- Q1 2012 Sales Increased by 270% to $874,272 over Q4 2011
- Q1 2012 Gross profits increased to 74% from 35% over Q4 2011
- Company re-iterates record revenues and profitability in 2012
VANCOUVER, BC and MESA, AZ, May 30, 2012 /PRNewswire/ - Asantae Holdings International Inc. (TSXV: JVA, OTC: ASNHF) ("Asantae" or the "Company"), a producer and marketer of innovative nutritional products through a network of independent distributors today announced the filing of its quarterly financial statements and related management discussion and analysis for the period ending March 31, 2012, which are available under the company's profile on SEDAR at www.sedar.com. All figures are in U.S. dollars and were prepared in accordance with International Financial Reporting Standards (IFRS).
A summary of the financial results is below:
Sales for Q1 2012 were $874,272, as compared to $567,788 for Q1 2011 and $324,435 Q4 of 2011 (an increase of 54% and 270% respectively). The increase in Q1 revenues is largely due to the launch of the company's new weight-loss product, RealW8™.Gross Profit for Q1 2012 was $648,325 (74% of Sales) as compared to $287,760 (51% of Sales) for Q1 of 2011 and $114,587 (35% of Sales) for Q4 2011. The increase in Gross Margins is a direct result of improved RealW8™ margins and increased efficiencies in the supply chain as well as a more favourable sales mix. Essentially, the company is selling more RealW8™ than lower margin products. Operating expenses for Q1 2012 were $909,520 as compared to $1,272,120 for Q1 2011 and $1,003,724 for Q4 of 2011. This reduction in operating expenses was a result of management's strategic restructuring efforts to reduce overhead and improve efficiency. Net comprehensive loss for Q1 2012 was $269,603 as compared to $983,484 for Q1 2011 and $1,029,964 for Q4 2011. "We are very pleased with our financial performance in the first quarter of 2012," stated CEO Dan Lundell. "This Quarter was the first demonstrable evidence of the success of our 'Asantae 2.0' re-structuring and represents a turning point for Asantae. In January we officially launched our flagship weight loss product RealW8 and the adoption of this exciting product by our network of independent affiliates has exceeded our expectations. We are now well positioned for continued rapid growth and profitability." Outlook for Second Quarter and Fiscal Year 2012: