CVSL Inc. Reports Unaudited Consolidated Earnings Results for Second Quarter and Six Months Ended June 30, 2015; Reports Impairment of Goodwill for the Second Quarter of 2015
August 13, 2015 at 06:08 pm EDT
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CVSL Inc. reported unaudited consolidated earnings results for second quarter and six months ended June 30, 2015. Total revenue for the second quarter was $35.7 million, compared to $24.6 million in the same quarter a year ago, an increase of $11.1 million, or 45.2%, primarily due to the impact of a full quarter of CVSL's acquisition of Kleeneze at the end of March. Operating losses decreased by $1.6 million in the quarter compared to the same period in 2014, from $4.1 million to $2.5 million, an improvement of 39.0%. This was primarily due to an improvement in both the program costs and discounts and SG&A expense. Loss from operations before income tax provision was $3.227 million against $4.378 million a year ago. Net loss was $3.419 million against $4.591 million a year ago. Net loss attributable to CVSL Inc. was $1.693 million or $0.05 per basic and diluted share against $3.545 million or $0.15 per basic and diluted share a year ago. Net revenue was $32.744 million against $19.366 million a year ago.
For the first six months of 2015, revenue was $55.0 million compared to $51.3 million in the same period last year, an increase of $3.7 million, or 7.2%. Operating losses was $6.73 million against $6.844 million a year ago. Loss from operations before income tax provision was $8.078 million against $7.875 million a year ago. Net loss was $8.464 million against $8.367 million a year ago. Net loss attributable to CVSL Inc. was $6.572 million or $0.21 per basic and diluted share against $6.681 million or $0.27 per basic and diluted share a year ago. Net revenue was $49.801 million against $41.061 million a year ago.
For the second quarter, the company reported impairment of goodwill of $192,000.
JRjr33, Inc. (JRJR), formerly CVSL Inc., offers a platform of direct-to-consumer brands. The Company operates through the segments, which include Gourmet Food, Nutritional and Wellness, Home Decor, Publishing and Printing, and Other. The Gourmet Food Products segment consists of operations related to the production and sale of hand-crafted spices, oils and other food products from around the world. The Home Decor segment consists of operations related to the production and sale of premium hand-crafted baskets, and the selling of products for the home, including pottery, cleaning, health, beauty, home, outdoor and customizable vinyl expressions for display. The Nutritionals and Wellness segment consists of operations related to the selling of nutritional supplements and skin care products. The Publishing and Printing Segment consists of the operations of Happenings Communications Group, Inc. and Paperly, Inc. The Other Segment consists of the operations of Tomboy Tools, Inc.
CVSL Inc. Reports Unaudited Consolidated Earnings Results for Second Quarter and Six Months Ended June 30, 2015; Reports Impairment of Goodwill for the Second Quarter of 2015