MusclePharm Corporation, a Nevada corporation ("MusclePharm" or the "Company") MSLP +3.85%, an expanding U.S. nutritional supplement company, to announce MusclePharm's preliminary financial results for the first quarter ending March 31, 2011.
On a preliminary basis, the Company expects unaudited gross revenues for the three months ended March 31, 2011 of approximately $3,400,000, an increase of approximately 272% as compared to gross revenues of $1,258,588 during the corresponding three month period ended March 31, 2010.
Gross Margins for the first quarter of 2011 are expected to have increased to approximately 40% or $1,360,000.00, as compared to gross margins of approximately 30% or $380,000 in the first quarter of 2010.
The Company incurred advertising expenses of approximately $700,000 during the three months ended March 31, 2011. The Company had approximately $330,000 in cash on hand as of March 31, 2011, a financially healthier position as compared to cash overdrafts of (40,000) as of March 31, 2010.
Commenting on the preliminary results, Brad Pyatt, Chief Executive Officer said, "We are very pleased with the 272% revenue growth and over 10% margin improvement we experienced during the first quarter of 2011. Our expanding product line combined with the rapidly growing online and retail distribution business has us well positioned for continued growth in the future."
Mr. Pyatt continued, "The growth of our brand recognition that we have built in less than 3 years is a direct result of our aggressive yet calculated marketing model, which has allowed us in 2011 to decrease our advertising costs while almost tripling our gross revenues."
The Company expects to report a net loss for the three months ended March 31, 2011, but is continually making the necessary changes to become profitable in the future.
ABOUT MUSCLEPHARM CORPORATION
Headquartered in Denver, Colorado, MusclePharm is a healthy life-style company that develops and manufactures a full line of National Science Foundation approved nutritional supplements that are 100% free of banned substances. Based on years of research, MusclePharm products are created through an advanced six-stage research protocol involving the expertise of top nutritional scientists and field tested by more than one hundred elite professional athletes from various professional sports leagues including the National Football League, Mixed Martial Arts, and Major League Baseball. The Company's products address all categories of an active lifestyle, including muscle building, weight loss, and maintaining general fitness through a daily nutritional supplement regimen. MusclePharm is sold in over 120 countries and available in over 5,000 U.S. retail outlets, including GNC and Vitamin Shoppe. MusclePharm products are also sold in over 100 online stores, including bodybuilding.com, Amazon.com and Vitacost.com. For more information, please visit www.musclepharm.com.