Healthier Choices Management Corp. Reports Fourth Quarter 2020 Financial Results and Full Year Fiscal 2020 Results
March 05, 2021 17:30 ET | Source: Healthier Choices Management Corp
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Delivers Improvement in Adjusted EBITDA for Fiscal Year 2020
Despite 8% Reduction in Net Sales Due to the Pandemic
HOLLYWOOD, FL, March 05, 2021 (GLOBE NEWSWIRE) -- Healthier Choices Management Corp. (OTC Pink: HCMC) today announced financial results for the fourth quarter and fiscal year ended December 31, 2020.
Fourth Quarter and Full Year Fiscal 2020 Results and Recent Highlights:
Net sales from continued operations for the year ended December 31, 2020 amounted to $13.9 million, compared to $15.1 million during the same period last year.
Gross profit from continued operations decreased by $0.7 million for the year, resulting in a year-end amount of $5.8 million, compared to $6.5 million for the same period last year.
Operating expenses as a percentage of sales decreased 16% in the fourth quarter versus prior year. For the year ended December 31, 2020, operating expenses as a percentage of sales decreased 6%, reflecting continued reduction of corporate administrative expenses.
Adjusted EBITDA for the twelve months ended 2020 improved approximately $0.5 million compared to the prior year.
Jeffrey Holman, Chairman and Chief Executive Officer of Healthier Choices Management Corp. said, “We are delighted with our performance in the fourth quarter and especially proud of the improvement in our adjusted EBITDA results for the year, especially given the Covid related challenges our sectors faced.”
Mr. Holman continued, “Despite lower net sales volume by $1.2 million dollars due in large part to the pandemic, our teams ability to reinvent the way in which we do business on many levels, and actually improve our adjusted EBITDA by $500,000, year over year, is a testament to the culture of hard work and dedication that we have fostered over the past 13 years.”
Mr. Holman concluded, “The team has continued to execute on the strategic vision for our company. We remain focused on the commitment to improve the fundamentals of the business, expand our business lines where accretive, and continue our endeavors to enforce our intellectual property rights against any infringers upon a patent suite that has taken the better part of a decade to build.”
