BOCA RATON, Fla., Aug. 8, 2019 /PRNewswire/ -- (Nasdaq: CELH)
Celsius Holdings Inc., maker of the leading global fitness drink,
CELSIUS®, today reported financial results for the three and six
months ended June 30, 2019.
2019 Second Quarter Highlights:
- Revenue of $16.1 million, up 73%
from $9.3 million in the year ago
quarter
-
- Domestic revenue increased 69% to $14.4
million, up from $8.5 million
in the year ago quarter
-
- Driven by continued strong double-digit growth in traditional
channels of trade and expansion with world class retail and
distribution partners.
- International revenue increased 119% to $1.7 million, up from $766,000 in the year ago quarter
-
- Our Nordic distribution partner People's Choice, increased
revenues by 64% to $1.3 million due
to timing of promotional programs and new flavor launches.
- Asian revenues totaled $381,000
which included royalty revenues from China of $88,000
and $293,000 in initial revenues from
Malaysia as well as continued
recurring revenues from Hong
Kong.
- Gross profit of $6.9 million, up
70% from $4.0 million in the year ago
quarter
- Net loss to common stockholders of $1.5
million compared to a net loss to common stockholders of
$3.4 million in the year ago quarter,
inclusive of $834,000 in net
investments in Asia and a
$1.0 million legal settlement in
2018.
- Non-GAAP Adjusted EBITDA* excluding one-time charges totaled a
loss of $15,000 compared to a loss of
$262,000 in the year ago quarter
excluding the net Asia investments
of $834,000.
2019 First Half Highlights:
- Revenue of $30.6 million, up 43%
from $21.4 million in the 2018
period
-
- Domestic revenue increased 55% to $25.8
million, up from $16.6 million
in the 2018 period
-
- Driven by continued strong growth in existing traditional
channels of trade and expansion with world class retail and
distribution partners.
- International revenue increased 1% to $4.8 million, up from $4.7 in the 2018 period
-
- Our Nordic distribution partner People's Choice, increased
revenues by 30% to $4.3 million due
to timing of promotional programs and new flavor launches.
- Asian revenues totaled $434,000
and included royalty revenues from China of $178,000, a decrease of $920,000 due to a change in the business model in
China to a royalty and licensing
framework which mitigates risk and reduces marketing
investments, but correspondingly decreases revenue. Asian revenues
also included $256,000 from initial
expansion in Malaysia as well as
continued recurring revenues from Hong
Kong.
- Gross profit of $12.6 million, up
44% from $8.7 million in the 2018
period
- Net Income to common stockholders was $10.2 million, inclusive of a $12.0 million net gain recognized for
establishment of a note receivable related to the business model
change in China and after adding
back interest expense on convertible notes of $243,000 and the amortization on discount on
notes payable of $179,000, a diluted
net income available to common stockholders of $10.6 million, compared to a net loss to common
stockholders of $6.4 million,
inclusive of $3.0 million in net
investments in Asia and a
$1.0 million legal settlement in
2018.
- Non-GAAP Adjusted EBITDA* excluding one-time charges totaled a
positive $863,067 compared to a loss
of $120,000 in the 2018 period,
excluding net Asia investments of
$3.0 million.
Other Highlights:
- Signed a distribution agreement with Big Geyser, New York's largest independent non-alcoholic
beverage distributor serving 20,000 locations in The Five Boroughs
of New York City and The Counties
of Nassau, Suffolk, Westchester and Putnam.
- Launched product with premier convenience store chain,
QuikTrip® (QT), in over 450 locations nationwide
- Launched newest flavor, Sparkling Fuji Apple Pear, in GNC
- Added Board member Ms. Regan
Ebert, a veteran marketing executive with more than 20 years
of experience at three of the world's top consumer packaged goods
companies
- Trend forward functional energy brand has gained momentum as
CELSIUS® is growing faster than the category, at a reported 38.6%,
year to date (Last 52 Weeks Ending 7.14.2019, SHELF STABLE
FUNCTIONAL BEVERAGE, SPINSscan Conventional Markets: TOTAL US –
CONVENIENCE)
Subsequent to Quarter-end:
- Secured additional distribution agreements with partners in the
Anheuser-Busch InBev, PepsiCo, Keurig Dr. Pepper and MillerCoors
networks, further expanding availability to new regions as Celsius
builds out its national distribution network which now includes
over 50 regional direct store delivery (DSD) partners.
