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Miami Beach, Aug. 14, 2012 (GLOBE NEWSWIRE) --
Divine Skin Reports Q2 Revenues Grow 50% to $3.5 Million
Divine Skin Inc. (DSKX), a leading developer of personal care products, announced results for its second quarter ending June 30, 2012.
Net revenues for the second quarter of 2012 grew to $3,498,262, a 50% increase over revenues of $2,331,174 in the second quarter of 2011. Revenue growth was driven by increased sales and continued demand for its products through its continued expansion of sales to salon outlets.
Gross profits increased by 7.6% to $1,450,147 in the second quarter of 2012, as compared to $1,347,455 in second quarter of fiscal 2011. Net loss for the quarter ended June 30, 2012 was $(368,085), as compared to $(54,980) in the same period of the prior year due to increased non-cash expenses.
The Company reported total current assets of $6.078,957 and total shareholders' equity of $4,788,280 for the period ended June 30, 2012.
Operating activities used net cash for the six months ended June 30, 2012 of $932,490. Net cash used reflects an adjusted net loss for the six months ended of $19,045, as adjusted for various items which impact net loss but do not impact cash during the period, such as issuance of warrants or stock for services and for depreciation and amortization.
Net Loss increased $562,582 or 228.8 % from a $(245,842) Net Loss (Q211-YTD) to $(808,423) Net Loss (Q212-YTD). The loss was primarily driven by increases in sales promotions and travel along with increases in corporate public relations and legal expenses. This results from our strategy to increase revenues by expanding our distributor base and corresponding market share
About Divine Skin
Divine Skin is a global hair, skin and personal care product development and marketing company. We develop and market proprietary branded personal care products that address hair restoration, skin care and other personal care needs. We define personal care products as items that are used daily to improve health, well-being and appearance and that are non pharmaceutical, cosmetic or dietary in nature. We currently research, develop and formulate our own products and our mission is to develop products that make a meaningful difference in the lives of our customers.