SYBR $0.60 Synergy Reports Nine Months Results
SYOSSET, N.Y. & MONROE, Mich.--(BUSINESS WIRE)--Synergy Brands (OTCQX: SYBR):
Revenues increased by 4% to $76.8 million;
Net Profit increased to 7c vs. 2c loss
Cash Flow increased by 95% to $2.3 million
EBITDA increased by 38% to $3.8 million
Synergy Brands (OTCQX: SYBR) reported record revenues of $76.8 million for the nine months ended September, 30, 2009 as compared to $73.9 million for the nine month period ended September 30, 2008. The Company accelerated its profit and cash flow growth as its core capital costs did not rise as rapidly as the Company’s operating margins. Cash Flow and profits increased by 95% and 463% respectively, while EBITDA increased by 38% for the nine months ended September 30, 2009.
For the three months ended September 30, 2009, the Company’s performance was slightly lower than the comparable period in 2008. However, the difference was solely related to a drop in manufacturer promotions in the current quarter as compared to the prior quarter. The Company believes that on an annualized basis, promotional rebates may be lower in 2009 as compared to 2008, but overall performance by the Company should materially exceed FY 2008 results.
Most of the Company’s growth resulted from increased sales from the Company’s Michigan operations. The Company’s brands are in over 100,000 national store outlets as well as over 15 international markets. Management believes that its core-manufactured goods are gaining traction due to strong reorder cycles. In addition, the Company is updating its packaging to accommodate the growing needs of the market place. The Company is now able to offer cased goods, shippers, ready-to-use packaging as well as newly developed plastic packaging. The expanding manufacturing operation has allowed to Company to develop production lines for multiple packaging requirements.
Below is a Summary table for results of operations for the nine months and three months ended 9/30/2009 and 9/30/2008.
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