Natural foods manufacturer Whole Living has reported that second quarter losses have declined thanks to the company’s new management team.
Revenues for the quarter totalled $828,882 with a net loss of $356,606 compared to a first quarter of 2006 loss of $443,927. Meanwhile, inventory levels have increased, the ForeverGreen investment is paying off and net assets have risen to $3.3m, Whole Living said in an upbeat statement.
“We are very pleased with the direction the company is heading and the progress we have made since January, when our new management team took over,” stated Robert Reitz, CFO. “We obviously would like to report higher sales figures but it’s imperative that our growth be profitable growth and not just revenues for the sake of revenues. Our efforts to streamline operations, reduce overhead and any unnecessary redundancies are evident in the reduction of losses quarter over quarter, and year over year. When you factor in the inventory write-offs which totalled $118k, non-recurring costs as well as our investments in global expansion to fuel future growth, it’s clear we are well on our way to generating positive cash flow and profitability.”
CEO Ron Williams added: “During the first quarter we focused on restructuring the company and integrating the ForeverGreen model into Whole Living’s business plan. In the second quarter we completed these efforts and turned our attention to mass marketing. …[During] the remainder of the year we expect to reap the rewards of our actions, increasing our sales and profit margins.”