DENVER, April 18, 2011 /PRNewswire/ -- MusclePharm
Corporation, a Nevada corporation
("MusclePharm" or the "Company") (OTCBB: MSLP), an expanding U.S.
nutritional supplement company, is pleased to announce
MusclePharm's preliminary financial results for the first quarter
ending March 31, 2011.
On a preliminary basis, the Company expects unaudited gross
revenues for the three months ended March
31, 2011 of approximately $3,400,000, an increase of approximately 272% as
compared to gross revenues of $1,258,588 during the corresponding three month
period ended March 31, 2010.
Gross Margins for the first quarter of 2011 are expected to have
increased to approximately 40% or $1,360,000.00, as compared to gross margins of
approximately 30% or $380,000 in the
first quarter of 2010.
The Company incurred advertising expenses of approximately
$700,000 during the three months
ended March 31, 2011. The
Company had approximately $330,000 in
cash on hand as of March 31, 2011, a
financially healthier position as compared to cash overdrafts of
(40,000) as of March 31, 2010.
Commenting on the preliminary results, Brad Pyatt, Chief Executive Officer said, "We
are very pleased with the 272% revenue growth and over 10% margin
improvement we experienced during the first quarter of 2011. Our
expanding product line combined with the rapidly growing online and
retail distribution business has us well positioned for continued
growth in the future."
Mr. Pyatt continued, "The growth of our brand recognition that
we have built in less than 3 years is a direct result of our
aggressive yet calculated marketing model, which has allowed us in
2011 to decrease our advertising costs while almost tripling our
gross revenues."
The Company expects to report a net loss for the three months
ended March 31, 2011, but is
continually making the necessary changes to become profitable in
the future.
ABOUT MUSCLEPHARM CORPORATION
Headquartered in Denver,
Colorado, MusclePharm is a healthy life-style company that
develops and manufactures a full line of National Science
Foundation approved nutritional supplements that are 100% free of
banned substances. Based on years of research, MusclePharm products
are created through an advanced six-stage research protocol
involving the expertise of top nutritional scientists and field
tested by more than one hundred elite professional athletes from
various professional sports leagues including the National Football
League, Mixed Martial Arts, and Major League Baseball. The
Company's products address all categories of an active lifestyle,
including muscle building, weight loss, and maintaining general
fitness through a daily nutritional supplement regimen.
MusclePharm is sold in over 120 countries and available in
over 5,000 U.S. retail outlets, including GNC and Vitamin Shoppe.
MusclePharm products are also sold in over 100 online stores,
including bodybuilding.com, Amazon.com and Vitacost.com. For more
information, please visit www.musclepharm.com.
FORWARD LOOKING STATEMENTS
The information contained herein includes forward-looking
statements. These statements relate to future events or to our
future financial performance, and involve known and unknown risks,
uncertainties and other factors that may cause our actual results,
levels of activity, performance, or achievements to be materially
different from any future results, levels of activity, performance
or achievements expressed or implied by these forward-looking
statements. You should not place undue reliance on forward-looking
statements since they involve known and unknown risks,
uncertainties and other factors which are, in some cases, beyond
our control and which could, and likely will, materially affect
actual results, levels of activity, performance or achievements.
Any forward-looking statement reflects our current views with
respect to future events and is subject to these and other risks,
uncertainties and assumptions relating to our operations, results
of operations, growth strategy and liquidity. We assume no
obligation to publicly update or revise these forward-looking
statements for any reason, or to update the reasons actual results
could differ materially from those anticipated in these
forward-looking statements, even if new information becomes
available in the future.
Investor Contact:
Cory Gregory
President
303-396-6100
http://www.musclepharm.com
SOURCE MusclePharm Corporation