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05.05.2010 18:15:00
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PacificHealth Laboratories Reduces First Quarter Loss by 34%
PacificHealth Laboratories, Inc. (OTCBB: PHLI), a leading nutrition company, today reported its financial results for the quarter ended March 31, 2010.
First Quarter 2010 vs. First Quarter 2009 Financial Results
Revenue was $1,650,265 compared to $1,695,618 for the same period in 2009. Net loss for the first quarter decreased 34% to $269,230, or $0.02 per share, compared to a net loss of $405,465, or $0.03 per share, for the same period in 2009. Included in the net losses above are severance costs relating to CEO Separation Agreements of $62,040 and $73,749, respectively, for the quarters ended March 31, 2010 and 2009. Sales and marketing expenses decreased $81,023 in the quarter ended March 31, 2010 compared to the same period in 2009 primarily due to the Company initiating a public relations and marketing campaign associated with the launch of Forze GPS™ and also introducing a new national sales representative organization designed to increase penetration in the sports specialty retail market in the first quarter of 2009. General and administrative expenses decreased $58,332 in the quarter ended March 31, 2010 compared to the same period in 2009.
Fred Duffner, President of PacificHealth Laboratories said, "We are very pleased with the progress we have made in the first quarter. We reduced our loss for the quarter by lowering spending while maintaining revenues, which has stabilized our cash position. The slight decrease in revenues was the result of season opening orders in the sports specialty channel moving into the second quarter due to tighter management of inventory in the channel this year. In 2009 we also launched our rep group program into sports specialty that resulted in pipeline inventory orders into approximately 100 new dealers during the first quarter of last year. We have also adjusted our inventory investment into the top selling items to insure we are ready for what we feel will be a successful season starting in the second quarter.”
About PacificHealth Laboratories. Inc.
PacificHealth Laboratories, Inc. (OTCBB: PHLI) is a leading sports nutrition company that focuses on marketing, developing and selling premium nutrition tools for exercisers and athletes seeking to improve their health and performance. We are highly active in the endurance sports arena. Our brands and patents are typically protein-based and extend to cover areas such as appetite regulation. PHLI’s principle areas of focus are sports performance and recovery, including optimal weight management. To learn more, visit www.pacifichealthlabs.com.
Notice: This news release and oral statements made from time to time by Company representatives concerning the same subject matter may contain so-called "forward-looking statements". These statements can be identified by introductory words such as "expects", "plans", "will", "estimates", "forecasts", "projects" or words of similar meaning and by the fact they do not relate strictly to historical or current facts. Forward-looking statements frequently are used in discussing new products and their potential. Many factors may cause actual results to differ from forward-looking statements, including inaccurate assumptions and a broad variety of risks and uncertainties, some of which are known, such general economic conditions, consumer product acceptance and competitive products, and others of which are not. No forward-looking statements are a guarantee of future results or events, and one should avoid placing undue reliance on such statements.
SELECTED FINANCIAL DATA:
| PACIFICHEALTH LABORATORIES, INC. | ||||||||
| STATEMENTS OF OPERATIONS | ||||||||
| FOR THE THREE MONTHS ENDED MARCH 31, 2010 AND 2009 | ||||||||
| (UNAUDITED) | ||||||||
| Three Months | ||||||||
| Ended March 31, | ||||||||
|
2010 |
2009 |
|||||||
| Revenue: | ||||||||
| Net product sales | $ | 1,650,265 | $ | 1,695,618 | ||||
| Cost of goods sold | 909,379 | 953,997 | ||||||
| Gross profit | 740,886 | 741,621 | ||||||
| Operating expenses: | ||||||||
| Sales and marketing | 235,085 | 316,108 | ||||||
| General and administrative | 774,150 | 832,482 | ||||||
| 1,009,235 | 1,148,590 | |||||||
|
Loss before other (expense) income and provision for income taxes |
(268,349 | ) | (406,969 | ) | ||||
| Other (expense) income: | ||||||||
| Interest income | 228 | 2,291 | ||||||
| Interest expense | (1,109 | ) | (787 | ) | ||||
| (881 | ) | 1,504 | ||||||
| Loss before provision for income taxes | (269,230 | ) | (405,465 | ) | ||||
| Provision for income taxes | - | - | ||||||
| Net loss | $ | (269,230 | ) | $ | (405,465 | ) | ||
| Net loss per common share - basic and diluted | $ | (0.02 | ) | $ | (0.03 | ) | ||
| Weighted average shares outstanding - basic and diluted | 15,684,010 | 14,459,492 | ||||||
| PACIFICHEALTH LABORATORIES, INC. | ||||||||
| BALANCE SHEETS | ||||||||
| ASSETS | ||||||||
| March 31, | December 31, | |||||||
| 2010 | 2009 | |||||||
| (Unaudited) | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 251,030 | $ | 281,159 | ||||
| Other short-term investments | 175,000 | 175,000 | ||||||
| Accounts receivable, net | 965,424 | 763,288 | ||||||
| Inventories, net | 650,646 | 806,212 | ||||||
| Prepaid expenses | 80,487 | 92,702 | ||||||
| Tax loss receivable | - | 303,931 | ||||||
| Total current assets | 2,122,587 | 2,422,292 | ||||||
| Property and equipment, net | 91,163 | 110,904 | ||||||
| Deposits | 10,895 | 10,895 | ||||||
| Total assets | $ | 2,224,645 | $ | 2,544,091 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Line of credit | $ | 87,500 | $ | - | ||||
| Notes payable | - | 12,182 | ||||||
| Accounts payable and accrued expenses | 965,069 | 1,042,051 | ||||||
| Deferred revenue | 207,152 | 306,239 | ||||||
| Total current liabilities | 1,259,721 | 1,360,472 | ||||||
| Commitments | ||||||||
| Stockholders' equity: | ||||||||
| Common stock, $.0025 par value; authorized | ||||||||
| 50,000,000 shares; issued and outstanding: | ||||||||
| 16,035,988 and 15,624,017 shares, respectively | 40,090 | 39,060 | ||||||
| Additional paid-in capital | 20,081,104 | 20,031,599 | ||||||
| Accumulated deficit | (19,156,270 | ) | (18,887,040 | ) | ||||
| 964,924 | 1,183,619 | |||||||
| Total liabilities and stockholders' equity | $ | 2,224,645 | $ | 2,544,091 | ||||
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