Pompano Beach, May 16, 2013 (GLOBE NEWSWIRE) -- DS Healthcare Group Inc. (NASDAQ:DSKX), a leading developer of personal care products, today announced results for its 2013 first quarter, ended March 31, 2013.
Net revenues for the quarter grew to $3,965,000, a 100 percent increase over revenues of $1,983,982 in the first quarter of 2012. Revenue growth was primarily driven by increased sales and continued demand for the company's products, supported by its extensive marketing and sales efforts to expand the distributor and customer base.
Gross profits increased by 69 percent to $1,774,684 in the first quarter, as compared to $1,050,320 in the first quarter of fiscal 2012.
Net loss increased by five percent to $(457,993) or $(0.04) per basic and diluted share in the first quarter of 2013, as compared with a net loss of $(440,337) or $(0.04) per basic and diluted share in the first quarter of 2012. .
The company reported total current assets of $6,165,301 and total shareholders' equity of $3,850,009 for the period ended March 31, 2013.
"This was a very strong quarter for us. We invested in building our distribution network and brand awareness. These investments produced results within the quarter and, more important, these are long-term investments that we believe will continue to support sales growth for the balance of 2103 and beyond. Customer enthusiasm for our products is strong, and we believe it will continue to translate into higher sales," stated DS Healthcare President and CEO Daniel Khesin.
About DS Healthcare Group
DS Healthcare Group Inc. leads in the development of biotechnology for topical and nutritional therapies. It markets through online and specialty retailers, distributors, cosmetics wholesalers, and salons. Its brands include DS Laboratories (www.DSLaboratories.com), Sigma Skin (www.SigmaSkin.com), Polaris Research Laboratories (www.PolarisReserachLabs.com) and The Pure Guild (www.ThePureGuild.com).
Forward-looking statements
Except for statements of historical fact, the matters discussed in this press release are forward-looking and made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies, and are generally preceded by words such as "future," "plan" or "planned," "expects," or "projected." These forward-looking statements reflect numerous assumptions and involve a variety of risks and uncertainties, many of which are beyond the company's control that may cause actual results to differ materially from stated expectations. These risk factors include, among others, limited operating history, difficulty in developing and marketing products, intense competition, and additional risks factors as discussed in reports filed by the company with the Securities and Exchange Commission, which are available at http://www.sec.gov.