ICTV Brands Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2016
November 10, 2016 at 04:09 pm EST
ICTV Brands Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2016. Net loss for the third quarter ended September 30, 2016 was $261,597, or $0.01 loss per share, compared to a net loss of $821,945, or $0.03 loss per share, for the same quarter ended September 30, 2015. Net sales for the third quarter ended September 30, 2016 were $4.203 million, compared to $3.61 million for the same quarter ended September 30, 2015. Operating loss was $258,323 against $822,078 a year ago. The year over year increase in revenue is attributable to higher media related expenditures, increased international sales and retail and e-commerce sales as the Company continues to broaden its media footprint with its push into additional e-commerce and retail outlets in the fourth quarter. Adjusted earnings before interest, taxes, depreciation, and amortization (Adjusted EBITDA) was a loss of $140,000 compared to EBITDA of $663,000 in the prior year quarter.
Net loss for the first nine months ended September 30, 2016 was $951,448, or $0.03 loss per share, compared to a net loss of $805,501, or $0.03 loss per share, for the same period ended September 30, 2015. Net sales for the first nine months ended September 30, 2016 were $12.471 million, compared to $19.74 million for the same period ended September 30, 2015. Operating loss was €940,937 against €805,831 a year ago. Net cash provided by operating activities was $104,259 against net cash used in operating activities of $973,531 a year ago. Purchase of furniture and equipment was $1,290. Adjusted EBITDA was a loss of $470,000 compared to EBITDA of $314,000.