FitLife Brands releases FY2021 results late; net income down 39%, revenue up 26%; revenue recognition under review

FITLIFE BRANDS, INC.

FY2021 net income $5.4M ($1.22 basic EPS) vs $8.9M ($2.09) in FY2020, a 39% decline.
Revenue rose 26% to $27.9M; operating income $6.2M vs $4.3M.
Company analyzing timing of prior revenue recognition; implications for delayed FY2021 10-K filing.
Acquired Nutrology assets in April 2021 for $529K cash; GNC represents 71% of revenue.
Shareholder letter from CEO Dayton Judd outlines acquisition strategy and operational update.

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