MusclePharm Corp., an expanding U.S. nutritional supplement company, was pleased to report today its preliminary financial results for the first quarter ended June 30, 2011.
On a preliminary basis, the company anticipates unaudited gross revenues for the three months ended June 30, 2011 of approximately $4,000,000, an outstanding increase of approximately 854% as compared to gross revenues of $468,109 during the corresponding three month period ended the year prior.
Gross Margins for the first quarter of 2011 are expected to have increased to approximately 35%, or $1,320,000, as compared to gross margins of approximately 23%, or $106,859, in the second quarter of 2010.
MusclePharm CEO Brad Pyatt commented, “We are very pleased with the 854% revenue growth and over 10% margin improvement we experienced during the second quarter of 2011. Our expanding product line, combined with the rapidly growing online and retail distribution business, has us well positioned for continued future growth.”
Mr. Pyatt continued, “The growth of our brand recognition that we have built in less than 3 years is a direct result of our aggressive yet calculated marketing model. This approach has allowed us in 2011 to decrease our advertising costs while growing our revenues over 800%.”
Although the company expects to report a net loss for the three month period, it is continually making the necessary changes to become profitable in the near future.
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