“We believe our second quarter results reflect the underlying strength of our business and execution of our strategic plans. We remain very excited about our opportunities for the remainder of this year and beyond. We are on track to launch our new product line in GNC corporate stores during the fourth quarter of this year or first quarter of 2015,” said John S Wilson, FitLife CEO, in a statement.
FitLife markets its supplements under the brand names NDS Nutrition, PMD, CoreActive and SirenLabs. The company, based in Omaha, NE, changed its name last year from Bond Labs. The company has pursued a brick-and-mortar strategy, with distribution of its products in more than 3,000 GNC stores and 1,200 other franchised outlets nationwide. FitLife markets more than 50 different dietary supplements in the sports nutrition, performance, weight loss and general health categories.
FitLife seems to have gotten over the hump that has foiled some other smaller and even midsize supplement manufacturers. It has managed to ramp up production and distribution while at the same time keeping costs in check and improving profitability. For example, in the first quarter of 2014, FitLife posted $6.3 million in revenue, compared to $6 million in the same period in 2012. But it boosted profit to $0.9 million, compared to $0.6 million, year over year.
Q2 2014 earnings details
FitLife reported $6 million in revenue, an 18% rise over the same period in 2013. (Many supplement retailers and manufacturers report their strongest earnings in the first quarter of the calendar year.) Net income was $0.7 million compared to $0.5 million year over year. Diluted earnings per share were $0.08 versus $0.05 in the previous year quarter.
For the first half of 2014, revenue was $12.3 million as compared to $11.1 million for the first half of 2013, an increase of 10.8%. For the six month period ended June 30, 2014, the company reported net income of $1.6 million versus $1.1 million in the comparable period in 2013, an increase of 53.0%.