LFTD Partners Inc. Reports Record Annual Revenue and Net Income for 2022
LFTD Partners (OTCQB:LIFD) announced record revenue of $57.4 million for 2022, an 81% increase from 2021. The company also reported a 24% rise in net income to $7.2 million, with earnings per share rising to $0.51. Despite the overall annual success, Q4 2022 saw a 12% revenue decline to $11.3 million and a significant 55% drop in net income to $608,589. The company maintains a strong balance sheet, highlighted by a 120% increase in cash reserves and no debt as of year-end 2022. An earnings conference call is scheduled for March 22, 2023.
- Record annual revenue of $57.4 million, up 81% from 2021.
- Net income increased 24% to $7.2 million.
- Basic EPS rose to $0.51, a 2% increase year-over-year.
- Strong cash position with a 120% increase to $3.5 million.
- No debt reported as of December 31, 2022.
- Q4 2022 revenue decreased 12% to $11.3 million.
- Net income fell 55% in Q4 to $608,589.
- Basic EPS decreased 60% to $0.04 per share.
JACKSONVILLE, FL / ACCESSWIRE / March 22, 2023 / LFTD Partners Inc. ("LFTD Partners" or the "Company") (OTCQB:LIFD), the corporate parent of leading hemp and psychoactive products maker Lifted Made, today reported record revenue for full year 2022, and its tenth consecutive quarter of positive GAAP-basis earnings per share.
Income Statement Highlights - 2022 Compared to 2021:
- Revenue increased
81% to$57,416,535 , up from$31,656,932 - Net income increased
24% to$7,196,327 , up from$5,799,982 - Basic earnings per share ("EPS") increased
2% to$0.51 per share, up from$0.50 - Diluted EPS up
5% to$0.45 per share, up from$0.43 - Basic and diluted weighted average shares outstanding for the year ended December 31, 2022 were 14,080,729 and 15,862,927, respectively
Income Statement Highlights - Q4 2022 Compared to Q4 2021:
- Revenue decreased
12% to$11,313,878 , down from$12,787,566 - Net income decreased
55% to$608,589 , down from$1,349,292 - the tenth consecutive quarter of positive GAAP net income - Basic EPS decreased
60% to$0.04 per share, down from$0.10 - Diluted EPS decreased
50% to$0.04 per share, down from$0.08 - Basic and diluted weighted average shares outstanding for Q4 2022 were 14,102,578 and 15,884,776, respectively
Balance Sheet Highlights - December 31, 2022 Compared to December 31, 2021:
- Cash on hand increased
120% to$3,530,623 , up from$1,602,731 - Inventory increased
58% to$6,023,967 , up from$3,809,944 - Current assets increased
5% to$13,853,949 , up from$13,152,696 - Current ratio increased
102% to 2.23, from 1.10 - Working capital increased
513% to$7,643,816 , up from$1,246,426 - No debt as of December 31, 2022
Earnings Conference Call and Webcast Information
LFTD Partners plans to hold a 2022 earnings conference call and webcast today, Wednesday, March 22, 2023 at 8:30 AM ET.
Participant phone numbers:
Toll Free: 888-506-0062
International: 973-528-0011
Participant Access Code: 552653
Webcast event link:
https://www.webcaster4.com/Webcast/Page/2916/47915
The participant phone numbers and webcast event link are shown on the Investor Relations section of LFTD Partners' website at https://www.lftdpartners.com/investors.
The webcast replay will also be available on the Investor Relations section of LFTD Partners' website.
Although attendees will have the opportunity to submit questions during the earnings conference call, attendees are encouraged to submit questions prior to the call by emailing them to: jakejacobs@lftdpartners.com.
About LFTD Partners Inc.
Publicly-traded LFTD Partners Inc., Jacksonville, FL (OTCQB:LIFD) is the parent corporation of Lifted Made, Kenosha, WI (www.urb.shop), which manufactures and sells hemp-derived and psychoactive products under its award-winning Urb Finest Flowers and Silly Shruum brands. LFTD Partners Inc. also owns
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this document are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such information includes the operations, financing, growth, performance, products, plans and expectations of LFTD Partners Inc. and Lifted Made. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors which may cause or contribute to these companies' actual operations, financing, growth, performance, products, plans or results of these companies differing materially from those expressed or implied by the forward-looking statements. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. Actual results, performance or achievements could differ materially from those anticipated in such forward-looking statements as a result of certain other factors, including the risk factors set forth in LFTD Partners Inc.'s filings with the Securities and Exchange Commission. This press release does not constitute an offer to sell common stock or any other securities of LFTD Partners Inc.
CONTACTS:
Gerard M. Jacobs, Chairman and CEO of LFTD Partners Inc.
(847) 915-2446
GerardMJacobs@LFTDPartners.com
www.LFTDPartners.com
Nicholas S. Warrender, Vice Chairman and COO of LFTD Partners Inc. and CEO of Lifted Made
(224) 577-8148
CEO@urb.shop
www.urb.shop
William C. "Jake" Jacobs, CPA, President and CFO of LFTD Partners Inc. and President of Lifted Made
(847) 400-7660
JakeJacobs@LFTDPartners.com
www.LFTDPartners.com
SOURCE: LFTD Partners Inc.
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