Now Shipping Product to Major Retailers Throughout Country; Preparing Launch of Three Additional Products in 2015
Reports First Quarter 2015 Results
VALLEY VILLAGE, Calif., May 15, 2015 (GLOBE NEWSWIRE) -- Insynergy Products, Inc. (OTCQB:ISYG), a fully integrated consumer product direct response marketing company, today announced first quarter 2015 financial results, reflecting the launch of Plumber's Hero midway through the quarter, beginning with one retailer and then expanding to others toward the end of the quarter.
Financial Highlights for First Quarter 2015
- Revenue was $1.4 million, reflecting eight weeks of sales;
- Net income was $68,000 or breakeven per diluted share, compared with a net loss of $199,000 or $(0.01) per share in the prior year period;
- Non-GAAP net income* was $326,000, or $0.01 per adjusted diluted share;
- Accounts receivable were $903,000, inventory was $441,600, and cash was $69,000 at quarter end.
"Our efforts over the past few years are now coming to fruition, with a strong ramp in revenue as Plumber's Hero makes its way to market, and as we prepare for the launch of additional exciting products currently scheduled for introduction in 2015," said Sandy Lang, chairman and chief executive officer of Insynergy. "As we look at the remainder of the year, and with the second quarter well underway, we are very excited about our prospects, with positive feedback from retailers on Plumber's Hero and strong interest in our pipeline products."
Along with Plumber's Hero, Insynergy plans to launch a fitness product, a hair straightening product and a golf training aid for putting in 2015.
A copy of Insynergy's quarterly report on Form 10-Q for the three months ended March 31, 2015, is accessible on the Company's website at www.insynergyproducts.com and at the SEC's website at www.sec.gov.
About Insynergy Products, Inc.
Insynergy Products markets, distributes and develops high quality consumer products that it brands on television and sells to retailers worldwide in the Health & Fitness, Home Solutions and Beauty categories. Insynergy also is a catalyst for inventors, allowing them to showcase their products and be rewarded for their creativity and ingenuity. Starting with unique breakthrough product ideas, Insynergy applies its deep knowledge of manufacturing, dedicated to made-in-America quality. It then builds consumer awareness through cost-effective, multi-media campaigns. For more information on Insynergy visit www.insynergyproducts.com.
*Non-GAAP Financial Measures
In addition to disclosing financial results calculated in accordance with U.S. Generally Accepted Accounting Principles (GAAP), this release contains non-GAAP financial measures adjusted for Loss on conversion of debt, depreciation, and other items set forth within Form10-Q filed with the SEC for the period ended March 31, 2014. Management believes that the non-GAAP measures used in this release provide investors with important perspectives into the Company's ongoing business performance. The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations to those financial statements should be carefully evaluated. The non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. All financial data is presented on a GAAP basis except where the Company indicates its presentation is on a non-GAAP basis.
Forward Looking Statements
This press release contains forward-looking statements, related to the launch of Plumber's Hero, the development and launch of additional products in 2015, market uptake and feedback from retailers, as well as statements concerning future growth. These statements are subject to certain risks and uncertainties and other factors that could cause actual results to be materially different from historical results and/or from any future results or outcomes expressed or implied by such forward-looking statements. Such forward-looking statements are qualified in the Company's quarterly reports on Form 10-Q and annual report on Form 10-K.