Synergy CHC Corp. Announces Second Quarter 2017 Results
WESTBROOK, ME-(Marketwired - Aug 14, 2017) - Synergy CHC Corp
(OTCQB: SNYR), a consumer health care & beauty company, today
reported results for the quarter ended June 30, 2017.
Net sales for the second quarter were $9.3 million, compared to
$8.2 million for the same quarter in 2016, a 13% increase. For the
second quarter, our net loss was $0.05 million or $0.00 (basic and
diluted) earnings per share, compared to net loss of $0.01 million
or $0.00 (basic and diluted) earnings per share for 2016.
Net sales for the six months ended June 30, 2017 were $20.1
million, compared to $16.5 million for the same period in 2016, a
22% increase. For the six months ended June 30, 2017, net income
was $2.5 million, or $0.03 (basic and diluted) earnings per share,
compared to net income of $2.8 million or $0.03 (basic and diluted)
earnings per share for the same period in 2016.
During the six months of 2017, Synergy reduced its debt to $3.6
million from $7.6 million, which is a 53% decrease.
We currently focus on Adjusted EBITDA to evaluate our business
relationships and our resulting operating performance and financial
position. Adjusted EBITDA for the quarter was $0.7 million and for
the six months ended June 30, 2017 it was $4.5 million.
EBITDA and Adjusted EBITDA are considered non-GAAP financial
measures. The Company's definitions of EBITDA and adjusted EBITDA
might not be comparable to similarly titled measures reported by
other companies.
Subsequent to the quarter ending, Synergy has received an
additional secured loan from Knight Therapeutics Inc. (TSX: GUD) of
US$10 million. The funds will be used for product acquisitions and
general working capital purposes.
"We are now well positioned to leverage our existing digital
innovations and distribution relationships to continue growing both
organically and by further acquisition," said Jack Ross, CEO of
Synergy.
About Synergy CHC Corp.
Synergy CHC Corp. is a consumer health care & beauty company
that is in the process of building a portfolio of best-in-class
consumer product brands. Synergy's strategy is to grow its
portfolio both organically and by further acquisition. Synergy's
diversified portfolio now includes FOCUSFactor™, Flat Tummy Tea™,
Per-fékt Beauty™, Sneaky Vaunt™, Neuragen™, and Hand MD™. For more
information, please visit www.synergychc.com.
Synergy's brands:
Flat Tummy Tea®
Flat Tummy Tea's uniquely formulated two-step herbal detox tea
works to naturally help speed metabolism, boost energy and reduce
bloating to flatten your tummy. It's currently sold exclusively
online to a global, 20-30 year old female, predominantly American
market.
Since being founded in 2013, Flat Tummy Tea has grown rapidly,
largely attributed to the strength of their branding and their
innovative and effective use of social media. Their secret is a
very specific process and ROI based algorithm used on various
online platforms. To date, Flat Tummy Tea has built a targeted
social media following of over 1,392,000, many of whom are now
customers.
Flat Tummy Tea now has over 13,000 positive written reviews on
their website, www.flattummyco.com or visit their Instagram
page.
FOCUSfactor®
FOCUSfactor is sold at America's leading retailers such as
Costco, Sam's Club, Wal-Mart, BJ's Walgreens, CVS and The Vitamin
Shoppe. FOCUSfactor, America's leading brain health supplement, is
a nutritional supplement that includes a proprietary blend of brain
supporting vitamins, minerals, antioxidants and other nutrients. In
December 2012, the United States Patent and Trademark Office issued
US Patent 8,329,227 covering FOCUSfactor's proprietary formulation
"for enhanced mental function." The issuance of the patent marked
one of the few times a patent has been issued for a nationally
branded nutritional supplement. FOCUSfactor is clinically tested
with results demonstrating improvements in focus, concentration and
memory in healthy adults. www.focusfactor.com
Per-fékt Beauty®
Per-fékt Beauty is Synergy's newest brand that was acquired in
June of 2017. Per-fékt Beauty markets and sells a specialized range
of beauty products (makeup, skin-care & body) via retailers and
online through social media channels.
