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ForeverGreen Worldwide Announces Q3 2014 ResultsOREM, Utah --(Business Wire)-- ForeverGreen Worldwide Corporation (OTCBB: FVRG), a leading direct marketing company and provider of health-centered products, today announced Q3 2014 earnings. The quarter ended September 30, 2014. Recent Company Highlights:
Highlights for Q3 2014:
ForeverGreen Revenue/Income Progression
Highlights for nine months, ending September 30, 2014, included:
"We continue to see our gross margins approaching 80 percent and expect to top this number in the coming quarters with economies of scale, logistical improvements and product mix. Over the last several quarters, the company has concentrated on growth and the things necessary to do this effectively. This includes higher inventories, quality management and leadership, IT improvements as well as customer and member marketing and education. As we move into 2015, our concentration will be on the growth of our scalable business model without the growth of many of the corresponding fixed costs. We anticipate significantly higher levels of profitability as many of our expenses associated with the large scale growth we have seen in 2014 will diminish as a percentage of sales," said Jack Eldridge, CFO of ForeverGreen. Mr. Eldridge added, "We experienced a 231% increase in year over year sales and continue to remain on track to hit our 2014 guidance of $56-60 million for the year. The company will focus on streamlining its operations as it continues to grow. We believe during the next 9-12 months our operating margins will improve to 7-9%, and our net margins will increase to 5-8% as we continue to benefit from overall efficiencies and lower COGS. Several non-recurring costs will be reduced as we move into 2015. Currently under $1.5 million, our debt levels continue to decrease, and ForeverGreen currently has enough tangible assets, $6.5 million, to cover all of its current liabilities. We have improved the company's financial health substantially over the last year. We have achieved several of our 2014 goals already, including the introduction of new products and product sales in dozens of new countries. We are pleased that we have been able to stay profitable while remaining one of the fastest growing companies in our industry and one of the fastest growing public companies period. We will continue to develop ForeverGreen into one of the largest and most diversified global companies in our industry. Due to the international business travel of our management team, we hope to hold a call with shareholders in the next few weeks." For a full earnings report, please view our entire filing at www.sec.gov ForeverGreen Worldwide Corporation develops, manufactures and distributes an expansive line of all natural whole foods and products to North America, Australia, Europe, Asia and South America, including their new global offerings, PowerStrips and SolarStrips. They also offer Azul and FrequenSea(TM) whole-food beverages with industry exclusive Marine Phytoplankton, the Versativa line of hemp-based whole-food products, immune support and weight management products, Pulse (News - Alert)-8 powdered L-arginine formula, TRUessence(TM) Essential Oils and Apothecary, 24Karat Chocolate(R) and an entire catalog of meals, snacks, household cleaners and personal care products. Forward-Looking Statement This press release contains certain forward-looking statements. Investors are cautioned that certain statements in this release are "forward-looking statements" and involve both known and unknown risks, uncertainties and other factors. Such uncertainties include among others, certain risks associated with the operation of the company described above. The company's actual results could differ materially from expected results.
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