Message #11 From:
NewsBot Date: November 1, 2006 06:00:00 AM
PHLI News PacificHealth Laboratories, Inc. Announces 3rd Quarter Results
MATAWAN, N.J.--(BUSINESS WIRE)--PacificHealth Laboratories, Inc. (OTCBB: PHLI), an innovative nutrition
technology company, today reported third quarter and nine month 2006
results. For the quarter ended September 30, 2006, revenues increased 6%
to $1,774,130 compared to $1,669,444 in the same period in 2005. Net
income applicable to common stockholders for the quarter was $54,184, or
$0.00 per basic and fully diluted share, compared to a net loss
applicable to common stockholders of ($159,959), or ($0.02) per basic
and fully diluted share, for the same period in 2005.
Dr. Robert Portman, President and CEO of PacificHealth said, “In
the third quarter, we saw an increase in revenues but, more importantly,
we showed a net operating profit compared to a significant net operating
loss for the same period in 2005. Our goal is to show an operating
profit for the year. Starting in 2007, I anticipate strong growth from
our sports nutrition product line resulting from the launch of ACCELERADE®
Ready-To-Drink by Cadbury Schweppes Americas Beverages, new products
that we will launch in the first quarter and significant new initiatives
involving retail and web-based sales.”
Dr. Portman continued, “We continue to make
excellent progress on the launch of SATIATRIM®,
our unique weight loss product that reduces appetite by stimulating the
body’s natural satiety peptides. SATIATRIM
will be launched in three flavors: chocolate, vanilla and mixed berry
and will have a suggested retail price of $39.95 for 27 servings. We
recently completed an open trial that demonstrated significant weight
loss over a two-week period and a reduction in feelings of hunger during
the course of the day. The product will only be available through our
new website which will be operational in December. In addition to
providing extensive product information, the website will offer a number
of innovative interactive tools, enabling consumers to build their own
meal plan and help set their weight loss goals.”
For the nine-month period ended September 30, 2006, revenues increased
8% to $5,096,732 compared to revenues of $4,709,487 for the same period
in 2005. Net income applicable to common stockholders was $2,641,878, or
$0.20 per fully diluted share, for the nine-months ended September 30,
2006 compared to a net loss applicable to common stockholders of
($1,296,988), or ($0.13) per basic and fully diluted share, for the same
period in 2005. Net income in the first nine months of 2006 included
approximately $2,622,000 from a gain on the sale of patents and
technology, net of tax effects, to Mott’s LLP,
a division of Cadbury Schweppes.
About PacificHealth Laboratories, Inc.:
PacificHealth Laboratories, Inc. (PHLI.OB), a leading nutrition
technology company, has been a pioneer in discovering, developing and
commercializing patented, protein-based nutritional products that
stimulate specific peptides involved in appetite regulation and that
activate biochemical pathways involved in muscle performance and growth.
PHLI’s principle areas of focus include weight
loss, management of Type 2 diabetes and sports performance. 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 AND NINE MONTHS ENDED SEPTEMBER 30, 2006 AND 2005
(UNAUDITED)
Three Months
Nine Months
Ended September 30,
Ended September 30,
2006
2005
2006
2005
Revenues:
Net product sales
$ 1,774,130
$ 1,669,444
$ 5,096,732
$ 4,709,487
Cost of goods sold
976,738
850,941
2,687,824
2,750,248
Gross profit
797,392
818,503
2,408,908
1,959,239
Selling, general and administrative expenses
705,564
886,581
2,236,327
2,957,656
Research and development expenses
53,916
43,037
141,400
162,155
Depreciation expense
14,329
16,121
43,281
48,424
773,809
945,739
2,421,008
3,168,235
Net operating income (loss)
23,583
(127,236)
(12,100)
(1,208,996)
Other income (expense):
Gain on sale of patents/technology, net of expenses of $90,795
-
-
3,909,205
-
Interest income
31,516
1,253
64,249
4,175
Interest expense
(915)
(28,976)
(31,051)
(76,719)
30,601
(27,723)
3,942,403
(72,544)
Income (loss) before income taxes
54,184
(154,959)
3,930,303
(1,281,540)
Provision for income taxes
-
-
1,278,000
2,115
Net income (loss)
54,184
(154,959)
2,652,303
(1,283,655)
Less preferred dividends
-
(5,000)
(10,425)
(13,333)
Net income (loss) applicable to common stockholders
$ 54,184
$ (159,959)
$ 2,641,878
$ (1,296,988)
Basic income (loss) per share
$ 0.00
$ (0.02)
$ 0.23
$ (0.13)
Diluted income (loss) per share
$ 0.00
$ (0.02)
$ 0.20
$ (0.13)
Weighted average common shares - Basic
12,702,460
10,237,045
11,620,214
10,237,045
Weighted average common shares - Diluted
14,328,082
10,237,045
13,389,104
10,237,045
PACIFICHEALTH LABORATORIES, INC.
BALANCE SHEETS
ASSETS
September 30,
December 31,
2006
2005
(Unaudited)
Current assets:
Cash and cash equivalents
$
3,037,202
$
138,487
Accounts receivable, net
798,619
187,835
Inventories
1,018,209
1,309,779
Prepaid expenses
101,599
119,002
Deferred tax asset
-
1,278,000
Total current assets
4,955,629
3,033,103
Property and equipment, net
77,080
65,357
Deposits
40,984
20,393
Total assets
$
5,073,693
$
3,118,853
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Notes payable
$
32,925
$
129,944
Accounts payable and accrued expenses
399,635
1,546,958
Deferred revenue
360,141
369,068
Total current liabilities
792,701
2,045,970
Long-term liabilities:
Convertible notes payable
-
500,000
Stockholders' equity:
Preferred stock:
Series A, convertible, no par value; 90,909 shares authorized; - 0 -
issued and outstanding at September 30, 2006 and 90,909 issued and
outstanding at December 31, 2005
-
966,387
Common stock, $.0025 par value; authorized 50,000,000 shares; issued
and outstanding: 12,734,495 shares at September 30, 2006 and
10,267,045 shares at December 31, 2005