"Our Second quarter results demonstrate the traction we are
gaining both domestically and abroad and highlights the power of
our trend forward brand that is aligned with today's health minded
consumer. During the quarter we broadened our reach and drove
deeper placements in existing accounts. Our increased sales
volumes are driven from the demands of our CELSIUS® portfolio and
our rapidly growing consumer base," said John Fieldly, President and Chief Executive
Officer. "Through the first half of the year, revenue has grown by
more than 40%, topping $30 million in
sales and at the same time we continue to focus on controlling
costs and optimize our operating cash. We remain confident about
the opportunities for continued growth and further realizing
returns on our investments as we continue to execute our plans for
expansion and new product launches. Most recently in the U.S. we
continue our pursuit for a national distribution network and are
now in over 50 regional DSD partners, many of which are premier
beverage distributors. In Europe,
our products and new flavor launches are receiving an
overwhelmingly positive response. Favorable market trends and
strong consumer demand for healthy beverage alternatives combined
with our ability to scale rapidly with a variety of products and
flavors position us for continued success. Our strategy of
positioning Celsius as the global beverage leader for health-minded
consumers remains our top priority."
Second Quarter Ended June 30,
2019 Compared to Second Quarter Ended June 30, 2018
Revenue
For the three months ended June 30,
2019, revenue was $16.1
million, an increase of $6.8
million, or 73%, compared to $9.3
million for same period in the prior year. The increase of
73% was driven by growth across all geographies including strong
growth of 69% in North America
revenue primarily attributable to both double-digit growth in
existing accounts and new distribution expansion. Revenue in
Europe increased 64% primarily as
a result of the launch of new flavors. Revenue growth in
Asia reflects the traction the
company is gaining in the region outside of China, which was partially offset by the
change in business model in China
to a royalty and license fee arrangement. The total increase in
revenue from the 2018 quarter to the 2019 quarter is primarily
attributable to an increase in sales volume, as opposed to
increases in product pricing.
The following table sets forth revenue by geography and changes
therein for the three and six month periods ended June 30, 2019 and 2018:
|
|
Three months ended
June 30,
|
|
Six months ended
June 30,
|
Revenue
Source
|
|
2019
|
|
2018
|
|
%
Change
|
|
2019
|
|
2018
|
|
%
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Revenue
|
|
$
|
16,121,929
|
|
$
|
9,298,327
|
|
73%
|
|
$
|
30,607,579
|
|
$
|
21,358,303
|
|
43%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North
America
|
|
$
|
14,443,975
|
|
$
|
8,532,719
|
|
69%
|
|
$
|
25,841,837
|
|
$
|
16,628,799
|
|
55%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe
|
|
$
|
1,261,313
|
|
$
|
767,884
|
|
64%
|
|
$
|
4,260,977
|
|
$
|
3,274,318
|
|
30%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia
|
|
$
|
381,281
|
|
$
|
(35,276)
|
|
981%
|
|
$
|
434,045
|
|
$
|
1,354,000
|
|
(68)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
$
|
35,360
|
|
$
|
33,000
|
|
7%
|
|
$
|
70,720
|
|
$
|
101,186
|
|
(30)%
|
Gross profit
For the three months ended June 30,
2019, gross profit increased by $2.8
million, or 70%, to $6.9
million, from $4.0 million for
the same quarter in 2018. Gross profit margins remained consistent
at 42.6% for the three months ended June 30,
2019 compared to 42.8% for the 2018 quarter. The increase in
gross profit dollars is mainly related to increases in sales
volume, as opposed to increases in product pricing.
Sales and marketing expenses
Selling and marketing expenses for the three months ended
June 30, 2019 were $5.6 million, an increase of $1.5 million, or 37%, from $4.1 million in the same quarter in 2018. The
increase is primarily due to trade show activities to support the
company's expanded distribution network, as well as investment in
marketing activities and employee resources, which was partially
offset by no direct marketing investments in China during the current period due to the
change in the China business model
effective January 1, 2019.
