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| 8-K - RBC LIFE SCIENCES, INC. | rbc8k101231results.htm |
EXHIBIT 99.1
RBC Life Sciences®
March 8, 2011
RBC Life Sciences Reports Sales and Earnings Growth in 2010
Irving, Texas (RBC Life Sciences: OTCBB: RBCL) - RBC Life Sciences, Inc., a provider of proprietary nutritional supplements, wound care and pain management products, today reported a 13% increase in consolidated net sales to $28.2 million for the year ended December 31, 2010, compared to net sales of $24.9 million for the same period during 2009. For 2010, the Company reported net earnings of $558,000, or $0.02 per diluted share, compared to a net loss of $335,000, or $0.02 per diluted share, during 2009.
“We significantly improved our financial performance in 2010 reporting sales growth in both our Nutritional Products segment and Medical Products segment,” said RBC Life Sciences President and CEO, Clinton H. Howard. “We were particularly pleased to report sales growth of 22% to our international licensees, which is our largest revenue channel. This growth in sales along with expense reductions affected during 2010 resulted in an $893,000 improvement in net operating results and a return to profitability in 2010.”
During 2010, net sales of Nutritional Products increased 15% to $21.6 million while net sales of Medical Products increased 6% to $6.5 million.
About RBC Life Sciences
Through wholly owned subsidiaries, RBC Life Sciences develops, manufactures and markets high-quality nutritional supplements and personal care products under its RBC Life brand to a growing population of consumers seeking wellness and a healthy lifestyle. Through its wholly owned subsidiary, MPM Medical, the Company also develops and markets to health care professionals in the United States proprietary prescription and nonprescription products for advanced wound care and pain management. All products are tested for quality assurance in-house, and by outside independent laboratories, to comply with regulations in the U.S. and in more than thirty countries in which the products are distributed. For more information, visit the company's Web site at www.rbclifesciences.com.
The statements above, other than statements of historical fact, may be forward-looking. Actual events will be dependent upon a number of factors and risks including, but not limited to, changes in plans by the Company's management, delays or problems in production, changes in the regulatory process, changes in market trends, and a number of other factors and risks described from time to time in the Company's filings with the Securities and Exchange Commission.
Contacts:
Steve Brown
972-893-4000
steve.brown@rbclifesciences.com
RBC Life Sciences - Year 2010
Page 2
RBC Life Sciences, Inc.
Summary Results of Operations
(in thousands, except per share data)
(unaudited)
Years Ended December 31, | |||||||
2010 | 2009 | ||||||
Net sales | $ | 28,157 | $ | 24,925 | |||
Gross profit | 13,686 | 12,802 | |||||
Operating profit (loss) | 1,044 | (160 | ) | ||||
Earnings (loss) before income taxes | 891 | (324 | ) | ||||
Provision for income taxes | 333 | 11 | |||||
Net earnings (loss) | 558 | (335 | ) | ||||
Earnings (loss) per share - basic | $ | 0.03 | $ | (0.02 | ) | ||
Earnings (loss) per share - diluted | 0.02 | (0.02 | ) | ||||
Weighted average shares outstanding - basic | 21,999 | 21,921 | |||||
Weighted average shares outstanding - diluted | 22,436 | 21,921 | |||||
RBC Life Sciences, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
December 31, | |||||||
2010 | 2009 | ||||||
Assets | |||||||
Cash and cash equivalents | $ | 4,220 | $ | 3,972 | |||
Inventories | 5,343 | 5,344 | |||||
Other current assets | 1,696 | 1,914 | |||||
Total current assets | 11,259 | 11,230 | |||||
Other assets | 7,085 | 7,383 | |||||
Total assets | $ | 18,344 | $ | 18,613 | |||
Liabilities and shareholders' equity | |||||||
Accounts payable and accrued liabilities | $ | 3,087 | $ | 2,729 | |||
Deferred revenue | 2,490 | 3,669 | |||||
Other current liabilities | 168 | 156 | |||||
Total current liabilities | 5,745 | 6,554 | |||||
Other liabilities | 2,723 | 2,840 | |||||
Shareholders' equity | 9,876 | 9,219 | |||||
Total liabilities and shareholders' equity | $ | 18,344 | $ | 18,613 | |||