ForeverGreen Worldwide Corporation Announces Q2 2016 Results0
LINDON, Utah, August 3, 2016 /PRNewswire/ —
ForeverGreen Worldwide Corporation (FVRG), a leading direct marketing company and provider of health-centered products, announced today financial results for the second quarter ended June 30, 2016.
Second Quarter Financial Highlights
- Total revenues decreased 32.8% to $10,798,076 from $16,079,017 during Q2 2015
- Sales and Marketing expenses decreased 48.6% to $4,056,821 versus $7,890,203 during the comparable period in 2015
- General and administrative expenses decreased 36.3% to $3,387,969 from $5,322,385
- Total Operating Expenses decreased 43.7 % to $7,444,790 from $13,212,588 during Q2 2015
- Net Operating Income Increased from a loss of $1,173,114 in Q2 2015 to a gain of $338,151
- Net Income for the quarter was $189,719 or .01 EPS compared to a loss of $1,446,797 or (.06) EPS during Q2 2015
Second Quarter Highlights
During the second quarter of 2016, the company experienced exciting updates that included:
- Continued Cost Cutting. This includes a reduction in labor force, restructuring of lease agreements and revised pricing of certain products. These cost cutting measures reduced overhead by over $500,000 per month.
- In April, ForeverGreen expanded its exclusive Ketopia line with two new companion products. The Ketopia line was joined by the KetoCream shake. The second companion product announced was KetoBoosters. KetoBoosters provide the user with both BHB and MCT oils.
- In June, our Members in Europe received a ketogenic product called KetoBrü. KetoBrü is a cacao bean drink made with pure cacao.
- In June, the company realized a milestone regarding its number-one selling product, the PowerStrips, with sales in excess of 30 million PowerStrips sold.
Jack Eldridge, CFO, commented, “The company is happy to reach profitability so quickly after beginning several initiatives towards improving profitability and cash flow. Now that the company is more efficient, we can concentrate on delivering increased sales. We will selectively focus on regions that will deliver faster growth. ForeverGreen anticipates a slower third quarter, as is typical in our industry, but the emphasis on our profitability will continue. Fourth quarter should see significant growth which will put the company in a profitable position for the year.”
For a full earnings report please view our entire filing at http://www.sec.gov
For more information on ForeverGreen’s products, visit http://www.forevergreen.org.