Second quarter results reflect 139% sequential quarterly revenue growth due to strong demand in the premium hair care products.
Revenue increased to $915,515 for the six months ended November 30, 2020, an increase of 101% to the comparable 2019 period.
LOS ANGELES, CA / ACCESSWIRE / January 13, 2021 / Reviv3 Procare Company (OTCQB:RVIV), a premium hair care products company today announced operating results for the second quarter ended November 30, 2020.
Second Quarter 2021 Results
- Revenues increased 96% to $644,061 compared to the same period last year.
- Gross profit increased 149% to $396,233 compared to the same period last year.
- Cost of sales as a percentage of sales decreased to 38% compared to 52% for the same period last year.
- Operating expenses as a percentage of sales decreased to 53% compared to 57% for the same period last year.
The company achieved record revenues of $644,061 for its second quarter of 2021. This represents an increase of 139% sequentially and 96% from the same quarter a year ago. Net income was $53,103 compared to a sequential quarterly net loss of $69,269. Cost of sales as a percentage of sales was reduced to 38% compared to 52% for the same period last year.
Jeff Toghraie, the Company's CEO and Chairman commented "although this has been an extremely difficult year for our industry and in particular the professional salon distribution segment of our business, we are pleased with our sequential and year over year growth performance for the second quarter. We continue to benefit from strong demand for our 3-part hair care system across all channels. Having demonstrated triple-digit sequential revenue increase while achieving profitability for the quarter, our focus remains to diversify our revenue stream and customer base in areas that are least impacted by the on-going challenges of the pandemic."
Mr. Toghraie concluded, "We anticipate continued growth in the direct sales segment of our business for the remainder of our fiscal year and remain encouraged by the strong and growing interest in our products and the opportunities ahead as we continue our efforts to strengthen our capabilities and increase our market share."
Six months ended November 30, 2019 summary
Reviv3 Procare reported revenue of $912,515 for the six months ended November 30, 2020, an increase of 101% to $454,234 for the comparable 2019 period. The revenue increase was primarily related to revenue generated by our existing distribution network and increase sales from our direct sales to consumer segment. Cost of sales as a percentage of sales for the six months ended November 30, 2020 was 42% compared to 47% for the same period in 2019 due to our continued expansion in the direct sales to consumer segment. Operating expenses as percentage revenue decreased to 59% compared to 81% for the comparable 2019 period largely related to reduction in the general and administrative costs. For the six months ended November 20, 2020, we reported a net loss of $16,166 compared to a net loss of $130,983 for the same period in 2019.
About Reviv3 Procare Company
Reviv3 Procare Company is engaged in the manufacturing, marketing, sale, and distribution of premium quality hair and skincare products under various trademarks and brands. Our products include hair cleansing, moisturizing, restoratives, and environmental defense products that address the hair care challenges of men and women. Our products are sold in markets in the United States, Canada, Europe, and Asia. Visit us at www.reviv3.com.
Tel: (888) 638-8883
This press release contains a number of forward-looking statements within the meaning of the federal securities laws. The use of words such as "anticipates," "expects," "intends," "plans," "confident that" and "believes," among others, generally identify forward-looking statements.
These forward-looking statements are based on currently available information, and management's beliefs, projections, and current expectations subject to a number of significant risks and uncertainties. Factors that could cause actual results to differ materially from those in the forward-looking statements include, among other things: (i) Reviv3's ability to grow net sales and adjusted EBITDA as anticipated; (ii) our ability to fund our operating expenses (iii) potential difficulties or delays Reviv3 may experience in implementing its cost savings and efficiency initiatives; (iv) Reviv3's ability to compete effectively with other hair and skincare companies (v) the concentration of Reviv3's customers, potentially increasing the negative impact to Reviv3 by changing purchasing or selling patterns (vi) changes in laws or regulations in the United States and/or in other major markets, such as China, in which Reviv3 operates, including, without limitation, with respect to taxes, tariffs, trade policies or product safety, which may increase Reviv3's product costs and other costs of doing business, and reduce Reviv3's earnings. Potential investors are urged to consider these factors carefully in evaluating the forward-looking statements. These forward-looking statements speak only as of the date hereof. Except as required by law, Reviv3 does not assume any obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future.
SOURCE: Reviv3 Procare Company