Message #17 From:
Stock News Bot Date: November 8, 2006 05:00:00 AM
IAGX News Imagenetix Reports Second Fiscal Quarter Results
SAN DIEGO--(BUSINESS WIRE)--Imagenetix, Inc. (OTCBB:IAGX) today announced that, for the
second fiscal quarter ended September 30, 2006, it reported revenue of
$1,333,016, compared to revenue of $2,016,295 in the second fiscal
quarter last year. The company reported a net loss of $31,446, or $.00
per fully diluted share, in the second quarter of fiscal 2007, compared
to a net loss of $490,677, or $.05 per fully diluted share, in the same
quarter of fiscal 2006.
At September 30, 2006, the company had cash holdings of $1,039,841 and
net working capital of $4,001,962. Total current assets were $4,792,496
with long-term debt of $53,371.
For the six months ended September 30, 2006, the company reported
revenue of $2,264,586, compared to revenue of $4,886,040 in the first
six months last year. The company reported a net loss of $409,283, or
$.04 per fully diluted share, in the first half of fiscal 2007, compared
to a net loss of $186,666, or $.02 per fully diluted share, for the
first half of last year.
The fiscal 2006 second quarter and six month results included a
one-time, non-cash charge of $848,096 related to the extension of the
expiration dates on stock options and the issuance of warrants and
common stock for services received.
Imagenetix’ reduced revenue in the second
quarter of 2007 compared to the same period in the previous fiscal year
was the result of a non-repeat, by a single distributor, of orders for
the company’s Celadrin®
joint health formula products. The company’s
bottom line performance, however, benefited from a 58 percent reduction
in total operating expenses and a 12 percent reduction in the cost of
goods sold.
Looking forward, the company’s new retail
branding program, allowing Imagenetix to sell its Inflame Away™
joint health formula and other proprietary products directly into the
mass market, is expected to produce improved revenue and bottom line
performance beginning in the last quarter of the current fiscal year.
San Diego-based Imagenetix, Inc., www.imagenetix.net,
is developing novel drugs for the treatment of inflammatory diseases.
The company also develops and markets natural-based, proprietary
products, including over-the-counter topical creams and skin care
products, for inflammation-related markets.
Safe Harbor Statement
This document contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E
of the Securities Exchange Act of 1934, as amended. Such statements are
subject to risks and uncertainties that could cause actual results to
vary materially from those projected in the forward-looking statements.
The company may experience significant 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. These
factors and others could cause operating results to vary significantly
from those in prior periods and those projected in forward-looking
statements. Additional information with respect to these and other
factors, which could materially affect the company and its operations,
are included in certain forms the company expects to file with the
Securities Exchange Commission.
