Luvu Brands Announces Fiscal 2019 First Quarter Results
November 14 2018 - 8:12AM
InvestorsHub NewsWire
Atlanta, GA -- November 14, 2018 -- InvestorsHub NewsWire --
Luvu Brands, Inc., (OTCQB: LUVU), a designer, manufacturer and
marketer of a portfolio of consumer lifestyle brands, today
reported financial results for the three months ended September 30,
2018.
Operating highlights for the quarter ended September 30,
2018:
- Net sales increased 8% to $3.9 million for the first quarter of
fiscal 2018, as compared to $3.6 million for the comparable
prior-year period.
- Total gross profit was unchanged at $1.0 million, as compared
to $1.0 million for the comparable prior-year period.
- Gross profit as a percentage of net sales decreased to 25% from
27% in the prior year first quarter.
- Operating expenses remained unchanged at $1 million during the
three months ended September 30, 2018 as compared to the prior year
first quarter.
- The net loss decreased to $138,000 during the current year
first quarter compared to a net loss of $193,000 in the prior
year.
- EBITDA, as adjusted, for the first quarter was income of
$51,000 compared to a loss of $1,000 in the first quarter of fiscal
2018.
Louis Friedman, Chairman and Chief Executive Officer, commented,
“During the first quarter, we achieved higher sales across all
three of our consumer brands; Liberator, Jaxx and Avana. Liberator
sales increased 4% to $1.7 million; Jaxx sales increased 23% to
almost $1 million, and Avana sales increased 55% to $690,000. We
expect to see continued strong growth for all three brands through
the holiday season and during the remainder of fiscal 2019.”
Mr. Friedman added, “Despite the increase in sales during the
first quarter, the gross profit remained unchanged due to greater
sales of Jaxx and Avana products that are typically sold at lower
margins than Liberator products. We are continuing to change our
production processes to be more efficient and I expect to see
year-over-year margin improvements during the remainder of this
fiscal year.”
Forward-Looking Statements
Certain matters discussed in this press release may be
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such matters
involve risks and uncertainties that may cause actual results to
differ materially, including the following: changes in economic
conditions; general competitive factors; acceptance of the
Company's products in the market; the Company's success in
obtaining new customers; the Company's success in product
development; the Company's ability to execute its business model
and strategic plans; the Company's success in integrating acquired
entities and assets, and all the risks and related information
described from time to time in the Company's filings with the
Securities and Exchange Commission ("SEC"), including the financial
statements and related information contained in the Company's
Annual Report on Form 10-K and interim Quarterly Reports on Form
10-Q. Examples of forward-looking statements in this release
include statements related to new products, anticipated revenue and
profitability. The Company assumes no obligation to update
the cautionary information in this release.
About Luvu Brands
Luvu Brands, Inc. designs, manufactures and markets a portfolio
of consumer lifestyle brands through the Company’s websites, online
mass / drug merchants and specialty retail stores worldwide. Brands
include: Liberator®, a brand category of iconic products for
enhancing sensuality and intimacy; Avana®, inclined bed therapy
products, assistive in relieving medical conditions associated with
acid reflux, surgery recovery and chronic pain; and Jaxx®, a
diverse range of casual fashion daybeds, sofas and beanbags made
from virgin and re-purposed polyurethane foam. Many of our products
are offered flat-packed and vacuum compressed to save on shipping
and reduce our carbon footprint. The Company is headquartered in
Atlanta, Georgia in a 140,000 square foot vertically-integrated
manufacturing facility that employs over 160 people. Bringing sewn
products manufacturing back to the USA and creating innovative
consumer brands are core to the Company's operating principles. The
Company's brand sites
include: www.liberator.com, www.jaxxliving.com, www.avanacomfort.com plus
other global e-commerce sites. For more information about Luvu
Brands, please visit www.luvubrands.com.
Company Contact:
Luvu Brands, Inc.
Ronald Scott
Chief Financial Officer
770-246-6426
ron@LuvuBrands.com
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