other material
confidence high
sentiment negative
materiality 0.80
FitLife Brands announces preliminary FY2021 results and independent investigation of revenue recognition
FITLIFE BRANDS, INC.
- Preliminary FY2021 revenue $27.7-27.9M; net income $5.2-5.4M; adjusted EBITDA $6.6-6.8M.
- Audit committee launched independent investigation into revenue recognition and cost accounting for FY2019-2021.
- Company expects restatement of prior financial statements after investigation; unable to file 10-K on time.
- Cash balance $9.9M as of Dec 31, 2021.