"DENVER, April 23, 2012 /PR Newswire/ -- MusclePharm Corporation (OTCBB: MSLP), a nutritional supplement company focusing on active lifestyles, today reported its preliminary financial results for the 2012 first quarter ended March 31, 2012.
Net sales for the first three months of 2012 increased nearly fourfold to approximately $19 million from $4 million for 2011 first quarter. International sales grew 400 percent to approximately $4 million from $1 million in the year-ago first quarter. General and administrative expenses were approximately $5 million, or 26 percent of net sales, compared with $2 million, or 50 percent of net sales, for the same quarter last year. Income from operations climbed to approximately $1 million versus a loss from operations of $1 million for the 2011 first quarter.
"For the 2012 first quarter, units sold of our top two products increased dramatically to 770,000, compared with units sold of 78,000 for the same two products in last year's first quarter," said Brad Pyatt, chief executive officer of MusclePharm. "Also during the quarter, we launched new products with a combined total of 300,000 units sold. At the end of the first quarter, we had a sales backlog of $4.3 million, which we shipped in the second quarter of this year. Due to the strong demand we are seeing for our products, combined with the expected near-term launch of 15 new products, we have adjusted our projections for 2012 net sales to $75 million from $40 million."
The company expects to issue a news release with its complete financial results for the 2012 first quarter on or before May 15, 2012."
This press release was issued 3 weeks before the Q1 was released and AFTER the books closed so the CEO had reason to know it was misleading when he wrote it. Read the real financial statements yourself. Funny thing is that this press released was quickly removed from Yahoo and all other media outlets. Biggest concern is that as the stock price continues to plummet, the toxic financiers will be at the door with their hands out demanding more shares and the death spiral begins. But as MSLP claimed above that it will have $75m in sales, it can go private and not worry about all this public reporting crap.