Synergy CHC Corp Announces Second Quarter 2016 Earnings Release
August 10 2016 - 12:00PM
Marketwired
Synergy CHC Corp Announces Second Quarter 2016 Earnings
Release
WESTBROOK, ME-(Marketwired - Aug 10, 2016) - Synergy CHC Corp
(OTCQB: SNYR) today reported results for the quarter ended June 30,
2016.
Net sales for the second quarter were $8.3 million, compared to
$2.5 million for the same quarter of 2015. For the second quarter,
net loss was $12,500, or $0.00 (basic and diluted) earnings per
share, compared to net loss of $186,000 or $0.00 (basic and
diluted) loss per share for the same quarter of 2015.
Net sales for the six months ended June 30, 2016 were $16.5
million, compared to $4.0 million for the same period in 2015. For
the six months ended June 30, 2016, net income was $2.8 million, or
$0.03 (basic and diluted) earnings per share, compared to net loss
of $2.6 million, or $0.04 (basic and diluted) loss per share for
the same period of 2016.
Operating cash flow for the six months ended June 20, 2016 was
$3.7 million, compared to $0.2 million for the same period in
2015.
We currently focus on Adjusted EBITDA to evaluate our business
relationships and our resulting operating performance and financial
position. Adjusted EBITDA for the quarter was $2.5 million and for
the six months ended June 30, 2016 it was $6 million.
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.
"Synergy is still seeking further acquisitions to generate
shareholder value through the addition of products that can help
improve the lives of customers while leveraging our existing
distribution relationships. We expect to continue to be active on
the acquisition trail," said Jack Ross, CEO of Synergy.
About Synergy CHC Corp.Synergy CHC Corp. is a consumer health
care company that is in the process of building a portfolio of
best-in-class consumer product brands. Synergy's strategy is to
grow its portfolio both organically and by further acquisition.
Synergy's diversified portfolio now includes FOCUSFactor, Flat
Tummy Tea, Neuragen, and Hand MD. For more information, please
visit www.synergychc.com.
About FOCUSfactor "Another Synergy Brand"FOCUSfactor is sold at
America's leading retailers such as Costco, Sam's Club, Wal-Mart,
BJ's Walgreens, CVS and The Vitamin Shoppe. FOCUSfactor, America's
leading brain health supplement, is a nutritional supplement that
includes a proprietary blend of brain supporting vitamins,
minerals, antioxidants and other nutrients. In December 2012, the
United States Patent and Trademark Office issued US Patent
8,329,227 covering FOCUSfactor's proprietary formulation "for
enhanced mental function." The issuance of the patent marked one of
the few times a patent has been issued for a nationally branded
nutritional supplement. FOCUSfactor is clinically tested with
results demonstrating improvements in focus, concentration and
memory in healthy adults. www.focusfactor.com
About Flat Tummy Tea "Another Synergy Brand"Flat Tummy Tea's
uniquely formulated two-step herbal detox tea works to naturally
help speed metabolism, boost energy and reduce bloating to flatten
your tummy. It's currently sold exclusively online to a global,
20-30 year old female, predominantly American market.
Since being founded in 2013, Flat Tummy Tea has grown rapidly,
largely attributed to the strength of their branding and their
innovative and effective use of social media. Their secret is a
very specific process and ROI based algorithm used on various
online platforms. To date, Flat Tummy Tea has has built a targeted
social media following of over 900,000, many of whom are now
customers.
Flat Tummy Tea now has over 10,000 positive written reviews on
their website, flattummytea.com or visit their Instagram page.
About Neuragen "Another Synergy Brand"Neuragen is a topical
product that works directly at the site of the pain as opposed to
oral products. Neuragen reduces the spontaneous firing of damaged
peripheral nerves. By calming these firings at the source, Neuragen
is clinically shown to reduce shooting and burning pains quickly
and without the side effects of orally taken medications. This is
in part due to the small lipophilic molecules found in Neuragen
which rapidly carry the active ingredients through the rough outer
layer of the skin to the site of the pain. Neuragen is available
over the counter in most local pharmacies either in the diabetic
section or the analgesic (pain) section. For more information,
please visit www.neuragen.com.
About Hand MD "Another Synergy Brand"Hand MD is the world's
first anti-aging skincare line formulated specifically for the
hands. Hands reveal a woman's true age and the rejuvenation of the
hand has become women's #1 aging concern. Developed by Kara
Harshbarger and renowned celebrity dermatologist Dr. Alex Khadavi,
Hand MD's extensive clinical trials show significant improvement in
the appearance of fine lines and wrinkles, skin hydration,
hyper-pigmentation and radiance. HAND MD launched on QVC and sold
out in an astonishing 5 minutes. www.hand-md.com
Forward-Looking StatementsThis press release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 that are subject to risks
and uncertainties. All statements, other than statements of
historical facts, regarding management's expectations, beliefs,
goals, plans or Synergy's prospects should be considered
forward-looking. Readers are cautioned that actual results may
differ materially from projections or estimates due to a variety of
important factors, including: Synergy's ability to integrate any
new products into its current operations; the risks and
uncertainties associated with Synergy's ability to manage its cash
resources; obtaining additional financing to support Synergy's
operations; Synergy's dependence on third parties for its research
and development, manufacturing and distribution functions;
Synergy's dependence on its license relationships; protecting the
intellectual property developed by or licensed to Synergy; and
Synergy's ability to build its operations to support its business
strategy and promote its products. These and other risks are
described in greater detail in Synergy's filings with the SEC,
copies of which are available free of charge at the SEC's website
(www.sec.gov) or upon request from Synergy. Synergy may not
actually achieve the goals or plans described in its
forward-looking statements, and investors should not place undue
reliance on these statements. Synergy assumes no obligation and
does not intend to update these forward-looking statements, except
as required by law.
Contact Information
Contact:Jack RossChairman / CEOSynergy CHC
CorpJack@synergychc.com615-939-9004
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