Pompano Beach, Aug. 20, 2013 (GLOBE NEWSWIRE) -- DS Healthcare Group, Inc. (NASDAQ:DSKX), a leading developer of personal care products, today announced results for the three and six months ended June 30, 2013.
Net revenues increased 35% for the first six months of 2013 to $7,392,846, over revenues of $5,482,244 in the same period of 2012. Revenue growth was primarily due to the acquisition of the Company's Mexican subsidiary and carryover of unfilled orders from the fourth quarter of 2012. Gross profits for the six months ended June 30, 2013 increased by 35% to $3,375,769 as compared to $2,501,081 in the same period of 2012. Net loss attributable to shareholders during the six months ended June 30, 2013 was $(1,125,056) or $(0.10) per basic and diluted share, as compared to $(808,423) or $(0.08) per basic and diluted share in the same period of 2012.
Net revenues for the second quarter of 2013 were $3,431,154, a 2% decline from revenues of $3,498,262 in the second quarter of 2012. Revenues decreased slightly due to the Company's new policies related to extending credit to new and existing customers, preventing the Company from shipping some goods on its schedule. Gross profits increased by 10% to $1,601,087 in the second quarter of 2013, as compared to $1,450,761 in the second quarter of fiscal 2012. Net loss attributable to shareholders in the second quarter of 2013 was $(757,063) or $(0.06) per basic and diluted share as compared to $(368,086) or $(0.03) per basic and diluted share in the second quarter of 2012. .The Company reported total current assets of $8,042,076 and total shareholders' equity of $3,204,332 on June 30, 2013. "In the first half of 2013 we have achieved record revenues. We continue to launch new products and expand further into promising new markets like Brazil, through our distribution partner and Mexico, through our newly acquired Mexican subsidiary. There is tremendous enthusiasm in the market for our products and we strive to deliver more products to more people to meet their needs. Our customers have a passion for our products because they are extremely effective. We reported results from a clinical study we concluded during the second quarter which showed that our Spectral.DNC-S is effective in the promotion of healthy hair and in the cessation of thinning hair in males. We are optimistic about the remainder of 2013 as we continue to execute on a tremendous market opportunity," stated DS Healthcare President and CEO Daniel Khesin.