Message #5 From:
Stock News Bot Date: November 16, 2005 10:05:00 AM
PHLI News PacificHealth Laboratories, Inc. Announces 3rd Quarter Results
MATAWAN, N.J.--(BUSINESS WIRE)--Nov. 16, 2005--PacificHealth Laboratories, Inc. (OTCBB: PHLI), an innovative nutrition technology company, today reported third quarter and nine month 2005 results. In the quarter ended September 30, 2005, revenues were $1.67 million compared to $1.89 million in the same period in 2004 and the Company's net loss was ($154,959), or ($0.02) per basic and fully diluted share compared to a net loss of ($303,343), or ($0.03) per basic and fully diluted share for the same period in 2004. For the nine-month period ended September 30, 2005, revenues were $4.7 million compared to revenues of $6.4 million for the same period in 2004. The Company's net loss was ($1,283,655), or ($0.13) per basic and fully diluted share, for the nine-months ended September 30, 2005 compared to a net loss of ($585,681), or ($0.06) per basic and fully diluted 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 $60,000 in shipments to this customer previously reported as deferred revenue was recorded as revenue in the 3rd quarter of 2005 and $443,000 was reported as deferred revenue in the first nine months of 2005. Additionally, the first nine months of 2004 included approximately $976,000 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:
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INCOME STATEMENT
Three Months Ended Nine Months Ended
9/30/05 9/30/04 9/30/05 9/30/04
------- ------- ------- -------
Revenues $1,669,444 $1,892,737 $4,709,487 $6,400,856
Net Operating Income
(Loss) (127,236) (278,694) (1,208,996) (500,871)
Other Income
(Expense) (27,723) (23,169) (72,544) (76,024)
Net Income (Loss) ($ 154,959) ($ 303,343) ($1,283,655) ($ 585,681)
Net Income (Loss)
per Share
Basic and Diluted ($0.02) ($0.03) ($0.13) ($0.06)
Basic and Diluted
Weighted Average
Shares Outstanding 10,237,045 10,239,898 10,237,045 10,233,069
CONDENSED BALANCE SHEET
ASSETS
Sept 30, Dec 31,
2005 2004
(Unaudited)
------------ --------------
Current assets:
Cash and cash equivalents $ 341,158 $ 25,832
Accounts receivable, net 619,716 430,580
Inventories 1,771,295 1,760,064
Prepaid expenses 107,445 215,091
------- -------
Total current assets 2,839,614 2,431,567
Property and equipment, net 77,575 111,273
Deposits 43,690 34,396
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Total assets $2,960,879 $2,577,236
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Notes payable $ 344,308 $ 373,781
Accounts payable and accrued expenses 1,769,902 1,580,094
Deferred revenue 443,427 376,000
------- -------
Total current liabilities 2,557,637 2,329,875
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Long-term liabilities:
Convertible notes payable 500,000 -
------- ---
Stockholders' equity:
Preferred stock:
Series A, convertible, no par value;
90,909 shares authorized issued and
outstanding at Sept. 30; (liquidation
value $1,013,333) 948,053 -
Series B, convertible, no par value;
45,455 shares authorized, 0 shares
issued and outstanding at Sept 30, 2005 - -
Common stock, $.0025 par value; authorized
50,000,000 shares; issued and outstanding:
10,237,045 shares at Sept 30, 2005 and
December 31, 2004, respectively 25,592 25,592
Additional paid-in capital 15,783,683 15,778,865
Accumulated deficit (16,854,085) (15,557,096)
------------ ------------
(96,758) 247,361
-------- -------
Total liabilities and stockholders' equity $2,960,879 $2,577,236
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