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FitLife Brands, Inc. (FTLF)

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Volume71
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Market Cap22.273M
Beta (5Y Monthly)0.95
PE Ratio (TTM)7.14
EPS (TTM)2.94
Earnings DateNov 12, 2020
Forward Dividend & YieldN/A (N/A)
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1y Target Est4.42
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  • FitLife Brands Announces Third Quarter 2020 Results
    GlobeNewswire

    FitLife Brands Announces Third Quarter 2020 Results

    Omaha, Nov. 12, 2020 (GLOBE NEWSWIRE) -- OMAHA, NE – November 12, 2020 -- FitLife Brands, Inc. (“FitLife” or the “Company”) (OTC Pink: FTLF), an international provider of innovative and proprietary nutritional supplements for health-conscious consumers marketed under the brand names NDS Nutrition™, PMD®, SirenLabs®, CoreActive®, Metis Nutrition™, iSatori™, Energize, and BioGenetic Laboratories, today announced results for the three and nine months ended September 30, 2020. Highlights for the third quarter ended September 30, 2020 include: * Total revenue increased 30% to $6.9 million compared to $5.3 million in the same quarter last year. * Direct-to-consumer online sales increased 96% to $1.2 million, representing 17% of total revenue compared to 12% in the same quarter last year. * Gross profit increased 27% to $2.9 million. * Operating expenses declined 13% to $1.2 million. * The Company generated net income of $1.6 million compared to $0.9 million during the same quarter last year, an increase of 85%.  * Net income per share increased to $1.55 per share, or $1.45 per diluted share, compared to $0.87 per share, or $0.72 per diluted share, in the same quarter last year. * The Company ended the quarter with $4.1 million of cash, compared to $0.3 million as of December 31, 2019.  Subsequent to the end of the quarter, the Company received a payment of $0.8 million from GNC in full satisfaction of the Company’s administrative claim related to GNC’s bankruptcy filing.For the third quarter ended September 30, 2020, total revenue was $6.9 million compared to $5.3 million in the same quarter last year, an increase of 30.2%.  The increase was primarily attributable to continued strong growth in our direct-to-consumer online sales and a restocking of our products at GNC following its bankruptcy filing.  For the third quarter of 2020, online sales increased 96% to $1.2 million and accounted for approximately 17% of the Company’s revenue compared to 12% during the third quarter of 2019.Gross profit increased to $2.9 million, an increase of 27.0% from the third quarter of 2019.  Gross margin decreased slightly from 42.4% to 41.3% over the same time period.  During the quarter, total operating expenses declined 12.7% to $1.2 million.Net income for the third quarter of 2020 was $1.6 million compared to net income of $0.9 million during the same quarter in 2019.  The Company delivered basic earnings per share of $1.55 in the third quarter of 2020 compared to $0.87 in the same quarter last year, an increase of 78.2%.  Diluted earnings per share for the quarter more than doubled to $1.45 compared to $0.72 in the third quarter of last year.GNC BankruptcyThe Company’s largest customer, GNC, filed for Chapter 11 bankruptcy protection on June 23, 2020.  At the time of the filing, GNC owed the Company approximately $1.2 million.Under US bankruptcy law, payment for product received by a customer in the 20 days preceding a bankruptcy filing is eligible for a priority administrative claim under Section 503(b)(9) of the US Bankruptcy Code.  Generally, as long as the debtor company successfully emerges from Chapter 11, those claims are paid in full around the time the debtor emerges from bankruptcy.  Claims associated with product received more than 20 days pre-petition are typically considered general unsecured claims and are subject to impairment through the bankruptcy process.The majority of the Company’s receivables from GNC as of the petition date related to product that was delivered in the 20 days leading up to the bankruptcy filing.  Subsequent to the end of the third quarter, the Company received payment of approximately $829,000 from GNC in full settlement of Company’s administrative claim. The remaining receivables of approximately $354,000 relating to product delivered to GNC more than 20 days prior to its bankruptcy filing were fully reserved by the Company during the second quarter of 2020.  The Company expects to receive an immaterial partial recovery on these receivables during the fourth quarter.  Subsequent to the end of the quarter, GNC’s Plan of Reorganization was confirmed by the Bankruptcy Court, and the Plan became effective on October 30, 2020.Dayton Judd, the Company’s Chairman and CEO, commented “The third quarter was one of the strongest in the Company’s history.  