SAN DIEGO, Aug. 17 /PRNewswire-FirstCall/ -- Imagenetix,
Inc. (OTC Bulletin Board: IAGX) announced today results for the
three months ended June 30, 2010. Net
sales decreased 36% for the first quarter of fiscal year 2011 to
$1,085,000 from $1,702,000 for the same period of last year.
Net loss for the first quarter was $604,000 or $.05
per share compared to a loss of $415,000 or $.04
per share for the same period of the prior fiscal year.
Commenting on the results of the first quarter, Mr. William Spencer, Imagenetix Chief Executive
Officer said: "Sales and earnings were negatively impacted from the
company's investment and transition to our mass retail branded
products – Celadrin softgels, Celadrin cream and BioGuard, our
novel healthy immune system innovation. Forward looking, Imagenetix
expects to reflect the benefits of its retail strategy in the form
of sequentially and significantly stronger quarterly sales. Branded
product shipments combined with favorable in-store turnover, gives
us the confidence in our retail brand strategy and building both
short and long term value for our shareholders."
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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Contact
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Imagenetix Investor
Relations
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William P. Spencer
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(858)385-2797
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Chief Executive
Officer
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Imagenetix, Inc.
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Tel: (858) 674-8455
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Imagenetix, Inc.
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Condensed Consolidated
Statements of Operations
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(Unaudited)
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(In thousands, except per share
data)
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Three Months Ended
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June 30,
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2010
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2009
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Net sales
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$
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1,085
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$
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1,702
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Cost of sales
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750
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1,055
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Gross profit
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335
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647
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Gross profit percent
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30.9%
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38.0%
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Operating expenses:
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General and
administrative
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596
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808
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Payroll expense
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243
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255
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Consulting expense
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410
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280
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Operating expenses
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1,249
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1,343
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Operating income
(loss)
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(914)
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(696)
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Other income
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1
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1
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Interest expense
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(89)
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(2)
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Income (loss) before income
taxes
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(1,002)
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(697)
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Income tax expense
(benefit)
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(398)
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(282)
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Net income (loss)
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$
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(604)
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$
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(415)
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Income (loss) per
share:
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Basic
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$
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(0.05)
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$
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(0.04)
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Diluted
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$
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(0.05)
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$
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(0.04)
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Weighted average common shares
outstanding:
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Basic
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11,310
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11,011
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Diluted
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11,310
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11,011
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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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June 30,
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March 31,
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2010
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2010
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Assets:
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Current assets:
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Cash and cash
equivalents
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$
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594
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$
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981
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Accounts receivable,
net
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914
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1,049
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Inventories, net
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1,297
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1,350
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Prepaid expenses and other
current assets
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188
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151
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Deferred tax asset
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1,328
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933
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Total current
assets
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4,321
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4,464
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Property and equipment,
net
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81
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89
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Long-term prepaid
expenses
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15
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18
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Other assets
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122
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125
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Total assets
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$
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4,539
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$
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4,696
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Liabilities and stockholders'
equity:
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Current liabilities:
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Secured note payable to
bank
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$
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500
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$
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-
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Accounts payable
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525
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997
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Accrued liabilities
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78
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83
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Customer deposits
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19
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25
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Contract payable
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43
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86
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Total current
liabilities
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1,165
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1,191
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Stockholders' equity
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3,374
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3,505
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Total liabilities and
stockholders' equity
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$
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4,539
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$
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4,696
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SOURCE Imagenetix, Inc.
Copyright . 17 PR Newswire
