Chula Vista, California-based Youngevity International Inc., an omni-direct lifestyle company, reported financial results for the third quarter and nine months ended September 30, 2017.
Revenue increased 1.9 percent to $44,395,000 as compared to $43,562,000 for the three months ended September 30, 2016. During the three months ended September 30, 2017, the company derived approximately 85 percent of its revenue from direct sales and approximately 15 percent of the revenue from commercial coffee sales. Direct selling segment revenue decreased by $622,000, or 1.6 percent, to $37,954,000 as compared to $38,576,000 for the three months ended September 30, 2016. Commercial coffee segment revenue increased by $1,455,000, or 29.2 percent, to $6,441,000 in the current quarter as compared to $4,986,000 for the same period last year. This increase was primarily attributed to increased revenues in the green coffee business.
Steve Wallach, CEO and Co-Founder of Youngevity, said, “I am pleased to see the performance of our international markets contribute to the top line of our direct selling business. We have invested heavily in establishing a global footprint, and we believe that we will begin to enjoy returns on these significant investments in the coming quarters. I am equally pleased to see the revenue growth taking place in our Coffee Division, especially the sales success taking place with our Café La Rica™ Brand. We expect the strength of this brand has significant potential to bring shareholder value.”
Youngevity President and CFO Dave Briskie added: “We invested heavily in creating a platform that is capable of creating top line revenue growth throughout a number of verticals and in various markets across the globe. We anticipate that we will be able to leverage our platform and drive top line growth. With that said, as we complete 2017 and move through 2018 we will focus on our plans to improve our profitability, expand our liquidity, and strengthen our balance sheet.”
For the nine months ended September 30, 2017, Youngevity revenue increased 0.3 percent to $124,655,000 as compared to $124,264,000 for the nine months ended September 30, 2016. During those nine months, the company derived approximately 86 percent of its revenue from direct sales and approximately 14 percent from commercial coffee sales. Direct selling segment revenue decreased by $3,659,000, or 3.3 percent, to $106,734,000 as compared to $110,393,000 for the nine months ended September 30, 2016. Commercial coffee segment revenues increased by $4,050,000, or 29.2 percent, to $17,921,000 for the nine months ended September 30, 2017, as compared to $13,871,000 for the same period last year. This increase was primarily attributed to increased revenues in the green coffee business and coffee roasting business.
To read the full Youngevity Q3 financial report, click here.