I am proud of our team and the results they generated in a difficult retail environment.  While the fourth quarter is traditionally our slowest, we continue to see increasing demand for our products online and in GNC franchise locations.  And in addition to growing organically, we continue to look for opportunities to grow through prudent, accretive acquisitions.”About FitLife Brands FitLife Brands is a developer and marketer of innovative and proprietary nutritional supplements for health-conscious consumers.  FitLife markets over 80 different dietary supplements to promote sports nutrition, improved performance, weight loss and general health primarily through domestic and international GNC® franchise locations as well as through more than 25,000 additional domestic retail locations and, increasingly, online.  FitLife is headquartered in Omaha, Nebraska.  For more information please visit our new website at www.fitlifebrands.com.Forward-Looking Statements Statements in this release that are forward looking involve known and unknown risks and uncertainties, which may cause the Company's actual results in future periods to be materially different from any future performance that may be suggested in this news release.  Such factors may include, but are not limited to, the ability to of the Company to continue to grow revenue, and the Company's ability to continue to achieve positive cash flow given the Company's existing and anticipated operating and other costs.  Many of these risks and uncertainties are beyond the Company's control.  Reference is made to the discussion of risk factors detailed in the Company's filings with the Securities and Exchange Commission including its reports on Form 10-K and 10-Q.  Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. FITLIFE BRANDS, INC.  CONDENSED CONSOLIDATED BALANCE SHEETS         ASSETS: September 30, December 31,     2020   2019     (Unaudited)    CURRENT ASSETS         Cash $4,090,000  $265,000   Accounts receivable, net of allowance of doubtful accounts, $402,000 and $27,000 respectively  2,594,000   2,366,000   Inventories, net of allowance for obsolescence of $67,000 and $130,000, respectively  2,255,000   2,998,000      Income tax receivable  40,000   -   Prepaid expenses and other current assets  57,000   72,000         Total current assets  9,036,000   5,701,000          Property and equipment, net  105,000   136,000   Right of use asset, net of amortization, $261,000 and $226,000 respectively  219,000   254,000   Goodwill  225,000   225,000   Security deposits  -   10,000       TOTAL ASSETS $9,585,000  $6,326,000          LIABILITIES AND STOCKHOLDERS' EQUITY:             CURRENT LIABILITIES:         Accounts payable $1,821,000  $2,010,000      Accrued expense and other liabilities  524,000   464,000      Product returns  276,000   256,000      Lease liability - current portion  49,000   46,000         Total current liabilities  2,670,000   2,776,000          Long-term lease liability, net of current portion  171,000   208,000   PPP loan  452,000   -         TOTAL LIABILITIES  3,293,000   2,984,000          STOCKHOLDERS' EQUITY:      Preferred stock, $0.01 par value, 10,000,000 shares authorized, none outstanding      as of September 30, 2020 and December 31, 2019      Common stock, $.01 par value, 15,000,000 shares authorized; 1,060,644 and 1,054,516      issued and outstanding as of September 30, 2020 and December 31, 2019 respectively  12,000   12,000   Treasury stock, 210,631 and 198,731 shares, respectively  (1,790,000)  (1,619,000)     Additional paid-in capital  32,195,000   32,055,000      Accumulated deficit  (24,125,000)  (27,106,000)        TOTAL STOCKHOLDERS' EQUITY  6,292,000   3,342,000              TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $9,585,000  $6,326,000          The accompanying notes are an integral part of these condensed consolidated financial statements         FITLIFE BRANDS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2020 AND 2019             Three months ended Nine months ended   September 30 September 30    2020   2019   2020   2019    (Unaudited) (Unaudited)            Revenue $6,923,000  $5,316,000  $15,814,000  $15,812,000   Cost of goods sold  4,061,000   3,063,000   8,896,000   9,163,000   Gross profit  2,862,000   2,253,000   6,918,000   6,649,000            OPERATING EXPENSES:              General and administrative  684,000   782,000   2,419,000   2,352,000       Selling and marketing  509,000   583,000   1,614,000   1,749,000       Depreciation and amortization  9,000   12,000   31,000   40,000           Total operating expenses  1,202,000   1,377,000   4,064,000   4,141,000  OPERATING INCOME  1,660,000   876,000   2,854,000   2,508,000            OTHER EXPENSES (INCOME)               Interest expense  1,000   14,000   14,000   47,000        Interest income  (3,000)  -   (7,000)  -  