LINDON, Utah, May 14, 2015 /PRNewswire/ -- ForeverGreen Worldwide Corporation (FVRG), a leading direct marketing company and provider of health-centered products, announced today financial results for the first quarter ended March 31, 2015.
First Quarter Financial Highlights
- Total revenues increased 63.2% to $17,198,940, compared to $10,536,402 in the first quarter last year. The company has deferred revenue of $389,672 versus $171,885 in the comparable quarter of 2014.
- Gross Profit for the quarter increased to $13,005,739 compared to $7,977,397 and Gross Profit Margins held stable at 75.6%.
- Operating income was $411,813 compared to $267,002 during the quarter in 2014, a 54% increase.
- Net income increased 85.2% to $335,378 or $0.01 EPS, versus $181,052 or $0.01 EPS, in Q1 2014. Net income margins increased slightly to 1.9% from 1.7%.
- Net cash provided by operating activities was $186,356 for the quarter compared to $193,016 in net cash used during Q1 2014.
- Total assets increased to $8,369,859 at March 31, 2015 compared to $7,709,633 at December 31, 2014. Total liabilities for the first quarter of 2015 were $8,442,538 compared to $8,086,341 at year end 2014.
- The company currently has no long term debt. As of March 31, 2015, the Company has $1.5 million in debt with a due date of December 31, 2015. Management anticipates it will satisfy these notes payable through increased revenues or negotiation of new payment due dates.
First Quarter Highlights
During the first quarter of 2015, the company experienced exciting updates and international expansion that included:
- Trackable shipping in North America
- Rapid growth in Australia, New Zealand and Oceania
- New growth and leadership development in the Middle East and Africa
- Opening of first European warehouse, in Poland
- Acquisition of strategic resources and relationships in Brazil
- Selling its 20 millionth PowerStrip
- On February 25th, 2015, the company signed a $1,000,000 line of credit with a related party, increasing the companies' ability to better maximize inventory turnover rates.
"We experienced another strong quarter, especially given the normally downward cyclical trends of January and February. Our total tangible assets continue to increase at a far faster rate than our liabilities and the company continues producing positive cash flow. We anticipate strong sales growth during 2015 and 2016 with improving margins," remarked Jack Eldridge, CFO.
"During the latter part of May we will officially launch the envelope model of PowerStrips, SolarStrips and BeautyStrips. The company continues to exceed its growth goals and forecasts. New products will be introduced to bolster sales and management is consistently making improvements to the marketing plan to enhance the success the company is experiencing. We look forward to our bright future," stated Ron Williams, CEO.
For a full earnings report please view our entire filing at www.sec.gov
For more information on ForeverGreen's products, visit www.fgxpress.com
ForeverGreen Worldwide Corporation develops, manufactures and distributes an expansive line of all natural whole foods and products to North America, Australia, Europe, Asia and South America, including their new global offerings, PowerStrips, SolarStrips and BeautyStrips. They also offer Azul and FrequenSea(TM), whole-food beverages with industry exclusive marine phytoplankton, the Versativa line of hemp-based whole-food products, immune support and weight management products, Pulse-8 powdered L-arginine formula, TRUessence(TM) Essential Oils and Apothecary, 24Karat Chocolate(R) and an entire catalog of meals, snacks, household cleaners and personal care products.
This press release contains certain forward-looking statements. Investors are cautioned that certain statements in this release are "forward-looking statements" and involve both known and unknown risks, uncertainties and other factors. Such uncertainties include, among others, certain risks associated with the operation of the company described above. The company's actual results could differ materially from expected results.
SOURCE ForeverGreen Worldwide Corporation