Per-fékt Beauty is well established in the beauty retail space
(Sephora and Ulta), opening up an exciting retail opportunity for
the rest of our products in that industry. Even more exciting is
the potential to apply the same ROI based algorithm that Flat Tummy
Tea uses and is currently being used by The Synergy Effect on
various online marketing platforms - what could be more
per-fekt?
Per-fékt Beauty be found at perfektbeauty.com or visit their
Instagram page.
Sneaky Vaunt® Sneaky Vaunt is one of Synergy's newest brands
that just launched in March of 2017. Sneaky Vaunt markets and sells
a backless, strapless, stick on, push up bra exclusively online
through social media channels.
Sneaky Vaunt is being marketed on the same ROI based algorithm
that Flat Tummy Tea uses and is currently being used by The Synergy
Effect on various online marketing platforms. In just over three
mnths, Sneaky Vaunt has built a targeted social media following of
over 385,000 on Instagram.
Sneaky Vaunt can be found at sneakyvaunt.com or visit their
Instagram page.
Neuragen®
Neuragen® is a topical product that works directly at the site
of the pain as opposed to oral products. Neuragen® reduces the
spontaneous firing of damaged peripheral nerves. By calming these
firings at the source, Neuragen® is clinically shown to reduce
shooting and burning pains quickly and without the side effects of
orally taken medications. This is in part due to the small
lipophilic molecules found in Neuragen® which rapidly carry the
active ingredients through the rough outer layer of the skin to the
site of the pain. Neuragen® is available over the counter in most
local pharmacies either in the diabetic section or the analgesic
(pain) section. For more information, please visit
www.neuragen.com.
Hand MD®
Hand MD is the world's first anti-aging skincare line formulated
specifically for the hands. Hands reveal a woman's true age and the
rejuvenation of the hand has become women's #1 aging concern.
Developed by Kara Harshbarger and renowned celebrity dermatologist
Dr. Alex Khadavi, Hand MD's extensive clinical trials show
significant improvement in the appearance of fine lines and
wrinkles, skin hydration, hyper-pigmentation and radiance. HAND MD
launched on QVC and sold out in an astonishing 5 minutes.
www.hand-md.com.
The Synergy Effect®
The Synergy Effect is Synergy's fast-growth online marketing
platform, a growth engine built to grow brands exponentially
online. Launched in 2017, The Synergy Effect powers Synergy's
brands online, driving revenue using best-in-class digital strategy
and its proprietary ROI algorithm. Already boasting success stories
including Flat Tummy Tea and Sneaky Vaunt, both of which have
experienced unprecedented growth in digital and social media, The
Synergy Effect will spend the upcoming year further unlocking the
huge online growth potential within Synergy's existing portfolio of
brands, as well as brands acquired by Synergy. More information on
The Synergy Effect can be found at www.thesynergyeffect.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
that are subject to risks and uncertainties. All statements, other
than statements of historical facts, regarding management's
expectations, beliefs, goals, plans or Synergy's prospects should
be considered forward-looking. Readers are cautioned that actual
results may differ materially from projections or estimates due to
a variety of important factors, including: Synergy's ability to
integrate any new products into its current operations; the risks
and uncertainties associated with Synergy's ability to manage its
cash resources; obtaining additional financing to support Synergy's
operations; Synergy's dependence on third parties for its research
and development, manufacturing and distribution functions;
Synergy's dependence on its license relationships; protecting the
intellectual property developed by or licensed to Synergy; and
Synergy's ability to build its operations to support its business
strategy and promote its products. These and other risks are
described in greater detail in Synergy's filings with the SEC,
copies of which are available free of charge at the SEC's website
(www.sec.gov) or upon request from Synergy. Synergy may not
actually achieve the goals or plans described in its
forward-looking statements, and investors should not place undue
reliance on these statements. Synergy assumes no obligation and
does not intend to update these forward-looking statements, except
as required by law.
Contact: Jack Ross, Chairman / CEO Synergy CHC Corp
Jack@synergychc.com 615-939-9004
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