News Column

ForeverGreen Worldwide Announces Q1 2014 Results

May 15, 2014

  • 2014 Q1 Revenues Grow 291%
  • Gross Profit Increases 348.7%

    OREM, Utah--(BUSINESS WIRE)-- ForeverGreen Worldwide Corporation (OTCBB: FVRG), a leading provider of nutritional foods and other healthy products, today announced Q1 2014 earnings, for the quarter ended March 31, 2014.

    Highlights for Q1 2014 included:

  • Sales increased to $10,536,402 from $2,694,478 for Q1 2013, a 291% increase
  • Gross profit rose to $7,977,397 compared to $1,777,887 during Q1 2013, a 348.7% increase
  • Gross profit margins increased to 75.7% compared to 66% during the comparable quarter during 2013
  • Operating income was $267,002 compared to a loss of $95,691 or (0.01)/share for Q1 2013
  • Net income totaled $181,052 or 0.01 EPS versus a net loss of $211,455 or (0.01) EPS for the previous year
  • Total operating expenses increased to $7,710,395 as compared to $1,873,578
  • Interest expense decreased to $74,851 or 0.7% of sales compared to $116,379 or 4.3% of sales during Q1 2013
             

    ForeverGreen Revenue/Income Progression

               
    Revenue % Growth Operating Income
    ($ Millions) (Q vs. Q) ($ Thousands)

    1Q 2013

    2.7 (96

    )

     

     

    2Q 2013

    4.0 48.7 % 93

    3Q 2013

    4.8 19.6 % 302

    4Q 2013

    6.3 30.6 % 84

    1Q 2014

    10.5 68.3 % 267
     


    “Total operating expenses increased to $7,710,395 as compared to $1,873,578,” said Allen Davis, COO. “Primarily this was due to increased operating costs associated with the sizeable increase in sales. Cost of goods sold increased to $2,559,005 or 24.3% of sales compared to $926,591 or 34.0% of sales. This was largely a result of optimizing pricing with our key vendors and change in product mix.”

    CFO Jack Eldridge added, “We experienced a 291% increase over the corresponding period in 2013, significantly above the initial $8 million guidance we issued for the quarter. Gross margins, operating margins and net profit margins all continue to improve. We expect our net operating margins and our net profit margins to continue to increase with logistical improvements and economies of scale. We have hit several of our 2014 goals already, including the introduction of a new product, SolarStrips. We remain on track to meet or exceed our previously announced revenue guidance of $41-$50 million, with net margins of 5-7%. We remain committed to building ForeverGreen into one of the largest and most recognized global companies in our industry.”

    For a full earnings report please view our entire filing at www.sec.gov.

    ForeverGreen Worldwide Corporation develops, manufactures and distributes an expansive line of all natural whole foods and products to North America, Australia, Europe, Asia and South America, including their new global offerings, PowerStrips and SolarStrips. They also offer Azul and FrequenSea™ whole-food beverages with industry exclusive Marine Phytoplankton, the Versativa line of hemp-based whole-food products, immune support, weight management products, Pulse-8 powdered L-arginine formula, TRUessence™ Essential Oils and Apothecary, 24 Karat Chocolate®, and an entire catalog of meals, snacks, household cleaners and personal care products.

    http://www.forevergreen.org

    Forward-Looking Statement

    This press release contains certain forward-looking statements. Investors are cautioned that certain statements in this release are "forward-looking statements" and involve both known and unknown risks, uncertainties and other factors. Such uncertainties include among others, certain risks associated with the operation of the company described above. The company's actual results could differ materially from expected results.




    ForeverGreen Worldwide Corporation

    Craig Smith, 801-655-5500

    craig@forevergreen.org

    or

    Brokers and Analysts:

    Chesapeake Group

    Kevin Holmes, 410-825-3930

    info@chesapeakegp.com

    Source: ForeverGreen Worldwide Corporation


  • For more stories on investments and markets, please see HispanicBusiness' Finance Channel



    Source: Business Wire


    Story Tools






    HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters