LINDON, Utah, Aug. 17, 2018 /PRNewswire/ -- ForeverGreen™ Worldwide Corporation (OTCQB: FVRG), a global direct marketing company and provider of health and wellness products, announces that is has released Q2 2018 Financial Results.
To review the filing please visit www.sec.gov.
Some of the highlights include:
Cost cutting initiatives implemented resulted in a loss of revenues, but the net effect of the changes was to put the Company in a position for improved profitability
Cost of sales was approximately 22.7% of revenues for the second quarter of 2018 compared to 26.7% of revenues for the second quarter of 2017
Selling and marketing expenses decreased to 40.1% of revenues compared to 41.7% for the second quarter of 2017
General and administrative, inclusive of depreciation and amortization, decreased as a percentage of revenues to 39.5% for the first six months of 2018 from 40.1% during the same period in 2017. The primary decrease is due to a decrease in employee expenses in 2018 compared to 2017.
The net cash provided by operating activities increased by $1,101,086 to $243,143 from a loss of $857,952, through June of 2018 compared to the same period of 2017. This is attributable to management's cost cutting efforts
"The company has set the foundation for future growth and profitability by improving efficiency and other cost cutting measures. We anticipate double digit monthly sales growth moving forward, with significant operating profitability. With the recent launch of new products, new sales regions and the efficiency of our envelope shipping model, we are convinced the company is on the right path to deliver the appropriate financial metrics required. We anticipate that Q3 and Q4 financials will be substantially improved," commented Joe Jensen, Principal Executive Officer ForeverGreen.
About ForeverGreen™ Worldwide Corporation
Empowering a health-conscious community to focus on mindful self-care, ForeverGreen's products, opportunities and ideals reach around the globe to thousands of individuals in over 100 countries. ForeverGreen combines technology, science and ancient resources into products that can be shipped anywhere using a revolutionary envelope model. Despite this successful development, our most important product will always be people; community involvement and good character are the seeds of complete health. ForeverGreen is a publicly traded company based in Lindon, Utah. For more information, visit forevergreen.org. Welcome Home!
This press release contains certain forward-looking statements. Investors are cautioned that certain statements in this release are "forward-looking statements" and involve both known and unknown risks, uncertainties and other factors. Such uncertainties include, among others, certain risks associated with the operation of the company described above. The company's actual results could differ materially from expected results.
SOURCE ForeverGreen™ Worldwide Corporation