Business
Synergy CHC Corp. Announces Fiscal 2019 Year End Results
Westbrook, Maine, April 29, 2020 (GLOBE NEWSWIRE) -- Synergy CHC Corp. (OTCQB: SNYR) (“Synergy” or the “Company”), a consumer health care & beauty company,
About this update from Synergy Chc Corp.
[{"type":"text","content":"Westbrook, Maine, April 29, 2020 (GLOBE NEWSWIRE) -- Synergy CHC Corp. (OTCQB: SNYR) (“Synergy” or the “Company”), a consumer health care & beauty company, today reported results for the fiscal year ended December 31, 2019.\n 2019 Highlights Generated net cash provided by operating activities of $2.95 million.Repaid $2.05 million of loans. Cash and cash equivalents grew to $1,224,514 from $459,739 in the prior year, an increase of 166%.Reduced payables and accrued liabilities by $3.7 million, a reduction of 44%. Net sales for the fiscal year ended December 31, 2019 were $29.4 million, compared to $33.8 million for fiscal year 2018, a 13% decrease. For fiscal year 2019, net loss was $9.2 million or $0.10 (basic and diluted) loss per share, compared to net loss of $6.2 million or $0.07 (basic and diluted) earnings per share for 2018. We currently focus on Adjusted EBITDA to evaluate our business relationships and our resulting operating performance and financial position. Adjusted EBITDA for 2019 was $4.2 million and for 2018, adjusted EBITDA was $2.0 million, an increase of 110%. EBITDA and Adjusted EBITDA are considered non-GAAP financial measures. The Company’s definitions of EBITDA and adjusted EBITDA might not be comparable to similarly titled measures reported by other companies. “In 2019, Synergy paid off over $5.7 million in payables and loans. This frees up our balance sheet and we look forward to hopefully being debt free in 2020. Synergy will continue to evaluate all opportunities for all of our brands as we move through the current year and continue to review any acquisition opportunities that makes sense to our growing geographical footprint.” said Jack Ross, CEO of Synergy. About Synergy CHC Corp. Synergy CHC Corp. is a leading omni-channel consumer health and beauty company that is in the process of building a portfolio of best-in-class consumer product brands and utilizes The Synergy Effect, which includes a proprietary ROI based algorithm, to sell its products online through social media influencers. Synergy’s strategy is to grow its portfolio both organically and by further acquisition. Synergy’s diversified portfolio now includes FOCUSfactor™, Flat Tummy™, Per-fékt Beauty™, Sneaky Vaunt™, Neuragen™, and Hand MD™. For more information, please visit http://synergychc.com/. Synergy’s brands: Flat Tummy® Flat Tummy ...