General and administrative expenses
General and administrative expenses for the three months ended
June 30, 2019 were $2.4 million, a decrease of $708,000, or 23%, from $3.1 million for the three months ended
June 30, 2018. The decrease was
primarily due to an accrual in the second quarter of 2018 of
$945,000 pertaining to the settlement
of a territorial dispute with a former distributor. Excluding this
impact, general and administrative expenses increased $237,000 primarily due to increases in legal
costs, insurance, rent and employee costs.
Other income / expense
Total other expense increased to $344,641 for the three months ended June 30, 2019, up from $41,800 for the same period in 2018 as a result
of amortization of discounts on notes payable of $93,000 and a loss of $220,000 related to China assets that will not be realized,
partially offset by a reduction of interest expense in the amount
of $10,000.
Net Income (Loss)
As a result of the above, for the three months ended
June 30, 2019, the company had a net
loss available to common stockholders of $1.5 million or ($0.03) per basic and diluted share based on a
weighted average of 57,336,117 shares outstanding. In comparison,
for the three months ended June 30,
2018, the company had a net loss of $3.3 million, and after giving effect to
preferred stock dividends of approximately $43,000, a net loss available to common
stockholders of $3.4 million or
$(0.07) per basic and diluted share
based on a weighted average of 51,003,803 shares outstanding.
Six Months ended June 30, 2019
compared to Six Months ended June 30,
2018
Revenue
For the six months ended June 30,
2019, revenue was $30.6
million, an increase of $9.2
million or 43% from $21.4
million in revenue for the six months ending June 30, 2018. The revenue increase of 43% was
attributable in large part to strong growth of 55% in North
American revenue driven by double-digit growth in existing accounts
and new distribution expansion. In addition, European revenue
increased 30% from the 2018 period to the 2019 period primarily
as a result of the launch of new flavors. These increases
were partially offset by a decline in Asian revenues as a result of
the change in the company's business model in China to a royalty and license fee
arrangement. The total increase in revenue was primarily due to an
increase in sales volume, as opposed to increases in product
pricing.
Gross profit
For the six months ended June 30,
2019, gross profit increased by $3.9
million, or 44%, to $12.6
million from $8.7 million for
the six months ended June 30, 2018.
Gross profit margins increased by 20 basis points to 41.1% for the
six months ended June 30, 2019
compared to 40.9% for the six months ended June 30, 2018. The increase in gross profit
dollars is mainly related to an increase in sales volume, as
opposed to increases in product pricing.
Sales and marketing expenses
Sales and marketing expenses for the six months ended
June 30, 2019 were $9.2 million, a decrease of $585,000, or 6%, from $9.7
million in the same period in 2018. The decrease is due
primarily to the change in business model in China, which no longer requires direct
marketing investments by the company. The actual reduction in
marketing investments from the 2018 period to the 2019 period was
$2.8 million, which was partially
offset by increases in other sales expenses including incremental
spending in trade show activities to support the company's expanded
distribution network, storage & distribution costs, and
employee and broker costs.
General and administrative expenses
General and administrative expenses for the six months ended
June 30, 2019 were approximately
$5.1 million, a decrease of
$88,000, or 2%, from $5.2 million for the six months ended
June 30, 2018. The decrease was
primarily due to the inclusion of an accrual of $945,000 in the prior year period that pertained
to the settlement of a territorial dispute with a former
distributor. Excluding this impact, general and administrative
expenses increased $857,000 primarily
as a result of incremental stock option expense, which accounted
for $504,000 of the year-over-year
increase. Additionally, there were increases in other areas
including legal, insurance, rent, professional fees and employee
costs.
Other income / expense
Total other income increased by $11.9
million to $11.8 million for
the six months ended June 30, 2019
compared to total other expense of $80,000 for the same period in 2018, primarily
due to the recognition of a note receivable from our Chinese
licensee, who, in connection with the change in our China business model effective January 1, 2019, agreed to repay the market
investment Celsius made in China,
over a five-year period, under an unsecured, interest-bearing
promissory note.
Net income
As a result of the above, for the six months ended June 30, 2019, Celsius had net income available
to common stockholders of $10.2
million, or $0.18 per basic
and after adding back interest expense on convertible notes of
$243,000 and the amortization on
discount on notes payable of $179,000, a diluted net income available to
common shareholders of $10.6 million
or $0.17 per share based on a
weighted average of 61,817,621 shares outstanding. In comparison,
for the six months ended June 30,
2018 the company had a net loss of $6.2 million, and after giving effect to
preferred stock dividends of approximately $126,000, a net loss available to common
stockholders of $6.4 million or
($0.13) per basic and diluted share
based on a weighted average of 48,952,357 shares outstanding.
