The Guitammer Company, manufacturer of audio transducers, saw a sharp revenue increase in 2013. Image credit: Guitammer Company

[Satellite TODAY 08-14-13] The Guitammer Company, a broadcast technology provider, announced second quarter 2013 revenue rose to $428,183, which is an increase of 25 percent compared to second quarter of 2012. The higher revenue combined with an 800 basis point improvement in gross margin to 42.9 percent drove a 27 percent year-over-year increase in gross profit for the three months ending June 30, 2013.

Reflecting previously extinguished debt, interest expense declined 40.5 percent or approximately $31,500 for the quarter. Net loss increased $28,679 for the three months ending June 30, 2013 as compared to the same period last year due to an increase in non-cash employee stock option plan of approximately $29,000.

The company also received a total of $685,625 in equity investments in the second quarter 2013 and an additional $50,000 secured by July 12, 2013. Year-to-date, Guitammer has raised $985,925 in equity. Total current company assets were at $1,196,365 on June 30, 2013, an increase of $335,328 or 39 percent compared to current assets of $861,037.