Gain on settlement  -   (29,000)  (70,000)  (171,000)         Total other expenses (income)  (2,000)  (15,000)  (63,000)  (124,000)           PRE-TAX NET INCOME  1,662,000   891,000   2,917,000   2,632,000            PROVISION FOR INCOME TAXES  17,000   -   (64,000)  7,000            NET INCOME  1,645,000   891,000   2,981,000   2,625,000            PREFERRED STOCK DIVIDEND  -   (19,000)  -   (37,000)           NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $1,645,000  $872,000  $2,981,000  $2,588,000            NET INCOME PER SHARE AVAILABLE TO COMMON SHAREHOLDERS:           Basic $1.55  $0.87  $2.82  $2.46              Diluted $1.45  $0.72  $2.63  $2.08              Basic weighted average common shares  1,060,350   1,001,715   1,057,389   1,053,292              Diluted weighted average common shares  1,134,379   1,207,024   1,132,764   1,241,875                                                         The accompanying notes are an integral part of these condensed consolidated financial statements           FITLIFE BRANDS, INC.  CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS  FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2020 AND 2019           Nine months ended September 30     2020   2019     (Unaudited)  CASH FLOWS FROM OPERATING ACTIVITIES:        Net income $2,981,000  $2,625,000     Adjustments to reconcile net income to net cash used in operating activities:        Depreciation and amortization  32,000   40,000   Allowance for doubtful accounts  375,000   (166,000)    Allowance for inventory obsolescence  (62,000)  36,000     Common stock issued for services  40,000   55,000     Fair value of options issued for services  29,000   94,000     Right of use asset net of amortization and lease liability  -   66,000     Changes in operating assets and liabilities:          Accounts receivable - trade  (603,000)  (1,572,000)      Inventories  805,000   1,005,000       Prepaid expense  15,000   160,000       Income tax receivable  (40,000)  -       Security deposit  10,000   -       Accounts payable  (189,000)  (595,000)  Accrued interest  1,000   41,000       Accrued liabilities and other liabilities  61,000   (65,000)      Product returns  20,000   -             Net cash provided by operating activities  3,475,000   1,724,000          CASH FLOWS FROM INVESTING ACTIVITIES:                Net cash provided by investing activities  -   -          CASH FLOWS FROM FINANCING ACTIVITIES:         Proceeds from issuance of notes payable  -   300,000   Proceeds from exercise of stock options  71,000   -   Proceeds from paycheck protection program  450,000   -      Dividend payments on preferred stock  -   (37,000)     Repurchases of common stock  (171,000)  (889,000)     Repayments of note payable  -   (800,000)            Net cash provided by (used in) financing activities  350,000   (1,426,000)         CHANGE IN CASH  3,825,000   298,000   CASH, BEGINNING OF PERIOD  265,000   259,000   CASH, END OF PERIOD $4,090,000  $557,000          Supplemental disclosure operating activities      Cash paid for interest $-  $47,000          Non-cash investing and financing activities      Recording of lease asset and liability upon adoption of ASU-2016-02 $-  $343,000   Accrued liability for stock buyback $94,000  $496,000                 The accompanying notes are an integral part of these condensed consolidated financial statements               CONTACT: Dayton Judd djudd@fitlifebrands.com

  • GlobeNewswire

    FitLife Brands Announces Second Quarter 2020 Results

    Omaha, Aug. 13, 2020 (GLOBE NEWSWIRE) -- OMAHA, NE – August 13, 2020 -- FitLife Brands, Inc. (“FitLife” or the “Company”) (OTC Pink: FTLF), an international provider of innovative and proprietary nutritional supplements for health-conscious consumers marketed under the brand names NDS Nutrition™, PMD®, SirenLabs®, CoreActive®, Metis Nutrition™, iSatori™, Energize, and BioGenetic Laboratories, today announced results for the three and six months ended June 30, 2020.Highlights for the second quarter ended June 30, 2020 include: * Total revenue decreased 40.7% to $2.7 million driven by the impact of COVID-19 on foot traffic in our wholesale partners’ retail locations and reduced shipments to GNC in anticipation of its bankruptcy filing. * Direct-to-consumer online sales increased to 41% of total revenue, compared to 13% in the same quarter last year. * Gross profit declined 28.9% to $1.3 million. * Gross margin increased to 48.1% compared to 40.1% in the same quarter last year. * During the second quarter, the Company wrote off $354,000 of receivables related to the GNC bankruptcy. * The Company generated a net loss of ($0.1) million compared to net income of $0.5 million during the same quarter last year.  * Adjusted net income, excluding the write-off of the GNC receivables, was $0.3 million.For the second quarter ended June 30, 2020, total revenue was $2.7 million compared to $4.6 million in the same quarter last year, a decrease of 40.7%.  