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Synergy CHC Corp. Announces Second Quarter 2017 Results
Synergy CHC Corp. Announces Second Quarter 2017 Results Synergy CHC Corp. Announces Second Quarter 2017 ResultsWESTBROOK, ME--(Marketwired - Aug 14, 2017) - Synergy CHC Corp (OTCQB: SNYR), a consumer health care & beauty company, today reported results for the quarter ended June 30, 2017. Net sales for the second quarter were $9.3 million, compared to $8.2 million for the same quarter in 2016, a 13% increase. For the second quarter, our net loss was $0.05 million or $0.00 (basic and diluted) earnings per share, compared to net loss of $0.01 million or $0.00 (basic and diluted) earnings per share for 2016. Net sales for the six months ended June 30, 2017 were $20.1 million, compared to $16.5 million for the same period in 2016, a 22% increase. For the six months ended June 30, 2017, net income was $2.5 million, or $0.03 (basic and diluted) earnings per share, compared to net income of $2.8 million or $0.03 (basic and diluted) earnings per share for the same period in 2016. During the six months of 2017, Synergy reduced its debt to $3.6 million from $7.6 million, which is a 53% decrease. 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 $0.7 million and for the six months ended June 30, 2017 it was $4.5 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.Subsequent to the quarter ending, Synergy has received an additional secured loan from Knight Therapeutics Inc. (TSX: GUD) of US$10 million. The funds will be used for product acquisitions and general working capital purposes. "We are now well positioned to leverage our existing digital innovations and distribution relationships to continue growing both organically and by further acquisition," said Jack Ross, CEO of Synergy. About Synergy CHC Corp.Synergy CHC Corp. is a consumer health care & beauty 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™, Per-fékt Beauty™, Sneaky Vaunt™, Neuragen™, and Hand MD™. For more information, please visit www.synergychc.com.Synergy's brands:Full story available on Benzinga.com
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