SAN DIEGO--(www.alintjcof.com), a global direct marketer of lifestyle and nutritional products and gourmet fortified coffee, announced it has restated its Second Quarter Earnings. In preparation for becoming fully reporting, AL International was conducting an internal periodic review of its accounting and operations systems when it identified that it had underreported both income and profits for the second quarter. The company disclosed that top line revenue for the second quarter of 2012 has increased from approximately $18,940,000 to approximately $19,469,000, an improvement of $529,000. Net Loss Available to Common Shareholders of $259,000 improved to Net Income Available to Common Shareholders for the same period and has increased from a loss of ($259,000) to a profit of $14,000, an improvement of $273,000. The restated financial statements will be available for review on www.Pinksheets.com.)--AL International (Pink Sheets: JCOF) (
The increase in revenue all came as a result of underreported income on service items (Non-Tangible Products) acquired from the FDI acquisition. FDI’s business was fully integrated into the AL International operating system at the beginning of the second quarter. This was the first time AL International‘s operations systems processed orders for non-tangible products. The system logic only realized revenues on orders that tied to a tangible item physically held in inventory. It was this logic that eliminated the revenue on service items because they could not be tied to a tangible, shippable product.
Dave Briskie, AL International CFO, stated, “Although we welcome the increase in profitability and we are pleased that our internal reviews identified the system issue, we expect that our financial results are always presented accurately. This was an isolated case for the company whereby our strong internal controls as a tangible product company worked against us. We are confident that we have implemented proper measures to prevent a restatement from happening in the future. Due to the restatement we will be requesting our external auditors to review our statements through Q3 2012 and we will file our Form 10 to now include the 3rd quarter operating results. We expect the review to be complete and the Form 10 filing to take place in November.”
Steve Wallach, AL International CEO, said, “We are committed to reaching fully reporting status this year and, more importantly, we are continuing to implement the profitability improvement plan that we outlined during our last shareholder update call. Although we expect to show improvements with the release of our Q3 2012 results, we anticipate the full benefit of our initiative will be realized in Q3 and Q4 of 2013. We will discuss this further on our next shareholder update call when we release third quarter results next month.”
About Youngevity® Essential Life Sciences
Youngevity Essential Life Sciences (www.Youngevity.com), headquartered in San Diego, CA, is a nutrition and lifestyle-related services company dedicated to promoting vibrant health and flourishing economics. Founded in 1997 by Drs. Joel Wallach, DVM, ND, and Ma Lan, MD, as AL Global, Inc., the company adopted the name Youngevity in 2006. Youngevity is the only network marketing company to have a qualified FDA Health Claim. Dr. Wallach’s work has been published in more than 70 peer-reviewed and referenced scientific journals and books. Youngevity is a wholly-owned subsidiary of AL International, Inc.
About CLR Roasters
CLR Roasters (www.cafelarica.com) was established in 2001 and is a wholly-owned a subsidiary of AL International. CLR Roasters produces coffees under its own Cafe LaRica brand, as well as under a variety of private labels through major national sales outlets and to major customers. It also produces a unique line of coffees with health benefits under the JavaFit® brand.
About AL International
AL International, Inc. (Pink Sheets: JCOF) (www.alintjcof.com) is a fast-growing, innovative, multi-dimensional company that offers a wide range of consumer products and services, primarily through person-to-person selling relationships that comprise a “network of networks.” The company also is a vertically integrated producer of the finest coffees for the commercial, retail and direct sales channels. AL International was formed after the merger of Youngevity Essential Life Sciences (www.youngevity.com) and Javalution Coffee Company in the summer of 2011.
Safe Harbor Statement
This release includes forward-looking statements on our current expectations and projections about future events. In some cases forward-looking statements can be identified by terminology such as “may,” “should,” “potential,” “continue,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” and similar expressions. These statements are based upon current beliefs, expectations and assumptions and are subject to a number of risks and uncertainties, many of which are difficult to predict and include statements relating to our business plan and growth strategy through acquisition. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from those reflected in our forward-looking statements include, among others, the ability to implement our business plan and growth strategy through acquisition and the continued growth of our distributor base. The information in this release is provided only as of the date of this release, and we undertake no obligation to update any forward-looking statements contained in this release based on new information, future events, or otherwise, except as required by law.