Liquidity and Capital Resources
As of June 30, 2019, the company
had cash of $4.8 million compared to
$7.7 million as of December 31, 2018. The company had working
capital of $23.2 million as of
June 30, 2019 compared to
$19.6 million as of December 31, 2018.
Cash used in operations during the six months ended June 30, 2019 totaled $4.5
million, reflecting investments in pre-payments and deposits
and the settlement of marketing expenses related to the change in
our China business model, which
were partially offset by a reduction in inventories.
Conference Call
Management will host a conference call, Thursday, August 8, 2019 at 10:00 a.m. Eastern Time to discuss the results
with the investment community.
To participate in the conference call, please call one of the
following telephone numbers at least 10 minutes before the start of
the call:
U.S.:
|
877-709-8150
|
|
|
International:
|
201-689-8354
|
An audio replay of the call will be available on the Company's
website at https://www.celsiusholdingsinc.com/press-releases/
Disclosures can be found on the Company's online disclosure
portal at: https://www.celsiusholdingsinc.com/sec-filings/.
About Celsius Holdings, Inc.
Celsius Holdings, Inc. (Nasdaq: CELH), is a global company with
a proprietary, clinically proven formula for its brand CELSIUS® and
all its sub-brands. A lifestyle fitness drink and a pioneer in the
rapidly growing performance energy sector, CELSIUS® has four
beverage lines that each offer proprietary, functional,
healthy-energy formulas clinically-proven to offer significant
health benefits to its users. The four lines include, CELSIUS®
Originals, CELSIUS HEAT™, CELSIUS® On-the-Go, and CELSIUS®
Sweetened with Stevia. CELSIUS® has zero sugar, no preservatives,
no aspartame, no high fructose corn syrup, and is non-GMO, with no
artificial flavors or colors. The CELSIUS® line of products is
Certified Kosher and Vegan. CELSIUS® is also soy and gluten-free
and contains very little sodium. CELSIUS® is backed by six
university studies that were published in peer-reviewed journals
validating the unique benefits CELSIUS® provides. CELSIUS® is sold
nationally at Target, CVS, GNC, Vitamin Shoppe, 7-Eleven, Dick's
Sporting Goods, The Fresh Market, Sprouts and other key regional
retailers such as HEB, Publix, Winn-Dixie, Harris Teeter, Shaw's and Food Lion. It is also
available on Amazon, at fitness clubs and in select micro-markets
across the country. For more information, visit CELSIUS® at
www.celsius.com or Celsius Holdings, Inc., at
www.celsiusholdingsinc.com.
Forward-Looking Statements
This press release may contain statements that are not
historical facts and are considered forward-looking within the
meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements contain projections of Celsius
Holdings' future results of operations and/or financial position,
or state other forward-looking information. In some cases, you can
identify these statements by forward-looking words such as
"anticipate," "believe," "could," "estimate," "expect," "intend,"
"may," "should," "will," "would," or similar words. You should not
rely on forward-looking statements since Celsius Holdings' actual
results may differ materially from those indicated by
forward-looking statements as a result of a number of important
factors. These factors include, but are not limited to: general
economic and business conditions; our business strategy for
expanding our presence in our industry; anticipated trends in our
financial condition and results of operation; the impact of
competition and technology change; existing and future regulations
affecting our business; and other risks and uncertainties discussed
in the reports Celsius Holdings has filed previously with the
Securities and Exchange Commission. Celsius Holdings does not
intend to and undertakes no duty to update the information
contained in this press release.
