NEWARK, N.J., March 31, 2014 /PRNewswire/ -- Inergetics, Inc. (OTCBB: NRTI), a leading developer of nutritional supplements, today filed its Form 10-K for the full year ending December 31, 2013.
- Total revenues generated from the sale of Martha Stewart Essentials, Surgex®, Bikini Ready® and SlimTrim for the year totaled $847,834, an increase of $755,961 or 823%, compared to $91,873 for the year ended December 31, 2012.
- Gross profits for the year amounted to $244,830, an increase of $239,282 or 4,315%, compared to $5,546 for the year ended December 31, 2012. Over the same period, the gross margin improved from 6% to 29%.
- At this stage in Inergetics' development, revenues are not yet sufficient to cover ongoing operating expenses. After deducting for research and development, marketing and general and administrative expenses, an operating loss of $6,290,933 was realized.
- The net result for the year was a loss of $5,748,092 or $0.10 per share, compared to a loss of $5,451,612 or $0.15 per share for the prior year.
- Operating expenses are expected to significantly decrease as a percentage of revenues as revenues increase, given that most expenses are fixed or quasi-fixed in character.
"2013 was a year of significant executional progress for Inergetics as we continued to implement our business strategy. We forged important, valuable partnership and distribution agreements and brought a number of innovative brands and products to market," said Mike James, CEO. "The nutritional supplement market is expected to increase in excess of $32 billion through 2014 and we are focused on capturing this opportunity and continuing to develop new proprietary products targeting an ever broader range of increasingly specific conditions."
Focus on Product Development and Innovation
In May 2013, Inergetics entered into a 5-year partnership agreement with Martha Stewart Living Omnimedia. The roll out of Martha Stewart Essentials has been well received by consumers since its launch late last year and continues to perform strongly across the retail network.
Additionally, through 2013 Inergetics announced:
- Acquisitions of Bikini Ready® and SlimTrim in January 2013
- The re-launch of Surgex® in the first quarter of 2013, including the naming of two top NFL rookies -- San Diego Chargers' NFL Offensive Rookie of the Year by the Professional Football Writers of America, wide receiver Keenan Allen and Washington Redskins' cornerback David Amerson-- as Surgex Sports Nutrition spokespeople
- The launch of Intrinsix in December 2013, a podiatry-exclusive clinical supplement to address nerve-health symptoms associated with diabetes
Early progress in 2014
- A strategic partnership with Terra Tech Corp (OTCBB: TRTC), a fast-growing urban agricultural company, to jointly develop a line of natural cannabidiol (CBD)-based nutritional supplements. The supplements are expected to be distributed via medicinal marijuana dispensaries
- An exclusive, private label version of Surgex protein shake ("42") for Muscle Maker Grill one of the fastest growing health food franchises in the U.S.
- The launch of a national advertising campaign for Bikini Ready featuring professional surfer and Sports Illustrated model, Anastasia Ashley
Inergetics secured major distribution agreements with outlets including: Amazon, Bi-Lo, C&S Wholesale, Cardinal Health, CVS.com, Drug Emporium, drugstore.com, Grocery Outlet, Harris Teeter, Hy-Vee, iHerb.com, Ingles, Kinray Pharmacy, Lucky Vitamin, Meijer, Navarro Discount Pharmacy, Price Chopper, PriceSmart, Swanson Health Products, Wakefern/Shop Rite, Walgreens, Winn-Dixie and Vitacost.com. Products are now available to consumers in more than 14,000 retail stores and online.
Products are currently available in the United States and internationally through PriceSmart membership warehouse clubs in Central America and the Caribbean. Efforts are underway to further increase distribution in developed and emerging markets in order to reach consumers throughout the world.
Inergetics is also present in the direct to consumer channel through its websites - marthastewartessentials.com, surgexsports.com, bikinireadylifestyle.com, and slimtrim1.com.
"Inergetics is well-positioned to continue to execute against our growth strategy by increasing distribution and sell-through of our existing products while bringing innovative new nutraceutical formulations to current and emerging markets," Mr. James added.
About Inergetics, Inc.
Inergetics' (OTCBB: NRTI) portfolio of brands includes: Martha Stewart Essentials, a complete line of whole-food based supplements created specifically for women; Surgex® Sports Nutrition, the preferred nutritional supplement of Army Sports; Bikini Ready®, a leader in weight loss lifestyle solutions; and SlimTrim, the affordable, premium value diet brand. The company's strategic partnership with Terra Tech Corp. (OTCBB: TRTC) also continues to provide innovation by bringing quality of life and complementary medicinal solutions to the mainstream.
To learn more about Inergetics, visit www.inergetics.com, and the Inergetics brands' websites at: www.marthastewartessentials.com, www.surgexsports.com, www.surgexsportsblitz.com, www.slimtrim1.com, www.slimtrim.net, www.bikinireadylifestyle.com, www.kahunasands.com.
Safe Harbor Statement
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, including, without limitation, those with respect to the objectives, plans and strategies of Inergetics set forth herein and those preceded by or that include the words "believes," "expects," "given," "targets," "intends," "anticipates," "plans," "projects," "forecasts," or similar expressions, are "forward-looking statements." Although Inergetics' management believes that such forward-looking statements are reasonable, it cannot guarantee that such expectations are, or will be, correct. These forward-looking statements involve a number of risks and uncertainties, which could cause Inergetics' future results to differ materially from those anticipated. Inergetics assumes no obligation to update any of the information contained or referenced in this press release.
SOURCE Inergetics, Inc.