Exhibit 99.1
CELSIUS REPORTS 283% REVENUE GROWTH
FOR FOURTH QUARTER
DELRAY BEACH, FL, March 4, 2010 — Celsius Holdings, Inc. (Nasdaq: CELH) today reported that revenue for the three month period ended December 31, 2009 was $2.4 million, as compared to $621,000 for the same period ended December 31, 2008, or an increase of 283%. Revenue for the calendar year 2009 was approximately $5.9 million as compared to $2.6 million for 2008, an increase of 127%. The gross profit percentage for the quarter was 54.9% as compared to 28.1% for the same quarter in 2008. The gross profit for the year was 47.8% as compared to 29.2% in 2008. In 2008, we had a write-down of bottle inventory, which affected 3rd and 4th quarter of 2008. The gross profit for fiscal 2008 would have been 41.6% without this write-down. The company also reported a net loss of $7.8 million or $1.02 per basic and diluted share for the calendar year 2009. This compares with net loss of $5.3 million or $0.82 per basic and diluted share for the calendar year 2008.
Mr. Stephen C. Haley, chairman and CEO said: “The company has made significant progress during and since the 4th quarter.”
Mr. Haley continued, “These accomplishments include completing a capital raise of over $13 million, being listed on Nasdaq Capital Market and continuing to grow our distribution in key retailers and multiple channels of trade. We look forward to reviewing this and more details of the results as well as our objectives for the current year on our upcoming conference call.
The company's quarterly conference call is scheduled for 4:30 p.m. ET, Thursday March 4, 2010. The call may be accessed through live webcast links on the company's Internet home page, www.celsius.com. The webcast will be archived and available on the company's website for one month following the call.
About Celsius Holdings, Inc.
Celsius Holdings, Inc. (NASDAQ:CELH) markets Celsius®, the original, great tasting calorie burner that is backed by science. Celsius is dedicated to providing healthier, everyday refreshment through science and innovation. Information about Celsius Holdings, Inc. and Celsius, the original, great tasting calorie burner, is available at http://www.celsius.com.
Forward-looking Statements
This press release may contain statements that are not historical facts and are considered forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements contain projections of Celsius Holdings' future results of operations and/or financial position, or state other forward-looking information. In some cases you can identify these statements by forward-looking words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “will,” “would,” or similar words. You should not rely on forward-looking statements since Celsius Holdings' actual results may differ materially from those indicated by forward-looking statements as a result of a number of important factors. These factors include, but are not limited to: general economic and business conditions; our business strategy for expanding our presence in our industry; anticipated trends in our financial condition and results of operation; the impact of competition and technology change; existing and future regulations affecting our business; and other risks and uncertainties discussed in the reports Celsius Holdings files from time to time with the Securities and Exchange Commission. Celsius Holdings does not intend to and undertakes no duty to update the information contained in this press release.
| Celsius Holdings, Inc. and Subsidiaries | |
| Condensed Consolidated Balance Sheets | |
| (Unaudited) | |
| | December 31 | | December 31 | |
| ASSETS | | 2009 | | | 2008 | |
| | | | | | | |
| Current assets: | | | | | | |
| Cash and cash equivalents | | $ | 606,737 | | | $ | 1,040,633 | |
| Accounts receivable, net | | | 2,124,788 | | | | 192,779 | |
| Inventories, net | | | 1,650,337 | | | | 505,009 | |
