Chula Vista, California-based Youngevity International, an omni-direct lifestyle company, recently announced financial results for the first quarter ended March 31, 2018. Revenues increased 11.0 percent over the prior year. Direct selling sales were up 6.2 percent and commercial coffee revenues up 39.9 percent over prior year.
“We are pleased to see revenue growth for both segments in the first quarter,” said Steve Wallach, chairman and CEO of Youngevity. “Our international markets are beginning to contribute more significantly to overall revenue lead by top-line growth coming from Asia. We believe this overall growth is sustainable in the coming quarters.”
Dave Briskie, president and CFO of Youngevity added, “We have been focused on the fundamentals as we entered 2018. We feel we made significant progress by improving adjusted EBITDA and strengthening our balance sheet as well. The recent financing and debt conversion contributed significantly to the improvement in our Stockholders’ Equity and will help reduce borrowing costs in the coming quarters.”
Revenue increased 11.0 percent to $42,994,000 in the current period as compared to $38,733,000 for the same period last year. The company derived approximately 82 percent of its revenue from direct selling sales and approximately 18 percent from commercial coffee sales. Direct selling revenues increased by $2,069,000, or 6.2 percent, to $35,311,000 as compared to $33,242,000 for the same period last year. Commercial coffee revenues increased by $2,192,000, or 39.9 percent, to $7,683,000 as compared to $5,491,000 for the same period last year.
Gross profit increased 14.4 percent to $25,012,000 in the current period as compared to $21,866,000 for the same period last year. Overall gross profit as a percentage of revenues increased to 58.2 percent, compared to 56.5 percent in the same period last year.
The company reported a net loss of $2,308,000 in the current period as compared to net loss of $2,059,000 for the same period last year. This increase in net loss was as a result of the increases in other expense, income taxes and operating expense, partially offset by an increase in gross profit.
To read the full Youngevity Q1 2018 report, click here.
