Attached files
| file | filename |
|---|---|
| 8-K - IMAGENETIX INC /NV/ | v173808_8k.htm |
Exhibit
99.1
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FOR IMMEDIATE
RELEASE
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Contact Imagenetix
Investor Relations
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William P. Spencer
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| (858)385-2797 |
Chief Executive Officer
Imagenetix, Inc.
Tel: (858)
674-8455
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IMAGENETIX, INC. REPORTS
THIRD QUARTER 2010 RESULTS
San
Diego, CA***February 9, 2010***Imagenetix, Inc. (OTCBB:IAGX) announced today
results for the three and nine months ended December 31, 2009. Net sales
decreased 15% for the third quarter of fiscal year 2010 to $1,765,000 from
$2,084,000 for the same period of last year. For the nine
months ended December 31, 2009, net sales decreased 12% to $5,368,000 from
$6,134,000 for the same period of last year.
Net loss
for the third quarter was $294,000 or $.03 per share compared to break even for
the same period of the prior fiscal year. Net loss for the nine
months ended December 31, 2009, was $156,000 or $0.01 per share compared to net
profit of $786,000 or $0.07 per share for the same period of last
year.
Commenting
on the results of the third quarter, Mr. William Spencer, Imagenetix Chief
Executive Officer said: “We are encouraged by the increase in sales in the Food,
Drug and Mass Market segments of our business for Celadrin, our joint health
product and BioGuard, our recently introduced immune boosting probiotic for the
promotion of ear, nose and throat health. During the third quarter,
revenue from this segment increased by $733,000 compared to the previous
year. We anticipate expanding television advertising in concert
with store expansion to increase awareness of both Celadrin and
BioGuard. We believe this marketing program for the mass market
segment will continue to result in improved sales.”
About
Imagenetix
Imagenetix,
based in San Diego, California, is an innovator of scientifically tested,
natural-based, proprietary, bioceutical products developed to enhance human
health on a global basis. Imagenetix develops and formulates
propriety over-the-counter topical creams, skincare products and nutritional
supplements to be marketed globally through multiple channels of
distribution. In addition, the company develops patentable compounds
for entering into licensing agreements with pharmaceutical
partners. Imagenetix is the creator of Celadrin®. Please
visit, www.celadrin.com,
www.bioguardhealth.com
or www.imagenetix.net.
Certain
matters in this news release are forward-looking statements which are subject to
risks and uncertainties that could cause actual results to vary materially from
those projected. Such risks and uncertainties include, but are not limited
to, adverse fluctuations in future operating results due to a number of
economic, competitive, and other factors, including, among other things, the
size and timing of customer contracts, new or increased competition, changes in
market demand, and seasonality of purchases of the company's products and
services. Additional information with respect to these and other factors,
which could materially affect the company and its operations, are included in
the company’s SEC filings, including its Form 10-K for the year ended March 31,
2009.
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Imagenetix,
Inc.
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Condensed
Consolidated Statements of Operations
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(Unaudited)
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||||||||||||||||
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(In
thousands, except per share data)
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Three
Months Ended
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Nine
Months Ended
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December
31,
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December
31,
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2009
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2008
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2009
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2008
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Net
sales
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$ | 1,765 | $ | 2,084 | $ | 5,368 | $ | 6,134 | ||||||||
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Cost
of sales
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878 | 1,019 | 2,973 | 3,380 | ||||||||||||
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Gross
profit
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887 | 1,065 | 2,395 | 2,754 | ||||||||||||
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Gross
profit percent
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50.3 | % | 51.1 | % | 44.6 | % | 44.9 | % | ||||||||
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Operating
expenses:
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General
and administrative
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573 | 565 | 1,956 | 1,590 | ||||||||||||
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Payroll
expense
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325 | 249 | 849 | 842 | ||||||||||||
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Consulting
expense
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434 | 256 | 1,009 | 845 | ||||||||||||
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Operating
expenses
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1,332 | 1,070 | 3,814 | 3,277 | ||||||||||||
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Operating
income (loss)
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(445 | ) | (5 | ) | (1,419 | ) | (523 | ) | ||||||||
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Other
income
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3 | 5 | 6 | 23 | ||||||||||||
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Settlement
income
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- | - | 1,250 | 1,785 | ||||||||||||
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Interest
expense
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- | - | (2 | ) | (1 | ) | ||||||||||
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Income
(loss) before income taxes
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(442 | ) | - | (165 | ) | 1,284 | ||||||||||
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Income
tax expense (benefit)
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(148 | ) | - | (9 | ) | 498 | ||||||||||
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Net
income (loss)
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$ | (294 | ) | $ | - | $ | (156 | ) | $ | 786 | ||||||
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Income
(loss) per share:
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Basic
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$ | (0.03 | ) | $ | - | $ | (0.01 | ) | $ | 0.07 | ||||||
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Diluted
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$ | (0.03 | ) | $ | - | $ | (0.01 | ) | $ | 0.07 | ||||||
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Weighted
average common shares outstanding:
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Basic
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11,011 | 11,011 | 11,011 | 10,985 | ||||||||||||
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Diluted
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11,011 | 11,011 | 11,011 | 11,009 | ||||||||||||
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Imagenetix,
Inc.
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Condensed
Consolidated Balance Sheets
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(Unaudited)
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(In
thousands)
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||||||||
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December
31,
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March
31,
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2009
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2009
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Assets:
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Current
assets:
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Cash
and cash equivalents
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$ | 1,528 | $ | 1,226 | ||||
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Accounts
receivable, net
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1,338 | 1,096 | ||||||
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Inventories,
net
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967 | 1,337 | ||||||
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Prepaid
expenses and other current assets
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166 | 109 | ||||||
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Deferred
tax asset
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550 | 535 | ||||||
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Total
current assets
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4,549 | 4,303 | ||||||
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Property
and equipment, net
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91 | 116 | ||||||
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Long-term
prepaid expenses
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21 | 30 | ||||||
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Other
assets
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114 | 134 | ||||||
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Total
assets
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$ | 4,775 | $ | 4,583 | ||||
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Liabilities
and stockholders' equity:
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Current
liabilities:
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Accounts
payable
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$ | 537 | $ | 274 | ||||
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Accrued
liabilities
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72 | 81 | ||||||
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Income
tax payable
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- | 70 | ||||||
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Customer
deposits
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28 | 59 | ||||||
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Contract
payable
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107 | 43 | ||||||
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Short
term license payable
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- | 3 | ||||||
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Total
current liabilities
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744 | 530 | ||||||
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Stockholders'
equity
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4,031 | 4,053 | ||||||
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Total
liabilities and stockholders' equity
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$ | 4,775 | $ | 4,583 | ||||