LFTD Partners Inc. Reports Second Quarter 2024 Financial Results
Rhea-AI Summary
LFTD Partners Inc. (OTCQB:LIFD) reported its Q2 2024 financial results, showing a 24% decrease in revenue to $9,487,299 compared to Q2 2023. The company experienced an operating loss of $582,745, contrasting with an operating income of $2,372,674 in the same period last year. Net loss was $523,212, resulting in a basic and diluted loss per share of $0.04. The balance sheet as of June 30, 2024, revealed a 17% decrease in cash to $3,613,788 and a 28% reduction in inventory to $7,348,485. Despite these declines, the company's current ratio improved to 3.10 from 2.49, indicating better short-term liquidity. LFTD Partners will host an earnings conference call and webcast on August 15, 2024, at 8:30 AM ET to discuss these results.
Positive
- Current ratio improved to 3.10 from 2.49, indicating better short-term liquidity
- Notes payable to Surety Bank decreased by 6% to $3,608,026
Negative
- Revenue decreased by 24% to $9,487,299 compared to Q2 2023
- Operating loss of $582,745 compared to operating income of $2,372,674 in Q2 2023
- Net loss of $523,212 compared to net income of $1,659,461 in Q2 2023
- Basic and diluted loss per share of $0.04 compared to income per share of $0.11 and $0.10 respectively in Q2 2023
- Cash on hand decreased by 17% to $3,613,788
- Inventory decreased by 28% to $7,348,485
- Current assets decreased by 25% to $16,319,984
- Working capital decreased by 15% to $11,056,730
News Market Reaction
On the day this news was published, LIFD declined 11.11%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
JACKSONVILLE, FL / ACCESSWIRE / August 15, 2024 / LFTD Partners Inc. ("LFTD Partners" or the "Company") (OTCQB:LIFD), the corporate parent of leading hemp, wellness and energy products maker Lifted Made, today reported its financial results for the second quarter ended June 30, 2024. Financial results are reported in accordance with U.S. generally accepted accounting principles and all currency is in U.S. dollars.
Income Statement - Q2 2024 Compared to Q2 2023:
Revenue decreased
24% to$9,487,299 , down from$12,522,542 Operating loss was
$582,745 , compared to operating income of$2,372,674 Net loss was
$523,212 , compared to net income of$1,659,461 Basic loss per share was
$0.04 , compared to a basic income per share of$0.11 Diluted loss per share was
$0.04 , compared to diluted income per share of$0.10 Basic and diluted weighted average shares outstanding for the three months ended June 30, 2024 were both 14,759,282
Balance Sheet - June 30, 2024 Compared to December 31, 2023:
Cash on hand decreased
17% to$3,613,788 , down from$4,357,539 Inventory decreased
28% to$7,348,485 , down from$10,174,667 Current assets decreased
25% to$16,319,984 , down from$21,668,980 Current ratio increased to 3.10 from 2.49
Working capital decreased
15% to$11,056,730 , down from$12,982,236 Notes payable to Surety Bank decreased
6% to$3,608,026 , down from$3,854,851
Earnings Conference Call and Webcast Information:
LFTD Partners will host an earnings conference call and webcast today, Thursday, August 15, 2024 at 8:30 AM ET.
Participant phone numbers:
Toll Free: 877-545-0320
International: 973-528-0002
Participant Access Code: 332191
Webcast event link:
https://www.webcaster4.com/Webcast/Page/2916/51081
The participant phone numbers and webcast event link are shown on the Investor Relations section of LFTD Partners' website at https://www.lftdpartners.com/investors.
The webcast replay will also be available on the Investor Relations section of LFTD Partners' website.
Although attendees will have the opportunity to submit questions during the earnings conference call, attendees are encouraged to submit questions prior to the call by emailing them to: jakejacobs@lftdpartners.com.
About LFTD Partners Inc.
Publicly traded LFTD Partners Inc., Jacksonville, FL (OTCQB:LIFD) is the parent corporation of Lifted Made, Kenosha, WI (www.urb.shop), which manufactures and sells hemp-derived and other psychoactive products under its award-winning Urb brand, hemp-free health and wellness gummies under its Mielos brand, and hemp-free energy gummies under its Rebel brand. Lifted Made is the worldwide, exclusive manufacturer and seller of Diamond Supply Co. (www.DiamondSupplyCo.com), and Cali Sweets hemp-derived products, and is the exclusive manufacturer and seller in the USA of hemp-derived products for a subsidiary of a large, publicly traded US marijuana company. LFTD Partners Inc. also owns
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this document are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such information includes the operations, financing, growth, performance, products, plans and expectations of LFTD Partners Inc. and Lifted Made. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors which may cause or contribute to these companies' actual operations, financing, growth, performance, products, plans or results of these companies differing materially from those expressed or implied by the forward-looking statements. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. Actual results, performance or achievements could differ materially from those anticipated in such forward-looking statements as a result of certain other factors, including the risk factors set forth in LFTD Partners Inc.'s filings with the Securities and Exchange Commission. This press release does not constitute an offer to sell common stock or any other securities of LFTD Partners Inc.
CONTACTS:
Gerard M. Jacobs, Chairman and CEO of LFTD Partners Inc.
(847) 915-2446
GerardMJacobs@LFTDPartners.com
www.LFTDPartners.com
Nicholas S. Warrender, Vice Chairman and COO of LFTD Partners Inc.
(224) 577-8148
CEO@urb.shop
www.LFTDPartners.com
William C. "Jake" Jacobs, President and CFO of LFTD Partners Inc.
(847) 400-7660
JakeJacobs@LFTDPartners.com
www.LFTDPartners.com
SOURCE: LFTD Partners Inc.
View the original press release on accesswire.com
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