Business
FitLife Brands Announces Third Quarter 2021 Results
Omaha, Nov. 12, 2021 (GLOBE NEWSWIRE) -- FitLife Brands Announces Third Quarter 2021 Results OMAHA, NE – November 12, 2021 -- FitLife Brands, Inc. (“FitLife”
About this update from Fitlife Brands, Inc.
[{"type":"text","content":"Omaha, Nov. 12, 2021 (GLOBE NEWSWIRE) -- FitLife Brands Announces Third Quarter 2021 Results OMAHA, NE – November 12, 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 nine months ended September 30, 2021. Highlights for the third quarter ended September 30, 2021 include: Total revenue decreased 3% to $6.7 million.Online revenue increased 40% to $1.7 million and accounted for 25% of total revenue.Wholesale revenue declined 12% driven by higher-than-normal purchases by GNC during the third quarter of 2020 as it restocked following its bankruptcy filing.Gross profit increased 3% to $2.9 million.The Company generated net income of $1.1 million compared to $1.6 million during the same quarter last year.Adjusted EBITDA declined to $1.6 million compared to $1.7 million during the third quarter of 2020.The Company ended the quarter with no debt and $8.6 million of cash. For the third quarter ended September 30, 2021, total revenue was $6.7 million compared to $6.9 million in the same quarter last year, a decrease of 3%. The decrease was attributable to higher-than-normal wholesale purchases by GNC during the three months ended September 30, 2020 as it restocked following its bankruptcy filing. The decline in wholesale revenue during the quarter was largely offset by a 40% increase in online revenue. For the nine-month period ending September 30, 2021, total revenue was $21.0 million, an increase of 33% over the comparable period in 2020, with wholesale revenue increasing 27% and online revenue increasing 57%. Although the Company experiences variability in its quarter-to-quarter wholesale revenue, long-term trends remain positive and retail demand for the Company’s products remains strong in our wholesale channels. For example, for the three months ended September 30, 2021, retail sales of the Company’s products through the GNC franchise channel increased approximately 22.5% compared to the same period in 2020. Gross profit for the three months ended September 30, 2021 increased 3% to $2.9 million. Gross margin incr...