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"Key financial progress over the last quarter is encouraging for the future," stated Brian Tuffin, CEO of Fuse Science. "During the early stages of our national expansion, we have experienced solid revenue growth compared to both last year and the previous quarter. Of critical significance in this performance is that we are continuing to see growth in the margin profile of the business, which I believe sets the stage for substantial value creation for shareholders. We retired a million dollars in debt and we continue to expand our distribution channels as the result of being recognized as having developed the 'Best New Products for 2013' by North American Retailers this July," added Tuffin.
Key Financial Results for the Third Quarter Ended June 30, 2013 (fiscal year end September 30)
-- Revenue of $322,390 for the quarter end June 30, 2013 up 798% as compared to revenue of $35,872 for the the prior-year period end June 30, 2012. Revenue for the nine-month period ended June 30, 2013 of $419,724, an increase of approximately 600% compared to revenue of $60,045 for the nine months ended June 30, 2012.
-- Revenue for the third quarter 2013 ended June 30, 2013 was up 469% as compared to previous quarter ending March 31, 2013. Gross margin of 64.4% continues to strengthen with an increase of 13% as compared to the previous quarter ended March 30th, 2013.
-- Significant improvement in the debt structure as compared to quarter ending March 31, 2013, notes payable were reduced approximately $1.0 million from $1,180,506 to $183,309.
-- Cash and cash equivalents rose 114% to $380,215 for the period ended June 30, 2013 as compared to $177,561 for the period ending March 31, 2013.
A full analysis of results for the period ended June 30, 2013 is available in the Company's Form 10-Q, which is available on the Company's website at www.fusescience.com or within the Filings section of the Securities and Exchange Commission's web site located at www.sec.gov .
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