2012 Full Year Financial Highlights and Selected 2013 Information for $GTMM:
Revenues rose 64 percent year-over-year to approximately $2.13 million; gross margin was 40 percent.
Approximately $1.7 million was raised in private placements in FY2012 and an additional $250k was raised in Q1 FY2013.
Nearly $1.5 million in debt extinguishment over the past 13 months; interest expense decreased 40 percent, or approximately $187,000, for FY2012 compared to FY2011.
Total debt decreased by approximately $689,000, or 28 percent, to approximately $1.78 million as compared to FY2011.
Modified the State of Ohio loan which has the net effect to reduce Guitammer's monthly payment by approximately $16.5k per month for 2013 and by $14.6k per month for 2014 from the previous schedule. Equates to an annual cash flow enhancement of approx $200k this year and $175k in 2014.
Inventory increased to approximately $629,000 at December 31, 2012, compared to approximately $56,000 at December 31, 2011, reflecting the equity raised and improving operating results.
Total current assets increased over 380 percent, or more than $681,000, to approximately $861,000, reflecting the effects of the debt extinguishment and equity raised.
The working capital deficit was more than halved (a 52 percent reduction) to approximately $1.6 million at the end of FY2012, down from approximately $3.3 million year end 2011.
