"We are continuing to expand our distribution channels and enter new doors, as well as introduce a steady stream of new products," said Brad Pyatt, chief executive officer of MusclePharm. "Combined with steady demand, we believe the Company remains on track to achieve net sales of $75 million for the full 2012 year, even with the change in presentation of net sales and advertising. We have a lot of expansion to fund, but also believe we can generate $4 million of EBITDA in the final two quarters of 2012."
Chief Operating Officer John H. Bluher stated, "Management is working diligently to clean up a number of financial and capitalization items from 2010 and 2011 as part of our restructuring plan. The Company is making excellent traction, as we continue to invest heavily in our brand and in marketing and focus on funding the launch of several innovative new products. We also will continue to devote capital to international expansion opportunities, while addressing costs and expenses."