Westbrook, Maine, June 29, 2020 (GLOBE NEWSWIRE) — Synergy CHC Corp. (OTCQB: SNYR) (“Synergy” or the “Company”), a consumer health care & beauty company, today reported results for the quarter ended March 31, 2020.
2020 First Quarter Highlights
Net sales for the first three months were $6.1 million, compared to $9.5 million for fiscal the same three months in 2019, a 35% decrease. For the first three months, our net income was $0.2 million or $0.00 (basic and diluted) earnings per share, compared to a net income of $1.5 million or 0.02 (basic and diluted) earnings per share for 2019.
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 $0.8 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.
Secured $2.5 million US from Knight Therapeutics for general working capital
Secured Costco Canada distribution for Focus Factor
Secured distribution of a new hand sanitizer product under its Hand MD brand for Canadian distribution
Paid off an additional $500,000 of loans
“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/.
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 is currently sold online to a 20-30 year old female, predominantly American market.
Since being founded in 2013, Flat Tummy has grown rapidly, largely attributed to the strength of its branding and its innovative and effective use of social media marketing. The secret is a very specific process and ROI based algorithm used on various social media platforms. To date, Flat Tummy has built a targeted social media following of over 1,750,000, many of whom are now customers.
Flat Tummy now has over 14,000…
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