Wayne, PA, July 11, 2018 (GLOBE NEWSWIRE) -- ICTV Brands, Inc. (OTCQX: ICTV), (CSE: ITV), a digitally focused direct response marketing and international branding company focused on the health, wellness and beauty sector, has reported financial results for the three months ended March 31, 2018 on July 6th, 2018.
First Quarter 2018 Highlights:
- Delivered revenue of approximately $9M, up 17% compared to the prior year quarter of $7.6M.
- Delivered net income before taxes of approximately $29,000, compared to a net loss before taxes of approximately ($368,000) in the prior year’s quarter.
- Achieved positive operating income of approximately $205,000 compared to a loss of ($379,000) in the same time period of the previous year, a $584,000 positive increase in results.
- Operating expense margin decreased to 71% from 77% compared to the prior year quarter.
- Our retail segment delivered sales of $2.7M, up 393% compared to the prior year quarter.
- Launched DermaWand® at Boots retailers in the UK.
- Launched no!no!® line extensions (Shaver, Trimmer & Epilator) into multiple retail outlets in the UK.
Kelvin Claney, Chairman & CEO, stated: “We are extremely pleased that the previously disclosed cost-cutting and expense control program recently implemented is clearly bearing financial fruit for the Company. As reported, the robust sales growth delivered during the first quarter of 2018, along with the overall execution of our global omni channel platform, is positioning this company for further success. Our team has worked diligently to place our brands globally, and we observed clear evidence of this during the period, particularly in the UK market. Additionally, the previously implemented expense control measures positively impacted our profitability, furthering the company on its path to profitability. We look forward to updating investors shortly on our continued progress, including the successful launch of our new DermaWand® Pro which took place in the second quarter of 2018. We expect to file our June quarterly report on time, as well as host an investor conference call in mid-August.”
Highlighted Comparative Reported Financial Results:
|Q1 2018(000’s)||Q12017(000’s)||% Change|
|Operating Income (Loss):||$205||($379)||N/A|
|Net Income (Loss) Before Taxes:||$29||($368)||N/A|
Mr. Crouthers added: “With 20 years of experience in Live Televised Home Shopping, ICTV continues to expand in this channel. On Wednesday July 12, 2018, we launch DermaWand® on Ideal World in the UK with no!no!® Micro, and DermaWand® launching on Evine USA in August. Further live shopping airings of our products from now to the end of the year will take place on TSC Canada, QVC Germany, QVC Italy and TVSN in Australia.”Newly appointed President Doug Crouthers stated: “I am very proud to be part of the ICTV Brands Family at a time when we are poised for intensely aggressive growth through all our sales channels. We have the right people in the right positions selling the right product lines to achieve powerful results around the world. Our strength in Direct to Consumer sales continues to be second to none.” In Q2 2018 the DermaWand® Pro was launched on the backend of our DermaWand® sales generating a 25% increase in average order value, plus the new “Upgrade now to DermaWand® Pro” creative has generated a 20% higher response rate.
ICTV has International partnerships that span the globe delivering sales results from rolling out the no!no!® brand through the 18 country Latino Media Services network to the consistent monthly sales of over 5,000 DermaWand® units in mainland China. The no!no!® brand is also being reignited in other territories around the world, including the EU, South Africa, and the Middle East.
ICTV Brands, Inc.
We develop, market and sell products through a multi-channel distribution strategy, including selling direct to consumer, live home shopping, traditional retail and e-commerce market places, Hong Kong airlines and our international third-party distributor network. We offer primarily health, beauty and wellness products as well as various consumer products, including:
- DermaWand®, a skin care device that reduces the appearance of fine lines and wrinkles, and helps improve skin tone and texture;
- DermaVital®, a professional quality skin care line that effects superior hydration;
- CoralActives®, brand of acne treatment and skin cleansing products;
- DermaBrilliance®, a skin care resurfacing device that helps reduce visible signs of aging;
- Jidue, a facial massager device which helps alleviate stress;
- no!no!® Hair, a home use hair removal device;
- no!no!® Skin, a home use device that uses light and heat to calm inflammation and kill bacteria in pores to treat acne;
- Kyrobak®, a home use device for the treatment of non-specific lower back pain;
- ClearTouch®, a home use device for the safe and efficient treatment of nail fungus.
We acquire the rights to the products that we market primarily via licensing agreements, acquisition and in-house development and sell both domestically and internationally. We are continually exploring other devices and consumable product lines currently under licensing agreements that would complement our current portfolio of beauty products.
Our strategy is to introduce our brands to the market through a global omni-channel platform that includes but is not limited to direct response television, digital marketing, live home shopping, traditional retail, e-commerce market places, and international third-party distributor networks. Our objective is to sell our portfolio of products through these channels to develop long lasting brands with strong returns on investments.
ICTV Brands, Inc. was founded in 1998 and is headquartered in Wayne, Pennsylvania. For more information on our current initiatives, please visit www.ictvbrands.com.
Forward-Looking Statements. This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (which Sections were adopted as part of the Private Securities Litigation Reform Act of 1995). Statements preceded by, followed by or that otherwise include the words “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “project,” “prospects,” “outlook,” and similar words or expressions, or future or conditional verbs such as “will,” “should,” “would,” “may,” and “could” are generally forward-looking in nature and not historical facts. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company’s actual results, performance or achievements to be materially different from any anticipated results, performance or achievements. The Company disclaims any intention to, and undertakes no obligation to, revise any forward-looking statements, whether as a result of new information, a future event, or otherwise. For additional risks and uncertainties that could impact the Company’s forward-looking statements, please see the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, including but not limited to the discussion under “Risk Factors” therein, which the Company has filed with the SEC and which may be viewed at http://www.sec.gov.
Contact Information: Ernest P. Kollias, Jr., CFO firstname.lastname@example.org 484-598-2300 Kelvin Claney, CEO email@example.com 484-598-2300