DENVER, CO-- Aug 10, 2015 - MusclePharm Corporation (MSLP) today announced financial results for the second quarter ended June 30, 2015.
Operating and Financial Highlights for Second Quarter 2015
"MusclePharm is a company that has consistently demonstrated strong growth potential and the ability to capitalize on opportunities, illustrated by record revenue for the quarter and improved gross margin," said Brad Pyatt, MusclePharm's chief executive officer.
"Sequentially our revenue has increased primarily due to organic growth with existing customers and sales from new product introductions. We closed the quarter with $8.5 million in sales backlog, illustrating consumer adoption of our brands resulting in significant continued growth potential. Our Adjusted EBITDA was $1.1 million, for which we expect to see continued improvement as we move forward in the second half of the year. We are excited by this quarter's results, and expect that our business strategy will continue to grow our top line as we work toward profitability and long-term shareholder value creation."
Financial Results for Second Quarter 2015
Net revenue increased to a record $50.5 million, up 8% year-over-year. The Company also closed the quarter with a sales backlog of $8.5 million compared to $5.1 million at the end of the year 2014. Net revenue growth reflects increased sales from consumer adoption of new product introductions offset by a reduction in international sales related to the strengthening of the U.S. dollar. The Company continues to take significant steps to globalize its supply chain to address this issue.
Cash flow for the six months ended June 30 increased to $3.2 million up from ($1.6) million in the year prior demonstrating improved financial strength.
Gross margin was 34.7%, up 3.1 basis points over 2014 full year.
Adjusted EBITDA, a non-GAAP measure was $1.1 million, which eliminates depreciation, amortization, interest, taxes, stock-based compensation, and other expenses.
2015 Second Quarter Conference Call Information
When: Tuesday, August 11, 2015
Time: 8:00 a.m. Eastern Time
Phone: 1-877-407-9126 (domestic)
A live webcast will be available online on MusclePharm's website at http://ir.musclepharmcorp.com, where it will be archived for one year.
An audio replay of the conference call will be available through midnight August 18 by dialing 877-660-6853 from the U.S. or Canada, or 201-612-7415 from international locations, passcode 13581597.