Synergy CHC Corp Announces Fiscal 2016 Year End Results
March 27 2017 - 6:36AM
Marketwired
WESTBROOK, 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. 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™, Sneaky Vaunt™, Neuragen™, and Hand MD™. For more
information, please visit www.synergychc.com.
Synergy's brands:Flat Tummy Tea®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 built a targeted social media following of over
1,270,000, many of whom are now customers.Flat Tummy Tea now has
over 13,500 positive written reviews on their website,
flattummytea.com or visit their Instagram page.
Sneaky Vaunt®Sneaky Vaunt is Synergy's newest brand that just
launched in March, 2017. Sneaky Vaunt markets and sells a backless,
strapless, stick on, push up bra exclusively online through social
media channels.Sneaky Vaunt is being marketed on the same ROI based
algorithm that Flat Tummy Tea uses and is currently being used by
The Synergy Effect on various online marketing platforms. In one
month, Sneaky Vaunt has built a targeted social media following of
over 108,000 on Instagram.
Sneaky Vaunt can be found at sneakyvaunt.com or visit their
Instagram page.FOCUSfactor®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
Neuragen®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.
Hand MD®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
Forward-Looking StatementsThis 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.
Contact:
Jack Ross
Chairman / CEO
Synergy CHC Corp
Jack@synergychc.com
615-939-9004
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