The decrease was primarily attributable to the impact of the COVID-19 pandemic as well as a reduction in shipments to GNC in anticipation of its bankruptcy filing, partially offset by continued growth in our online direct-to-consumer business.  For the second quarter of 2020, online sales accounted for approximately 41% of the Company’s revenue, compared to 13% during the second quarter of 2019.Gross profit declined to $1.3 million, a decrease of 28.9% from the second quarter of 2019.  Gross margin improved from 40.1% to 48.1% over the same time period.  The improvement in gross margin was driven by a greater proportion of higher-margin online revenue relative to wholesale revenue. During the quarter, total operating expenses increased 1.5%.  Excluding the $354,000 of receivables written off through bad debt expense related to the GNC bankruptcy, total operating expense declined 23.1% during the quarter.Net income for the second quarter of 2020 was ($0.1) million compared to net income of $0.5 million during the same quarter in 2019.  The Company delivered a basic and fully diluted loss per share of ($0.09) for the second quarter of 2020, compared to $0.51 of basic earnings per share and $0.43 of diluted earnings per share in the same quarter last year.  Despite the revenue decline during the quarter, adjusted net income excluding the effect of the write-off of the GNC receivables was $0.3 million.Revenue trends during the quarterRetail sales of the Company’s products through GNC franchise locations experienced a year-over-year decline of 50-55% during late March and early April, before beginning a steady recovery.  By late May, retail sales of the Company’s products had returned to experiencing low single-digit percentage growth on a year-over-year basis, which growth continued through the end of the quarter.  The Company’s wholesale revenue increased sequentially each month throughout the quarter as well.GNC BankruptcyThe Company’s largest customer, GNC, filed for Chapter 11 bankruptcy protection on June 23, 2020.  At the time of the filing, GNC owed the Company approximately $1.2 million.Under US bankruptcy law, payment for product received by a customer in the 20 days preceding a bankruptcy filing is eligible for a priority administrative claim under Section 503(b)(9) of the US Bankruptcy Code.  Generally, as long as the debtor company successfully emerges from Chapter 11, those claims are paid in full at the time the debtor emerges from bankruptcy.  Claims associated with product received more than 20 days pre-petition are typically considered general unsecured claims and are subject to impairment through the bankruptcy process.The majority of the Company’s receivables from GNC as of the petition date relate to product that was delivered in the 20 days leading up to the bankruptcy filing.  As a result, the Company expects to be paid in full for those claims upon GNC’s emergence from bankruptcy, which is currently estimated to occur within the next two months.However, approximately $354,000 of the Company’s receivables relate to product delivered to GNC more than 20 days pre-petition and is therefore subject to impairment.  While a partial recovery on such receivables is possible, the Company elected to write off the full amount of those receivables during the quarter ended June 30, 2020. Subsequent to the GNC bankruptcy filing, the Company made the decision to continue to sell product to GNC on terms more favorable to the Company.  Payment for all post-petition orders is paid in the ordinary course of business and is not subject to the bankruptcy process.  Almost all of the Company’s revenue from GNC relates to product sold in GNC franchise locations.  As part of the bankruptcy process, GNC has announced plans to close a significant number of its corporate stores.  While a small number of franchisees have also elected to close their stores as part of the bankruptcy process, the Company believes that the closure of a significant number of corporate locations may drive increased traffic to the remaining franchise locations, benefitting our franchise-exclusive brands.Preliminary Report on Third QuarterGiven the rapidly changing retail environment, the Company understands the importance of transparency to its shareholders and other stakeholders.  Therefore, as it has done in the past, the Company provides the following information, not subject to any procedures by our Independent Registered Public Accounting Firm, regarding its performance and position as of August 12, 2020. * Revenue for the month of July 2020 was among the strongest of any months in the Company’s history and was roughly equivalent to the total revenue generated by the Company in all of the second quarter ended June 30, 2020.   * For the quarter to date, the Company has generated revenue of $3.7 million, an increase of 64% over the same period in the third quarter of 2019.  A significant part of this growth relates to a restocking of our products with GNC subsequent to its bankruptcy filing, and the Company anticipates that this pace of revenue growth will not continue through the remainder of this quarter * We continue to see increasing demand for our products from end consumers both in-store and online. * Retail sales of the Company’s products in GNC franchise locations for the quarter to date continue to experience low single-digit percentage growth on a year-over-year basis. * The Company’s online direct-to-consumer business continues to experience roughly 100% growth on a year-over-year basis. * Total cash on hand is $2.7 million. * Total accounts receivable outstanding is $3.1 million, of which $2.2 million is expected to be collected before the end of August. * The Company’s $2.5 million line of credit, which was amended on August 4, 2020 to extend the maturity date until September 23, 2021, remains undrawn. * The Company’s only outstanding debt is its PPP loan, and the Company intends to apply for forgiveness of the loan as soon as permissible.Dayton Judd, the Company’s Chairman and CEO, commented “The second quarter was particularly challenging for the Company, given the effects of the COVID-19 pandemic and the bankruptcy filing of GNC, our largest customer.  However, going forward, a restructured GNC will be a better customer for the Company for a number of reasons.  While we continue to navigate the effects of both COVID-19 and the GNC bankruptcy, I am very pleased with the performance of our team, our brands, and our Company, and I am optimistic about the Company’s direction and performance going forward.” About FitLife Brands FitLife Brands is a developer and marketer of innovative and proprietary nutritional supplements for health-conscious consumers.  FitLife markets over 80 different dietary supplements to promote sports nutrition, improved performance, weight loss and general health primarily through domestic and international GNC® franchise locations as well as through more than 25,000 additional domestic retail locations and, increasingly, online.  FitLife is headquartered in Omaha, Nebraska.  For more information please visit our new website at www.fitlifebrands.com.Forward-Looking Statements Statements in this release that are forward looking involve known and unknown risks and uncertainties, which may cause the Company's actual results in future periods to be materially different from any future performance that may be suggested in this news release.  Such factors may include, but are not limited to, the ability to of the Company to continue to grow revenue, and the Company's ability to continue to achieve positive cash flow given the Company's existing and anticipated operating and other costs.  Many of these risks and uncertainties are beyond the Company's control.  Reference is made to the discussion of risk factors detailed in the Company's filings with the Securities and Exchange Commission including its reports on Form 10-K and 10-Q.  Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. FITLIFE BRANDS, INC.  CONDENSED CONSOLIDATED BALANCE SHEETS         ASSETS: June 30, December 31,     2020   2019     (Unaudited)    CURRENT ASSETS        Cash $2,218,000  $265,000   Accounts receivable, net of allowance of doubtful accounts, $387,000 and $27,000 respectively  1,362,000   2,366,000   Inventories, net of allowance for obsolescence of $75,000 and $130,000, respectively  3,467,000   2,998,000     Income tax receivable  40,000   -   Prepaid expenses and other current assets  59,000   72,000     Total current assets  7,146,000   5,701,000          Property and equipment, net  113,000   136,000   Right of use asset, net of amortization, $251,000 and $226,000 respectively  229,000   254,000   Goodwill  225,000   225,000   Security deposits  -   10,000     TOTAL ASSETS $7,713,000  $6,326,000          LIABILITIES AND STOCKHOLDERS' EQUITY:             CURRENT LIABILITIES:        Accounts payable $1,635,000  $2,010,000     Accrued expense and other liabilities  495,000   464,000     Product returns  276,000   256,000     Lease liability - current portion  46,000   46,000     Total current liabilities  2,452,000   2,776,000          Long-term lease liability, net of current portion  183,000   208,000   PPP loan  450,000   -     TOTAL LIABILITIES  3,085,000   2,984,000          STOCKHOLDERS' EQUITY:      Preferred stock, $0.01 par value, 10,000,000 shares authorized, none outstanding      as of June 30, 2020 and December 31, 2019      Common stock, $.01 par value, 15,000,000 shares authorized; 1,060,033 and 1,054,516      issued and outstanding as of June 30, 2020 and December 31, 2019 respectively  12,000   12,000   Treasury stock, 210,631 and 198,731 shares, respectively  (1,790,000)  (1,619,000)    Additional paid-in capital  32,176,000   32,055,000     Accumulated deficit  (25,770,000)  (27,106,000)    Total stockholders' equity $4,628,000  $3,342,000            TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $7,713,000  $6,326,000          The accompanying notes are an integral part of these condensed consolidated financial statements         FITLIFE BRANDS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2020 AND 2019             Three months ended Six months ended   June 30 June 30    2020   2019   2020   2019    (Unaudited) (Unaudited)            Revenue $2,740,000  $4,618,000  $8,891,000  $10,496,000   Cost of goods sold  1,421,000   2,764,000   4,835,000   6,101,000   Gross profit  1,319,000   1,854,000   4,056,000   4,395,000            OPERATING EXPENSES:           General and administrative  1,001,000   796,000   1,734,000   1,570,000    Selling and marketing  435,000   616,000   1,106,000   1,166,000    Depreciation and amortization  10,000   13,000   23,000   28,000    Total operating expenses  1,446,000   1,425,000   2,863,000   2,764,000  OPERATING INCOME (LOSS)  (127,000)  429,000   1,193,000   1,631,000            OTHER EXPENSES (INCOME)           Interest expense  8,000   18,000   12,000   33,000    Interest income  (3,000)    (4,000)   Gain on settlement  -   (142,000)  (70,000)  (142,000)   Total other expenses (income)  5,000   (124,000)  (62,000)  (109,000)           PRE-TAX INCOME (LOSS)  (132,000)  553,000   1,255,000   1,740,000            PROVISION FOR INCOME TAXES  (40,000)  6,000   (81,000)  6,000            NET INCOME (LOSS)  (92,000)  547,000   1,336,000   1,734,000            PREFERRED STOCK DIVIDEND  -   (18,000)  -   (18,000)           NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS $(92,000) $529,000  $1,336,000  $1,716,000            NET INCOME (LOSS) PER SHARE AVAILABLE TO COMMON SHAREHOLDERS:          Basic $(0.09) $0.51  $1.27  $1.59              Diluted $(0.09) $0.43  $1.19  $1.36              Basic weighted average common shares  1,060,033   1,047,447   1,055,893   1,079,517              Diluted weighted average common shares  1,060,033   1,239,875   1,126,631   1,258,520              The accompanying notes are an integral part of these condensed consolidated financial statements           FITLIFE BRANDS, INC.  CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS  FOR THE SIX MONTHS ENDED JUNE 30, 2020 AND 2019           Six months ended June 30     2020   2019     (Unaudited)  CASH FLOWS FROM OPERATING ACTIVITIES:        Net income $1,336,000  $1,734,000     Adjustments to reconcile net income to net cash used in operating activities:        Depreciation and amortization  23,000   28,000   Allowance for doubtful accounts  360,000   (161,000)    Allowance for inventory obsolescence  (55,000)  24,000     Common stock issued for services  26,000   39,000     Fair value of options issued for services  24,000   71,000     Right of use asset net of amortization and lease liability  -   4,000     Changes in operating assets and liabilities:        Accounts receivable - trade  643,000   (1,626,000)    Inventories  (414,000)  787,000     Prepaid expense  13,000   127,000     Income tax receivable  (40,000)  -     Security deposit  10,000   -     Accounts payable  (375,000)  (3,000)  Accrued interest  1,000   33,000     Accrued liabilities and other liabilities  31,000   (69,000)    Product returns  20,000   -     Net cash provided by operating activities  1,603,000   988,000          CASH FLOWS FROM INVESTING ACTIVITIES:        Net cash provided by investing activities  -   -          CASH FLOWS FROM FINANCING ACTIVITIES:        Proceeds from issuance of notes payable  -   300,000   Proceeds from exercise of stock options  71,000   -     Proceeds from PPP loan  450,000   -     Dividend payments on preferred stock  -   (18,000)    Repurchases of common stock  (171,000)  (472,000)    Repayments of note payable  -   (140,000)    Net cash provided by (used in) financing activities  350,000   (330,000)         CHANGE IN CASH  1,953,000   658,000   CASH, BEGINNING OF PERIOD  265,000   259,000   CASH, END OF PERIOD $2,218,000  $917,000          Supplemental disclosure operating activities      Cash paid for interest $7,000  $33,000          Non-cash investing and financing activities      Recording of lease asset and liability upon adoption of ASU-2016-02 $-  $343,000   Accrued liability for stock buyback $-  $94,000                 The accompanying notes are an integral part of these condensed consolidated financial statements           CONTACT: Dayton Judd djudd@fitlifebrands.com

  • GlobeNewswire

    FitLife Brands Announces First Quarter 2020 Results

    OMAHA, Neb., May 15, 2020 -- FitLife Brands, Inc. (“FitLife” or the “Company”) (OTC Pink: FTLF), an international provider of innovative and proprietary nutritional supplements.