Investor Relations:
Cameron
Donahue
(651) 653-1854
cameron@haydenir.com
-- Tables Follow --
|
|
Celsius Holdings,
Inc. and Subsidiaries
|
Consolidated
Balance Sheets
|
|
|
June 30, 2019
(Unaudited)
|
|
December 31, 2018 (1)
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash
|
$
|
4,831,691
|
|
$
|
7,743,181
|
Accounts
receivable-net
|
|
12,158,648
|
|
|
12,980,396
|
Note
receivable-current
|
|
1,197,270
|
|
|
-
|
Unbilled royalty
revenue
|
|
175,148
|
|
|
-
|
Inventories-net
|
|
10,589,216
|
|
|
11,482,701
|
Prepaid expenses and
other current assets
|
|
3,610,607
|
|
|
2,299,375
|
Total current
assets
|
|
32,562,580
|
|
|
34,505,653
|
|
|
|
|
|
|
Note receivable-long
term
|
|
10,775,432
|
|
|
-
|
|
|
|
|
|
|
Operating lease-right
of use asset
|
|
188,624
|
|
|
-
|
Property and
equipment-net
|
|
110,129
|
|
|
121,854
|
Total
Assets
|
$
|
43,636,765
|
|
$
|
34,627,507
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts payable and
accrued expenses
|
$
|
9,113,564
|
|
$
|
14,845,211
|
Other current
liabilities
|
|
100,010
|
|
|
19,933
|
Operating lease
liability-current
|
|
142,778
|
|
|
-
|
Total current
liabilities
|
|
9,356,352
|
|
|
14,865,144
|
|
|
|
|
|
|
Long-term
liabilities:
|
|
|
|
|
|
Convertible line of
credit note payable-related party-net
|
|
4,873,188
|
|
|
3,500,000
|
Convertible line of
credit notes payable-related party-net
|
|
4,598,348
|
|
|
4,459,381
|
Operating lease
liability-long term
|
|
50,516
|
|
|
-
|
Total
Liabilities
|
|
18,878,404
|
|
|
22,824,525
|
Commitments
and contingences
|
|
|
|
|
|
Stockholders'
Equity:
|
|
|
|
|
|
Preferred Stock,
$0.001 par value; 2,500,000 shares authorized, zero and zero shares
issued and outstanding at June 30, 2019 and December 31, 2018,
respectively
|
|
-
|
|
|
-
|
Common stock, $0.001
par value; 75,000,000 shares authorized, 57,371,187 and 57,002,508
shares issued and outstanding at June 30, 2019 and December 31,
2018, respectively
|
|
57,371
|
|
|
57,003
|
Additional paid-in
capital
|
|
87,921,688
|
|
|
85,153,667
|
Accumulated other
comprehensive income/(loss)
|
|
(23,306)
|
|
|
(26,997)
|
Accumulated
deficit
|
|
(63,197,392)
|
|
|
(73,380,691)
|
Total Stockholders'
Equity
|
|
24,758,361
|
|
|
11,802,982
|
Total Liabilities
and Stockholders' Equity
|
$
|
43,636,765
|
|
$
|
34,627,507
|
|
|
(1)
|
Derived from
Audited Financial Statements
|
|
|
|
Celsius Holdings,
Inc. and Subsidiaries
|
Consolidated
Statements of Operations
|
(Unaudited)
|
|
|
For the three months ended June
30,
|
|
|
For the six months ended June
30,
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
Revenue
|
$
|
16,121,929
|
|
|
$
|
9,298,327
|
|
|
$
|
30,607,579
|
|
|
$
|
21,358,303
|
Cost of
revenue
|
|
9,255,898
|
|
|
|
5,316,508
|
|
|
|
18,020,490
|
|
|
|
12,612,803
|
Gross
profit
|
|
6,866,031
|
|
|
|
3,981,819
|
|
|
|
12,587,089
|
|
|
|
8,745,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and marketing
expenses
|
|
5,561,939
|
|
|
|
4,148,173
|
|
|
|
9,162,942
|
|
|
|
9,747,444
|
General and
administrative expenses
|
|
2,432,746
|
|
|
|
3,140,551
|
|
|
|
5,054,848
|
|
|
|
5,143,206
|
Total operating
expenses
|
|
7,994,685
|
|
|
|
7,288,724
|
|
|
|
14,217,790
|
|
|
|
14,890,650
