Youngevity International, Inc. (NASDAQ: YGYI) reported financial results for the fourth quarter and full year ended December 31, 2018.
Revenues for the fourth quarter ended December 31, 2018 decreased 12.0 percent to $36,114,000 as compared to $41,041,000 for the fourth quarter ended December 31, 2017. Revenues for the year ended December 31, 2018 decreased 2.0 percent to $162,445,000 as compared to $165,696,000 for the year ended December 31, 2017.
“We are encouraged by the improvement in our gross margins and the significant turnaround in Adjusted EBITDA over 2017,” said Steve Wallach, chairman and CEO of Youngevity International. “We are seeing revenue stabilization in the direct selling segment, and we anticipate a return to revenue growth in 2019. This is expected to be primarily driven by our commercial coffee segment and our new commercial hemp reporting segment.”
According to the company, revenues for the fourth quarter were derived approximately 90 percent from direct sales and approximately 10 percent from commercial coffee sales. Direct selling segment revenues decreased 9.2 percent to $32,418,000 in the current quarter as compared to $35,716,000 for the quarter ended December 31, 2017. Commercial coffee segment revenues decreased 30.6 percent to $3,696,000 in the current quarter as compared to $5,325,000 for the quarter ended December 31, 2017. The decrease was primarily attributed to timing of shipments in green coffee business.
Revenues for the year were derived approximately 85 percent from direct sales and approximately 15 percent from commercial coffee sales. Direct selling revenues decreased by $3,595,000 or 2.5 percent to $138,855,000 as compared to $142,450,000 for the year ended December 31, 2017. Commercial coffee segment revenues increased by $344,000 or 1.5 percent to $23,590,000 as compared to $23,246,000 for the year ended December 31, 2017.
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