Message #4 From:
NewsBot Date: August 17, 2005 10:26:00 AM
PHLI News CORRECTING and REPLACING PacificHealth Laboratories, Inc. Announces 2nd Quarter Results
MATAWAN, N.J.--(BUSINESS WIRE)--Aug. 17, 2005--First graph, first sentence of release should read: PacificHealth Laboratories, Inc. (OTCBB: PHLI), an innovative nutrition technology company, reported second quarter 2005 revenues of $2.04 million compared to second quarter 2004 revenues...(sted: PacificHealth Laboratories, Inc. (OTCBB: PHLI), an innovative nutrition technology company, reported second quarter 2005 revenues of $2.04 million compared to second quarter 2005 revenues...)
The corrected release reads:
PACIFICHEALTH LABORATORIES, INC. ANNOUNCES 2ND QUARTER RESULTS
PacificHealth Laboratories, Inc. (OTCBB: PHLI), an innovative nutrition technology company, reported second quarter 2005 revenues of $2.04 million compared to second quarter 2004 revenues of $2.2 million. The Company reported a net loss of ($407,350), or ($0.04) per share, for the quarter ended June 30, 2005, compared to a net loss of ($290,115), or ($0.03) per share for the same period in 2004. For the six-month period ended June 30, 2005, revenues were $3.0 million compared to revenues of $4.5 million for the same period in 2004. The Company reported a net loss of ($1,126,581), or ($0.11) per share, for the six-months ended June 30, 2005 compared to a net loss of ($282,338), or ($0.03) per share, for the same period in 2004.
During the first quarter of 2005, the Company started recognizing revenue from a major customer upon this customer's sell-through. Approximately $38,000 in shipments to this customer was thus deferred in the 2nd quarter of 2005 and $503,000 was deferred in the first six months of 2005. Additionally, the first six months of 2004 included approximately $860,000 in revenues from the Company's Nutrient Timing System line of products to a customer under a program that was discontinued by the customer in the first quarter of 2005.
About the Company:
PacificHealth Laboratories, Inc., Matawan, NJ, was founded in 1995 to develop and commercialize functionally unique nutritional products for sports nutrition, weight loss and Type 2 diabetes. To learn more about PacificHealth Laboratories, Inc., 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:
------------------------
INCOME STATEMENT
Three Months Ended Six Months Ended
6/30/05 6/30/04 6/30/05 6/30/04
------------ ------------ ------------ ------------
Revenues $2,042,382 $2,204,522 $3,040,043 $4,508,119
Net Operating
Income (Loss) (380,484) (254,384) (1,081,760) (222,177)
Other Income
(Expense) (26,866) (28,425) (44,821) (52,855)
Net Income (Loss) ($ 407,350) ($ 290,115) ($1,128,696) ($ 282,338)
Net Income (Loss)
per Share Basic
and Diluted ($0.04) ($0.03) ($0.11) ($0.03)
Basic and Diluted
Weighted
Average Shares
Outstanding 10,237,045 10,240,545 10,237,045 10,229,616
CONDENSED BALANCE SHEET
ASSETS
June 30, Dec 31,
2005 2004
(Unaudited)
------------- -------------
Current assets:
Cash and cash equivalents $ 292,476 $ 25,832
Accounts receivable, net 958,382 430,580
Inventories 1,437,740 1,760,064
Prepaid expenses 193,630 215,091
------------- -------------
Total current assets 2,882,228 2,431,567
Property and equipment, net 90,054 111,273
Deposits 34,396 34,396
------------- -------------
Total assets $ 3,006,678 $ 2,577,236
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Notes payable $ 596,657 $ 373,781
Accounts payable and accrued expenses 1,848,394 1,580,094
Deferred revenue 502,971 376,000
------------- -------------
Total current liabilities 2,948,022 2,329,875
------------- -------------
Stockholders' equity:
Preferred stock:
Series A, no par value; 90,909 shares
authorized issued and outstanding at
June 30, 2005; liquidation value
$1,008,333) 948,053 -
Series B, no par value; 45,455 shares
authorized, 0 shares issued and
outstanding at June 30, 2005 - -
Common stock, $.0025 par value; authorized
50,000,000 shares; issued and
outstanding: 10,237,045 shares at June
30, 2005 and December 31, 2004,
respectively 25,592 25,592
Additional paid-in capital 15,779,138 15,778,865
Accumulated deficit (16,694,127) (15,557,096)
------------- -------------
58,656 247,361
------------- -------------
Total liabilities and stockholders'
equity $ 3,006,678 $ 2,577,236
============= =============
