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FitLife Brands grows 9%
Sports nutrition company rebranded, grew revenue, expanded internationally, launched SirenLabs, simplified capital structure and increased cash position by $2.4 million.
April 1, 2014
2 Min Read
FitLife Brands Inc. (OTCBB: FTLF), an international provider of innovative and proprietary nutritional supplements for health conscious consumers marketed under the brand names NDS Nutrition Products™, PMD®, SirenLabs® and CoreActive® announced financial results for the fiscal year ended Dec. 31, 2013.
Highlights for the fourth quarter and full year 2013 included:
4Q13 revenue increased 9 percent to $3.7 million from $3.4 million in 4Q12
FY13 revenue increased 9 percent to $19.7 million from $18.1 million in FY12
FY13 net income was $1.3 million as compared to $1.9 million for FY12, net of the tax benefit
FY13 and FY12 net income excluding the tax benefit and non-cash expense related to the issuance of equity to certain employees, consultants and directors was $1.7 million and $1.9 million, respectively
Sales to international locations for the full year ended Dec. 31, 2013 exceeded $1.0 million for the first time ever, representing approximately 6.0 percent of total revenue
Recapitalized the Company to simplify the capital structure, reduce the diluted share count and lower the cost of capital
Cash balance as of Dec. 31, 2013 increased by $2.4 million to $3.3 million from $0.9 million at the same time last year
“For FitLife, 2013 was a year of important milestones,” stated John S. Wilson, chief executive officer of FitLife Brands. “We grew revenue, expanded internationally, launched SirenLabs, simplified our capital structure, strengthened our balance sheet, changed the Company’s name to FitLife Brands, increased our cash position by $2.4 million, and positioned the Company for a future uplisting to a national exchange. Domestic and international market expansion and expanded distribution channel opportunities remain key elements of our long-term growth plan. I am proud of the progress we have made and remain very excited about the opportunities ahead of the Company in 2014 and beyond.”
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