LINDON, Utah, November 29, 2018 /PRNewswire/ --
ForeverGreen Worldwide Corporation (FVRG), a leading direct marketing company and provider of health-centered products, announced today financial results for the third quarter ended September 30, 2018.
Third Quarter Financial Results
- Cost of sales decreased to $381,379 versus $877,390 in Q3 2017
- Sales decreased to $2,295,066 from $4,033,766 for Q3 2017
- Comprehensive loss decreased substantially to $210.063 as opposed to $523,638 in 2017
- Net loss totaled $271,638 or $(0.01) EPS compared to a net loss of $254,504 or $(0.01) EPS
Results for nine months, ending September 30, 2018, included:
- Net change in cash was positive at $11,654 versus a loss of ($102,418) in 2017
- Cost of sales totaled $1,801,342 compared to $3,689,984 during 2017
- Sales decreased to $8,236,591 versus $14,914,147
- Operating loss was $204,315 versus an operating loss of $848,748 during the same period of 2017
- Net loss decreased to $976,985 or $(0.04) EPS as opposed to a net loss of $1,458,724 or $(0.05) EPS during the first nine months of 2017
- Comprehensive loss totaled $823,712 compared to 1,460,195 in 2017
- Total liabilities decreased to $11,503,618 from $12,262,348 on December 31, 2017
Third Quarter Highlights
- The introducing of new products has been and will continue to be introduced to bolster member recruiting and increased sales
- The Company has initiated some new marketing initiatives to stimulate growth in its monthly revenues, which combined with new equity financing is allowing the Company to continue to execute on its expansion plan
- Announcement of New Global Xpress product, KetonX
- Announcement of New KetonX Weight Loss System
- Increased exposure and focus of the envelope model and products which has lowered shipping and storage costs globally
- On a true cash basis (excluding all non-cash items) for 3 months ending September 30, 2018 reflects approximately a $25,000 net gain
"Our efforts over the past year to reduce overhead and increase profitability are really starting to pay off. We've created a very strong foundation for future growth and increased shareholder value and have already started to see those benefits in our November sales numbers. Additional global sales initiatives and product improvements will help us close they year with a very strong position that will help us get off to a quick start in 2019," commented Principle Executive Officer, Joe Jensen.
Expansion opportunities will continue to be evaluated and those which provide the best opportunity for success will be pursued on a priority basis.
For a full earnings report please view our entire filing at www.sec.gov
For more information on ForeverGreen's products, visit www.forevergreen.org
About ForeverGreen™ Worldwide Corporation
Empowering a health-conscious community to focus on mindful self-care, ForeverGreen's products, opportunities and ideals reach around the globe to thousands of individuals in over 100 countries. ForeverGreen combines technology, science and ancient resources into products that can be shipped anywhere using a revolutionary envelope model. Despite this successful development, our most important product will always be people; community involvement and good character are the seeds of complete health. ForeverGreen is a publicly traded company based in Lindon, Utah. For more information, visit forevergreen.org. Welcome Home!
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.
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