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations
|
|
(1,128,654)
|
|
|
|
(3,306,905)
|
|
|
|
(1,630,701)
|
|
|
|
(6,145,150)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income
(Expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
95,377
|
|
|
|
2,482
|
|
|
|
191,770
|
|
|
|
7,972
|
Interest on
notes
|
|
(122,714)
|
|
|
|
(44,235)
|
|
|
|
(243,108)
|
|
|
|
(87,984)
|
Interest on other
obligations
|
|
(4,017)
|
|
|
|
|
|
|
|
(8,648)
|
|
|
|
|
Amortization of
discount on notes payable
|
|
(92,883)
|
|
|
|
-
|
|
|
|
(178,823)
|
|
|
|
-
|
Gain on Investment
repayment-China (Note Receivable Note 6)
|
|
(220,404)
|
|
|
|
-
|
|
|
|
12,052,809
|
|
|
|
-
|
Total other income
(expense)
|
|
(344,641)
|
|
|
|
(41,753)
|
|
|
|
11,814,000
|
|
|
|
(80,012)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
(Loss)
|
|
(1,473,295)
|
|
|
|
(3,348,658)
|
|
|
|
10,183,299
|
|
|
|
(6,225,162)
|
Preferred stock
dividend
|
|
-
|
|
|
|
(43,164)
|
|
|
|
-
|
|
|
|
(125,855)
|
Net income (loss)
available to common stockholders
|
$
|
(1,473,295)
|
|
|
$
|
(3,391,822)
|
|
|
$
|
10,183,299
|
|
|
$
|
(6,351,017)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
(0.03)
|
|
|
$
|
(0.07)
|
|
|
$
|
0.18
|
|
|
$
|
(0.13)
|
Diluted
|
$
|
(0.03)
|
|
|
$
|
(0.07)
|
|
|
$
|
0.17
|
|
|
$
|
(0.13)
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
57,336,117
|
|
|
|
51,003,803
|
|
|
|
57,267,622
|
|
|
|
48,952,357
|
Diluted
|
|
57,336,117
|
|
|
|
51,003,803
|
|
|
|
61,817,621
|
|
|
|
48,952,357
|
|
|
|
Celsius Holdings,
Inc.
|
Reconciliation of
Non-GAAP Financial Measure
|
|
|
Three months ended
June 30,
|
|
Six months ended
June 30,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Net income (loss)
available to common stockholders (GAAP measure)
|
$(1,473,295)
|
|
$(3,391,822)
|
|
$
10,183,299
|
|
$(6,351,017)
|
Add
back:
|
|
|
|
|
|
|
|
Depreciation and
amortization expense
|
110,953
|
|
11,695
|
|
218,296
|
|
19,648
|
Net interest
expense
|
31,354
|
|
41,753
|
|
59,986
|
|
80,012
|
Preferred stock
dividend
|
-
|
|
43,164
|
|
-
|
|
125,855
|
Stock-based
compensation
|
1,095,792
|
|
1,179,765
|
|
2,416,724
|
|
1,950,627
|
Gain on Note
Receivable
|
220,403
|
|
-
|
|
(12,052,809)
|
|
-
|
Non-GAAP Adjusted
EBITDA
|
$
(14,793)
|
|
$(2,115,445)
|
|
$
863,067
|
|
$(4,174,875)
|
Non-recurring one-time
charges:
|
|
|
|
|
|
|
|
CEO recruiting
fees
|
-
|
|
-
|
|
-
|
|
33,333
|
Shareholders'
Meeting
|
-
|
|
-
|
|
-
|
|
-
|
Legal
settlement
|
-
|
|
-
|
|
-
|
|
1,019,600
|
Total non-recurring
one-time charges
|
-
|
|
1,019,600
|
|
-
|
|
1,052,933
|
Non-GAAP Adjusted
EBITDA excluding one-time charges
|
$
(14,793)
|
|
$(1,095,845)
|
|
$
863,067
|
|
$(3,121,942)
|
Net Asia
investment
|
-
|
|
834,381
|
|
-
|
|
3,002,432
|
Net Non-GAAP
Adjusted EBITDA excluding net Asia investment*
|
$
(14,793)
|
|
$
(261,464)
|
|
$
863,067
|
|
$
(119,510)
|
|
|
|
|
|
|
|
|
*The Company reports financial results in accordance with
accounting principles generally accepted in the United States ("GAAP"), but believe that
disclosure of adjusted EBITDA, a non-GAAP financial measure, may
provide users with additional insights into operating
performance.
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SOURCE Celsius Holdings, Inc.