MusclePharm Reports Preliminary Third Quarter 2010 Results
October 28 2010 - 8:00AM
Anticipates 300% Revenue Growth to Approximately
$1.4 Million
Third Quarter Gross Margins Expected to Grow to
34% Compared to Negative Margins in the Same Period of 2009
MusclePharm® Corporation (OTCBB:MSLP), one of the fastest growing
nutritional supplement companies in the United States, announced
today their preliminary financial results for the third quarter
ending September 30, 2010.
On a preliminary basis, the Company expects revenues for the
third quarter of 2010 to be approximately $1.4 million, compared to
revenues of $232,488 for the third quarter of 2009, and revenues of
$468,109 for the second quarter of 2010. Gross Margin for the
third quarter of 2010 is expected to be 34% or $480,000 compared to
a negative gross margin of 6.5% or a loss of $15,139 in the third
quarter of 2009. Gross margin for second quarter of 2010 was 22.8%,
or $106,859.
The Company ended the third quarter of 2010 with $897,500 of
notes payable. This is a decrease of 48% compared to notes
payable of $1,737,500 as of the end of the second quarter of
2010.
Commenting on the preliminary results, Brad Pyatt, Chief
Executive Officer said, "We are very pleased with the 300% revenue
growth and over 10% margin improvement we achieved during the third
quarter. Our expanding product line combined with the rapidly
growing online and retail distribution has us well positioned for
continued growth in the future."
Mr. Pyatt continued, "The growth of our brand recognition
through our relationship with the UFC, MMA and our many sponsored
athletes has been a true testament to our superior supplements and
the dedication of our management team. However, we will not be
satisfied until we have the number 1 product line of NSF and
scientifically approved nutritional supplements that are 100% free
of any banned substances. Our company was created to address
all categories of an active lifestyle including muscle building,
weight loss, and maintaining general fitness through a daily
nutritional supplement regimen and we believe we have only begun to
address this growing market opportunity."
About MusclePharm
Headquartered in Denver, Colorado, MusclePharm is a rapidly
expanding healthy life-style company that develops and manufactures
a full line of NSF and scientifically approved, nutritional
supplements that are 100% free of any 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 100 elite
professional athletes from various sports including the NFL, MMA,
and MLB. The Company's propriety and award winning 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 US retail outlets that
include GNC, and Vitamin Shoppe, as well as over 100 online stores,
including bodybuilding.com, Amazon and Vitacost.com. For more
information, please visit www.musclepharm.com.
Forward-looking Statements This press release
contains forward-looking statements, such as references to our
preliminarily expected third quarter 2010 financial results and
business prospects. These statements, including their underlying
assumptions, are subject to risks and uncertainties and are not
guarantees of future performance. Results may differ due to various
factors such as changes in the Company's financial results for the
third quarter 2010 based on the Company's continued efforts to
finish the review of such operating results and the review of such
results by the Company's auditors, the possibility that our efforts
to control expenses may not be successful, that our efforts to
increase revenue and improve gross margin may not
succeed. Certain additional factors that could cause results
to differ materially from those projected in the forward-looking
statements are set forth in "Risk Factors" in Item 2.02 of the
Company's Form 8-K dated February 18, 2010, which has been filed
with the Securities and Exchange Commission.
CONTACT: ICR
Investor Contact:
John Mills, Senior Managing Director
310.954.1105
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