ICTV Brands Reports 1Q18 Financial Results
July 11 2018 - 8:00AM
ICTV Brands, Inc. (OTCQX: ICTV), (CSE: ITV), a digitally
focused direct response marketing and international branding
company focused on the health, wellness and beauty sector, has
reported financial results for the three months ended March 31,
2018 on July 6th, 2018.
First Quarter 2018
Highlights:
- Delivered revenue of approximately
$9M, up 17% compared to the prior year quarter of $7.6M.
- Delivered net income before taxes
of approximately $29,000, compared to a net loss before taxes of
approximately ($368,000) in the prior year’s quarter.
- Achieved positive operating income
of approximately $205,000 compared to a loss of ($379,000) in the
same time period of the previous year, a $584,000 positive increase
in results.
- Operating expense margin decreased
to 71% from 77% compared to the prior year quarter.
- Our retail segment delivered sales
of $2.7M, up 393% compared to the prior year quarter.
- Launched DermaWand® at Boots
retailers in the UK.
- Launched no!no!® line extensions
(Shaver, Trimmer & Epilator) into multiple retail outlets in
the UK.
Management Commentary:
Kelvin Claney, Chairman & CEO, stated: “We
are extremely pleased that the previously disclosed cost-cutting
and expense control program recently implemented is clearly bearing
financial fruit for the Company. As reported, the robust sales
growth delivered during the first quarter of 2018, along with the
overall execution of our global omni channel platform, is
positioning this company for further success. Our team has worked
diligently to place our brands globally, and we observed clear
evidence of this during the period, particularly in the UK market.
Additionally, the previously implemented expense control measures
positively impacted our profitability, furthering the company on
its path to profitability. We look forward to updating
investors shortly on our continued progress, including the
successful launch of our new DermaWand® Pro which took place in the
second quarter of 2018. We expect to file our June quarterly report
on time, as well as host an investor conference call in
mid-August.”
Highlighted Comparative Reported
Financial Results:
|
Q1 2018(000’s) |
|
Q12017(000’s) |
|
% Change |
Revenues: |
$8,971 |
|
$7,647 |
|
17.3% |
Gross Profit: |
$6,565 |
|
$5,494 |
|
20.0% |
Operating
Expenses: |
$6,360 |
|
$5,872 |
|
8.3% |
Operating Income
(Loss): |
$205 |
|
($379) |
|
N/A |
Net Income (Loss)
Before Taxes: |
$29 |
|
($368) |
|
N/A |
Mr. Crouthers added: “With 20 years of
experience in Live Televised Home Shopping, ICTV continues to
expand in this channel. On Wednesday July 12, 2018, we launch
DermaWand® on Ideal World in the UK with no!no!® Micro, and
DermaWand® launching on Evine USA in August. Further live shopping
airings of our products from now to the end of the year will take
place on TSC Canada, QVC Germany, QVC Italy and TVSN in
Australia.”Newly appointed President Doug Crouthers stated: “I am
very proud to be part of the ICTV Brands Family at a time when we
are poised for intensely aggressive growth through all our sales
channels. We have the right people in the right positions
selling the right product lines to achieve powerful results around
the world. Our strength in Direct to Consumer sales continues to be
second to none.” In Q2 2018 the DermaWand® Pro was launched on the
backend of our DermaWand® sales generating a 25% increase in
average order value, plus the new “Upgrade now to DermaWand® Pro”
creative has generated a 20% higher response rate.
ICTV has International partnerships that span
the globe delivering sales results from rolling out the no!no!®
brand through the 18 country Latino Media Services network to the
consistent monthly sales of over 5,000 DermaWand® units in mainland
China. The no!no!® brand is also being reignited in other
territories around the world, including the EU, South Africa, and
the Middle East.
ICTV Brands, Inc.
We develop, market and sell products through a
multi-channel distribution strategy, including selling direct to
consumer, live home shopping, traditional retail and e-commerce
market places, Hong Kong airlines and our international third-party
distributor network. We offer primarily health, beauty and wellness
products as well as various consumer products, including:
- DermaWand®, a skin care device that reduces the appearance of
fine lines and wrinkles, and helps improve skin tone and
texture;
- DermaVital®, a professional quality skin care line that effects
superior hydration;
- CoralActives®, brand of acne treatment and skin cleansing
products;
- DermaBrilliance®, a skin care resurfacing device that helps
reduce visible signs of aging;
- Jidue, a facial massager device which helps alleviate
stress;
- no!no!® Hair, a home use hair removal device;
- no!no!® Skin, a home use device that uses light and heat to
calm inflammation and kill bacteria in pores to treat acne;
- Kyrobak®, a home use device for the treatment of non-specific
lower back pain;
- ClearTouch®, a home use device for the safe and efficient
treatment of nail fungus.
We acquire the rights to the products that we
market primarily via licensing agreements, acquisition and in-house
development and sell both domestically and internationally. We are
continually exploring other devices and consumable product lines
currently under licensing agreements that would complement our
current portfolio of beauty products.
Our strategy is to introduce our brands to the
market through a global omni-channel platform that includes but is
not limited to direct response television, digital marketing, live
home shopping, traditional retail, e-commerce market places, and
international third-party distributor networks. Our objective is to
sell our portfolio of products through these channels to develop
long lasting brands with strong returns on investments.
ICTV Brands, Inc. was founded in 1998 and is
headquartered in Wayne, Pennsylvania. For more information on
our current initiatives, please visit
www.ictvbrands.com.Forward-Looking Statements
Forward-Looking Statements. This press release
contains “forward-looking statements” within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended (the “Exchange
Act”) (which Sections were adopted as part of the Private
Securities Litigation Reform Act of 1995). Statements preceded by,
followed by or that otherwise include the words “believe,”
“anticipate,” “estimate,” “expect,” “intend,” “plan,” “project,”
“prospects,” “outlook,” and similar words or expressions, or future
or conditional verbs such as “will,” “should,” “would,” “may,” and
“could” are generally forward-looking in nature and not historical
facts. These forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause the
Company’s actual results, performance or achievements to be
materially different from any anticipated results, performance or
achievements. The Company disclaims any intention to, and
undertakes no obligation to, revise any forward-looking statements,
whether as a result of new information, a future event, or
otherwise. For additional risks and uncertainties that could impact
the Company’s forward-looking statements, please see the Company’s
Annual Report on Form 10-K for the year ended December 31, 2017,
including but not limited to the discussion under “Risk Factors”
therein, which the Company has filed with the SEC and which may be
viewed at http://www.sec.gov.
Contact Information:
Ernest P. Kollias, Jr., CFO
kollias@ictvbrands.com
484-598-2300
Kelvin Claney, CEO
claney@ictvbrands.com
484-598-2300
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