| Other current assets | | | 893,202 | | | | 12,155 | |
| Total current assets | | | 5,275,064 | | | | 1,750,576 | |
| | | | | | | | | |
| Property, fixtures and equipment, net | | | 179,832 | | | | 183,353 | |
| Note receivable | | | - | | | | 250,000 | |
| Other long-term assets | | | 18,840 | | | | 18,840 | |
| Total Assets | | $ | 5,473,736 | | | $ | 2,202,769 | |
| | | | | | | | | |
| LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY | |
| Current liabilities: | | | | | | | | |
| Accounts payable and accrued expenses | | $ | 1,722,031 | | | $ | 612,044 | |
| Loans payable | | | - | | | | 95,000 | |
| Short term portion of other liabilities | | | 23,074 | | | | 26,493 | |
| Due to related parties, short-term portion | | | 1,110,000 | | | | 120,000 | |
| Total current liabilities | | | 2,855,105 | | | | 853,537 | |
| | | | | | | | | |
| Convertible note payable, net of debt discount | | | 34,519 | | | | 562,570 | |
| Convertible note payable, net of debt discount, related party | | | 5,620,052 | | | | - | |
| Due to related parties, long-term portion | | | 61,034 | | | | 700,413 | |
| Other liabilities | | | 55,183 | | | | 75,022 | |
| Total Liabilities | | | 8,625,893 | | | | 2,191,542 | |
| | | | | | | | | |
| Stockholders’ (Deficit) Equity: | | | | | | | | |
| Preferred stock | | | - | | | | - | |
| Common stock | | | 12,030 | | | | 7,439 | |
| Additional paid-in capital | | | 15,997,210 | | | | 11,386,156 | |
| Accumulated deficit | | | (19,141,397 | ) | | | (11,382,368 | ) |
| Total Stockholders’ (Deficit) Equity | | | (3,152,157 | ) | | | 11,227 | |
| Total Liabilities and Stockholders’ (Deficit) Equity | | $ | 5,473,736 | | | $ | 2,202,769 | |
| Celsius Holdings, Inc. and Subsidiaries | |
| Condensed Consolidated Statements of Operations | |
| (Unaudited) | |
| | | | | | | | | | | | | |
| | | For the Three Months | | | For the Year | |
| | | ended December 31, | | | ended December 31, | |
| | | 2009 | | | 2008 | | | 2009 | | | 2008 | |
| | | | | | | | | | | | | |
| Net revenue | | $ | 2,387,420 | | | $ | 620,912 | | | $ | 5,867,895 | | | $ | 2,589,887 | |
| Cost of revenue | | | 1,075,753 | | | | 446,675 | | | | 3,063,142 | | | | 1,833,184 | |
| | | | | | | | | | | | | | | | | |
| Gross profit | | | 1,311,667 | | | | 174,237 | | | | 2,804,753 | | | | 756,703 | |
| | | | | | | | | | | | | | | | | |
| Selling and marketing expenses | | | 2,706,314 | | | | 1,026,559 | | | | 8,001,697 | | | | 3,936,552 | |
| General and administrative expenses | | | 829,053 | | | | 417,564 | | | | 2,256,800 | | | | 1,740,143 | |
| | | | | | | | | | | | | | | | | |
| Total operating expenses | | | 3,535,367 | | | | 1,444,123 | | | | 10,258,497 | | | | 5,676,695 | |
| | | | | | | | | | | | | | | | | |
| Loss from operations | | | (2,223,700 | ) | | | (1,269,886 | ) | | | (7,453,744 | ) | | | (4,919,992 | ) |
| | | | | | | | | | | | | | | | | |
| Other expense: | | | | | | | | | | | | | | | | |
| Interest expense, related party | | | 38,672 | | | | (6,150 | ) | | | 83,536 | | | | 773 | |
| Other interest expense, net | | | 160,828 | | | | 55,376 | | | | 221,749 | | | | 340,835 | |
| | | | | | | | | | | | | | | | | |
| Total other expense | | | 199,500 | | | | 49,226 | | | | 305,285 | | | | 341,608 | |
| | | | | | | | | | | | | | | | | |
| Net loss | | $ | (2,423,200 | ) | | $ | (1,319,112 | ) | | $ | (7,759,029 | ) | | $ | (5,261,600 | ) |
| | | | | | | | | | | | | | | | | |
| Basic and diluted: | | | | | | | | | | | | | | | | |
| Weighted average shares outstanding | | | 8,047,970 | | | | 7,340,198 | | | | 7,627,383 | | | | 6,435,182 | |
| Loss per share | | $ | (0.30 | ) | | $ | (0.18 | ) | | $ | (1.02 | ) | | $ | (0.82 | ) |
Contact Info:
Geary Cotton (561) 276-2239 or gcotton@celsius.com
Jan Norelid (866) 4-CELSIUS or jnorelid@celsius.com
Source: Celsius Holdings, Inc.
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