27.03.2017 14:00:00

Synergy CHC Corp Announces Fiscal 2016 Year End Results

Synergy CHC Corp Announces Fiscal 2016 Year End Results Synergy CHC Corp Announces Fiscal 2016 Year End ResultsWESTBROOK, ME--(Marketwired - Mar 27, 2017) - Synergy CHC Corp (OTCQB: SNYR) today reported results for the year ended December 31, 2016.Net sales for the fiscal year ended December 31, 2016 were $34.8 million, compared to $13.5 million for fiscal year 2015, a 158% increase. For fiscal year 2016, net loss was $0.8 million or $0.01 (basic and diluted) earnings per share, compared to net loss of $7.5 million or $0.11 (basic and diluted) loss per share for 2015.Cash flow provided by operations for the year ended December 31, 2016 was $6 million, compared to cash flow used in operations of $0.6 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 2016 was $10.3 million and for 2015, adjusted EBITDA was $1.9 million, a 442% increase.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.During 2016, Synergy reduced its debt to $7.6 million from $15 million, which is a 49% decrease.Jack Ross, chairman and chief executive officer, commented, "Our fiscal 2016 net sales grew by $21.3 million, or 158%, primarily related to organic growth from our brands. During 2017, management will continue to focus on developing new products and explore options for future acquisitions.""Synergy will continue to grow organically while refining execution across all brands. We will also focus on our Synergy Effect social media marketing platform to exponentially grow all of our brands online. We will continue to evaluate 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 2017 to be a very active year on the acquisition trail," said Jack Ross, CEO of Synergy.About Synergy CHC Corp.Synergy CHC Corp. ...Full story available on Benzinga.com
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