WESTBROOK, ME--(Marketwired - Apr 25, 2016) - Synergy CHC Corp (
Jack Ross, chairman and chief executive officer, commented, "We are very pleased to release these results, as this is the first time we are showing a full quarter of operations from all five acquisitions that we completed during 2015."
Net sales for the first quarter were $8.3 million, compared to $1.6 million for the same quarter of 2015. For the first quarter, net income was $2.8 million, or $0.03 (basic and diluted) earnings per share, compared to net loss of $2.4 million, or $0.04 (basic and diluted) loss per share for the same quarter of 2015.
Operating cash flow for the first quarter was $3.4 million, compared to $0.50 million for the same quarter in 2015.
"Synergy is seeking 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 to continue to be active on the acquisition trail," said Jack Ross, CEO of Synergy.
About Synergy CHC Corp.
Synergy CHC Corp. is a consumer health care 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™, Neuragen™, Hand MD™ and UrgentRx™. For more information, please visit www.synergychc.com.
About FOCUSfactor® "Another Synergy Brand"
FOCUSfactor is sold at America's leading retailers such as Costco, Sam's Club, Wal-Mart, BJ's Walgreens, CVS and The Vitamin Shoppe. FOCUSfactor, America's leading brain health supplement, is a nutritional supplement that includes a proprietary blend of brain supporting vitamins, minerals, antioxidants and other nutrients. In December 2012, the United States Patent and Trademark Office issued US Patent 8,329,227 covering FOCUSfactor's proprietary formulation "for enhanced mental function." The issuance of the patent marked one of the few times a patent has been issued for a nationally branded nutritional supplement. FOCUSfactor is clinically tested with results demonstrating improvements in focus, concentration and memory in healthy adults. www.focusfactor.com
About Flat Tummy Tea® "Another Synergy Brand"
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's currently sold exclusively online to a global, 20-30 year old female, predominantly American market.
Since being founded in 2013, Flat Tummy Tea has grown rapidly, largely attributed to the strength of their branding and their innovative and effective use of social media. Their secret is a very specific process and ROI based algorithm used on various online platforms. To date, Flat Tummy Tea has has built a targeted social media following of over 700,000, many of whom are now customers.
About Neuragen® "Another Synergy Brand"
Neuragen® is a topical product that works directly at the site of the pain as opposed to oral products. Neuragen® reduces the spontaneous firing of damaged peripheral nerves. By calming these firings at the source, Neuragen® is clinically shown to reduce shooting and burning pains quickly and without the side effects of orally taken medications. This is in part due to the small lipophilic molecules found in Neuragen® which rapidly carry the active ingredients through the rough outer layer of the skin to the site of the pain. Neuragen® is available over the counter in most local pharmacies either in the diabetic section or the analgesic (pain) section. For more information, please visit www.neuragen.com.
About Hand MD® "Another Synergy Brand"
Hand MD is the world's first anti-aging skincare line formulated specifically for the hands. Hands reveal a woman's true age and the rejuvenation of the hand has become women's #1 aging concern. Developed by Kara Harshbarger and renowned celebrity dermatologist Dr. Alex Khadavi, Hand MD's extensive clinical trials show significant improvement in the appearance of fine lines and wrinkles, skin hydration, hyper-pigmentation and radiance. HAND MD launched on QVC and sold out in an astonishing 5 minutes. www.hand-md.com
About UrgentRx® "Another Synergy Brand"
UrgentRx produces a line of fast-acting, portable OTC medications that provide right now relief for today's busy, on-the-go consumer. UrgentRx® Fast Powders™ are innovative, fast-acting flavored powder medications in patented credit card-sized packets. They can be taken without water, providing immediate relief for a wide variety of everyday ailments, whenever and wherever they strike. UrgentRx® produces medications to treat allergy attacks, headaches, aches and pains, heartburn, and upset stomach, as well as a heart attack first aid that has helped save multiple lives. For additional information, please visit www.urgentrx.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. All statements, other than statements of historical facts, regarding management's expectations, beliefs, goals, plans or Synergy's prospects should be considered forward-looking. Readers are cautioned that actual results may differ materially from projections or estimates due to a variety of important factors, including: Synergy's ability to integrate any new products into its current operations; the risks and uncertainties associated with Synergy's ability to manage its cash resources; obtaining additional financing to support Synergy's operations; Synergy's dependence on third parties for its research and development, manufacturing and distribution functions; Synergy's dependence on its license relationships; protecting the intellectual property developed by or licensed to Synergy; and Synergy's ability to build its operations to support its business strategy and promote its products. These and other risks are described in greater detail in Synergy's filings with the SEC, copies of which are available free of charge at the SEC's website (www.sec.gov) or upon request from Synergy. Synergy may not actually achieve the goals or plans described in its forward-looking statements, and investors should not place undue reliance on these statements. Synergy assumes no obligation and does not intend to update these forward-looking statements, except as required by law.
Chairman / CEO
Synergy CHC Corp