Inc.
[{"type":"text","content":"Omaha, Nov. 12, 2020 (GLOBE NEWSWIRE) -- OMAHA, NE – November 12, 2020 -- FitLife Brands, Inc. (“FitLife” or the “Company”) (OTC Pink: FTLF), an international provider of innovative and proprietary nutritional supplements for health-conscious consumers marketed under the brand names NDS Nutrition™, PMD®, SirenLabs®, CoreActive®, Metis Nutrition™, iSatori™, Energize, and BioGenetic Laboratories, today announced results for the three and nine months ended September 30, 2020.\n Highlights for the third quarter ended September 30, 2020 include: Total revenue increased 30% to $6.9 million compared to $5.3 million in the same quarter last year.Direct-to-consumer online sales increased 96% to $1.2 million, representing 17% of total revenue compared to 12% in the same quarter last year.Gross profit increased 27% to $2.9 million.Operating expenses declined 13% to $1.2 million.The Company generated net income of $1.6 million compared to $0.9 million during the same quarter last year, an increase of 85%. Net income per share increased to $1.55 per share, or $1.45 per diluted share, compared to $0.87 per share, or $0.72 per diluted share, in the same quarter last year.The Company ended the quarter with $4.1 million of cash, compared to $0.3 million as of December 31, 2019. Subsequent to the end of the quarter, the Company received a payment of $0.8 million from GNC in full satisfaction of the Company’s administrative claim related to GNC’s bankruptcy filing. For the third quarter ended September 30, 2020, total revenue was $6.9 million compared to $5.3 million in the same quarter last year, an increase of 30.2%. The increase was primarily attributable to continued strong growth in our direct-to-consumer online sales and a restocking of our products at GNC following its bankruptcy filing. For the third quarter of 2020, online sales increased 96% to $1.2 million and accounted for approximately 17% of the Company’s revenue compared to 12% during the third quarter of 2019. Gross profit increased to $2.9 million, an increase of 27.0% from the third quarter of 2019. Gross margin decreased slightly from 42.4% to 41.3% over the same time period. During the quarter, total operating expenses declined 12.7% to $1.2 million. Net income for the third quarter of 2020 was $1.6 million compared to net income of $0.9 million during the same quarter in 2019....