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8-K - CURRENT REPORT - Luvu Brands, Inc. | luvu_8k.htm |
EXHIBIT 99.1
LUVU BRANDS PROVIDES PRELIMINARY Q4 AND FISCAL YEAR NET
SALES
Preliminary fiscal 2021 net sales are 25% ahead of prior fiscal
year
ATLANTA, GA / July 15, 2021 / Luvu Brands, Inc.,
(OTCQB:LUVU), a designer,
manufacturer and marketer of a portfolio of consumer lifestyle
brands, today announced
that preliminary unaudited net sales for the three months
ended June 30, 2021 were approximately $5.9 million (or
approximately 7% higher) than the $5.5 million recorded in the same
period of 2020. Included in the prior year three months ended June
30, 2020 results were $780,000 in sales of PPE products. Excluding
the non-recurring PPE sales, the comparable quarter-to-quarter
increase was approximately 25%. For the twelve months ended June
30, 2021, preliminary net sales were a record $23.1 million, an
increase of approximately 25% from the $18.4 million reported for
the prior fiscal year.
Note About Preliminary Results
The
estimated preliminary net sales for the fourth quarter and twelve
months ended June 30, 2021, presented in this release are not
reviewed or audited and may change. The preliminary unaudited net
sales presented herein include calculations or figures that have
been prepared internally by management and have not been reviewed
by our independent registered public accounting firm. There can be
no assurances that Luvu Brands reported net sales for the fourth
quarter and twelve months ended June 30, 2021, will not differ from
the amounts presented herein. This preliminary financial data
should not be viewed as a substitute for full audited financial
statements prepared in accordance with GAAP and is not necessarily
indicative of the results to be achieved for any future period. Our
audited financial statements for the three and twelve months ended
June 30, 2021, will be contained in our Annual Report on Form 10-K
to be filed with the Securities and Exchange
Commission.
Forward Looking Statements
This press release contains forward-looking statements. The words
"believe," "may," "estimate," "continue," "anticipate," "intend,"
"should," "plan," "could," "target," "potential," "is likely,"
"will," "expect" and similar expressions, as they relate to us, are
intended to identify forward-looking statements. Luvu Brands has
based these forward-looking statements largely on our current
expectations and projections about future events and financial
trends that we believe may affect our financial condition, results
of operations, business strategy and financial needs. Some or all
of the results anticipated by these forward-looking statements are
unknown at this time. These forward-looking statements are
not guarantees of future performance and are subject to risks,
uncertainties, and other factors, including, but not limited our
ability to, statements regarding our preliminary unaudited net
sales information presented herein, some of which are beyond our
control and difficult to predict and could cause actual results to
differ materially from those expressed or forecasted in the
forward-looking statements. You are
urged to carefully review any cautionary statements and other
disclosures in Luvu Brand’s Annual Report on Form 10-K for
the year ended June 30, 2020, and its other filings with the
Securities and Exchange Commission. Any forward-looking statement
made by us herein speaks only as of the date on which it is made.
Factors or events that could cause our actual results to differ may
emerge from time to time, and it is not possible for us to predict
all of them. Luvu Brands undertakes no obligation to publicly
update any forward-looking statement, whether as a result of new
information, future developments or otherwise, except as may be
required by law.
About Luvu Brands
Luvu Brands, Inc. designs, manufactures and markets a portfolio of
consumer lifestyle brands through the Company’s websites,
online mass merchants and specialty retail stores worldwide. Brands
include: Liberator®,
a brand category of iconic products for enhancing sexual
performance; Avana®,
inclined bed therapy products, assistive in relieving medical
conditions associated with acid reflux, surgery recovery and
chronic pain; and Jaxx®,
a diverse range of casual fashion daybeds, sofas and beanbags made
from polyurethane foam and repurposed polyurethane foam trim.
Headquartered in Atlanta, Georgia, the Company occupies a 140,000
square foot vertically integrated manufacturing facility and
employs over 200 people. The Company's brand sites include:
www.liberator.com,
www.jaxxliving.com,
www.avanacomfort.com plus other global
e-commerce sites. For more information about Luvu Brands, please
visit
www.luvubrands.com.
Company Contact:
Luvu
Brands, Inc.
Ronald
Scott
Chief
Financial Officer
770-246-6426
ron@LuvuBrands.com