Mark Luden, CEO of Guitammer, stated, "Our record first quarter results are indicative of the growing demand for the Company's products as well as significant improvements we have made in our balance sheet and financial flexibility. The Company's momentum in the second half of fiscal 2011 has continued into the early part of this year as we achieved a quarterly record for revenue, improved our gross margin and reduced our Adjusted EBITDA loss by healthy percentages. With strong and growing level of back orders, growing penetration of international markets, and recent successful capital raises, we are very confident that Guitammer has the necessary financial foundation and is on track to achieve significant full year revenue growth in fiscal 2012, compared to fiscal 2011.
"In addition, following receipt last year of our broadcast patent, we are making consistent progress towards the commercialization of ButtKicker LIVE!, a revolutionary step forward in the broadcast of sports and certain entertainment events. Commercializing 'ButtKicker LIVE!' will open up a new, high-margin, recurring revenue and technology licensing channel that will be incremental to the solid growth we are achieving in our core product sales channels. We look forward to reviewing developments with the ButtKicker Live! technology throughout the balance of 2012."
About The Guitammer Company
The Guitammer Company is a leader in low frequency sound products and technology. Its innovative and award winning line of patented ButtKicker-brand low frequency audio transducers let users feel low-frequency sound (bass). ButtKicker brand products are used around the world by leading entertainment and theater companies such as AMC, IMAX and Disney in movie theaters and attractions; by world-famous musicians; in home theaters, simulators and for car audio. ButtKicker brand products are distributed by Pearl Drums for musicians under the trade name, "Pearl's Throne Thumper by ButtKicker," and factory installed in home theater seating by Palliser Furniture. ButtKicker brand products' patented design makes them musically accurate, powerful and virtually indestructible. The Company is headquartered in Westerville, OH.
The Guitammer Company's newly patented broadcast technology, ButtKicker LIVE!, enables the excitement, impact and feeling of sporting events to be broadcast along with the sound and video. ButtKicker LIVE! puts you into the action, whether you're at home or at the event. ButtKicker Live! technology is available for cable, satellite, fiber optic, IPTV and over-the-air broadcast and has been successfully tested with several major content (sports) providers. ButtKicker® and ButtKicker Live!® are registered trademarks of The Guitammer Company. For additional information, visit www.thebuttkicker.com and www.shakemycouch.com
This letter contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including without limitation, the ability of the Company to successfully implement its turnaround strategy, changes in costs of raw materials, labor, and employee benefits, as well as general market conditions, competition and pricing. Although the Company believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this letter will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as representation by the Company or any other person that the objectives and plans of the Company will be achieved. In assessing forward-looking statements included herein, readers are urged to carefully read those statements. When used in the Annual Report on Form 10-K, the words "estimate," "anticipate," "expect," "believe," and similar expressions are intended to be forward-looking statements.
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