02 Aug ForeverGreen Worldwide Corp. Highlights Positive Progress in Overall Cost Reductions and Path to Profitability
LINDON, Utah, August 2, 2016 /PRNewswire/ —
ForeverGreen Worldwide Corporation (OTCBB: FVRG), a leading direct marketing company and provider of health-centered products, today announced the company has continued to make profitability with several advances in its business models and operations, which includes cost reductions, trimming markets, staff reorganization, among other changes to make the company’s operations more effective and profitable.
“As the company indicated in its April 26, 2016 press release, our recent cost cutting measures cut over $500,000 a month in overhead. On the sales side, the company has continued to be very aggressive on its initiative to grow both domestic and international revenues as it has over the last few years,” commented CFO, Jack Eldridge. “The company has been very successful in growing from $12MM, to $18MM, to $58MM and then to 67MM in 2015.”
“With the amount of global marketing momentum the company achieved by the end of 2015, the company and its management had started shifting its focus from top-line revenue growth to expense management and profitability,” he continued.
“The first quarter of 2016 was a quarter of change with the company implementing this new focus and direction. With the change of priorities, the company incurred a number of one-time costs in the first quarter, as well as a reduction of revenues as changes were implemented. The majority of these changes have been completed and the company is now seeing the benefits from these changes starting in our second quarter, as well as seeing significant progress in profitability,” he commented.
Based on my review of the preliminary financial reports, the company anticipates that the second quarter report will show slightly lower top-line revenues, but the company will demonstrate higher profitability on those sales. We anticipate similar sales in a traditionally slower industry 3rd quarter and renewed growth in the fourth quarter,” Jack Eldridge concluded.
For more information on ForeverGreen’s products, visit http://www.forevergreen.org.
ForeverGreen Worldwide Corporation develops, manufactures and distributes an expansive line of all natural whole foods and products to North America, Australia, Europe, Asia, Africa and South America, including their new global offerings, PowerStrips, SolarStrips and BeautyStrips. They also offer their new North America weight-management line Ketopia, along with Azul and FrequenSea, whole-food beverages with industry exclusive marine phytoplankton, a line of hemp-based whole-food products, immune support and weight management products, Pulse-8 powdered L-arginine formula, 24Karat Chocolate.
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.
ForeverGreen Worldwide Corporation
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