OMAHA - FitLife Brands, Inc. (NASDAQ: FTLF), known for its nutritional supplements and wellness products, announced today that board member Lew Jaffe will retire and not seek re-election at the company's 2024 annual meeting of stockholders. Jaffe has been a part of FitLife and its predecessor entities since 2010, contributing significantly to the company's strategic and operational direction.
Dayton Judd, Chairman and CEO of FitLife, expressed gratitude for Jaffe's service, noting his role as a strong, independent voice on the board, particularly during his tenure as Chairman.
Jaffe's departure is part of a planned board rejuvenation process, as he believes in the importance of fresh perspectives to propel the company forward. He confirmed that his retirement is not due to any disagreements with management or the board.
The company will nominate a new director in its upcoming proxy statement, scheduled to be filed today. This change is in line with FitLife's commitment to good corporate governance, which includes regular evaluations of board composition. The board anticipates further changes in the coming years to maintain a dynamic leadership structure.
FitLife Brands operates primarily online, offering over 250 products. It also distributes through domestic and international GNC franchise locations and approximately 16,000 additional domestic retail outlets. The information regarding Jaffe's retirement and the forthcoming nomination of a new board member is based on a press release statement from the company.
InvestingPro Insights
As FitLife Brands, Inc. (NASDAQ: FTLF) faces a transition on its board with the retirement of Lew Jaffe, investors may consider how the company's financial health could support its strategic moves going forward. Despite recent market volatility, FitLife Brands has demonstrated resilience with notable achievements in financial performance.
According to InvestingPro data, FitLife Brands boasts a robust revenue growth of 81.45% in the last twelve months as of Q1 2024, indicating a strong upward trajectory in its earnings. This is complemented by a high return on assets of 15.03%, reflecting efficient use of company resources to generate profits. Furthermore, the company's stock has experienced a significant price uptick with a 55.65% total return over the last six months, showcasing investor confidence and a potentially optimistic outlook for the stock.
InvestingPro Tips highlight that FitLife is currently trading at a low P/E ratio relative to near-term earnings growth, which could suggest the stock is undervalued compared to its growth potential. Additionally, the company operates with a moderate level of debt, which may provide it with the financial flexibility needed to navigate the planned changes in its leadership structure and continue its growth strategies.
Investors looking for further insights will find additional InvestingPro Tips, such as the company's liquid assets surpassing short-term obligations and its profitability over the last twelve months, which can be accessed through InvestingPro's platform. For those interested in a deeper dive into FitLife Brands' financials and strategic outlook, using the coupon code PRONEWS24 will grant up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, offering access to a comprehensive array of investment analytics and data.
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