PacificHealth Laboratories, Inc. (OTCQB: PHLI) (OTCBB: PHLI), a
leading sports nutrition company, today reported its financial
results for the quarter and nine months ended September 30, 2012.
Third Quarter & Nine Months 2012 vs. 2011
Financial Results
Revenues were $1,721,119 for the third quarter and $5,701,292
for the nine months ended September 30, 2012 compared to $1,971,624
and $5,948,461, respectively, for the same periods in 2011. Net
loss for the third quarter of 2012 was ($345,439), or ($0.02) per
share, and net loss was ($454,965), or ($0.02) per share, for the
nine months ended September 30, 2012 compared to a net loss of
($116,675), or ($0.01) per share for the third quarter of 2011 and
net income of $2,324, or $0.00 per diluted share, for the nine
months ended September 30, 2011. Gross margins decreased primarily
as a result of across the board raw material price increases, most
notably higher protein costs. General and administrative expenses
increased $37,842 in the third quarter and increased $161,865 for
the nine months ended September 30, 2012 compared to the same
periods in 2011 primarily as a result of the Company's investment
in internet and social marketing expenses in 2012 of approximately
$49,000 for the quarter and $206,000 for the first nine months.
At September 30, 2012, the Company had cash, cash equivalents,
and other short-term investments of $324,477 compared to $820,904
at December 31, 2011. Current assets exceeded current liabilities
by approximately $676,000 at September 30, 2012.
Fred Duffner, President and CEO of PacificHealth Laboratories,
said, "The biggest impact to revenue in the third quarter was the
transitioning from our old formula ACCELERADE and ENDUROX R4 to our
new all-natural formulas. Our largest bicycle customer that
transitioned over to all-natural in June had to manage through the
sell-through of the old formula in the third quarter which
negatively impacted purchases from us. In addition, we invested in
markdown monies in support of the sell-through of the old formula
with them and other major customers. This coupled with the
reduction in inventory purchases by our nutritional channel
customers has impacted our year to date revenues."
Mr. Duffner added, "We have completed the transition over to new
all-natural formulas and new labeling in the marketplace as one of
our key initiatives for 2012. We brought the management of our
social and web-based marketing in-house as of the end of the third
quarter which should reduce our G & A expenses moving forward.
We also launched Body Glove Surge in August into Southern
California as another of our key initiatives for 2012."
Mr. Duffner concluded, "Although revenue results are below
expectations we have completed the key initiatives to support our
base business and launched Body Glove Surge which we believe
provides us the opportunity to expand PHLI beyond its current
channels and into broader distribution moving forward into
2013."
About PacificHealth Laboratories, Inc.
PacificHealth Laboratories, Inc. (OTCQB: PHLI) (OTCBB: PHLI),
founded in 1996 by two prominent scientists, started with a
singular purpose -- to help athletes achieve their personal goals.
We never lost sight of that mission. Collaborating with some of the
world's top nutritionists, biochemists and sports scientists, our
research and products have reshaped sports nutrition. Our
discoveries help muscles work stronger, faster and longer and are
an integral part of the daily training and race regimens of
athletes at all levels. However, we are most proud of the simple
fact that our products "power your passion." 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, 2012 AND 2011
(UNAUDITED)
Three Months Nine Months
Ended September 30, Ended September 30,
2012 2011 2012 2011
----------- ----------- ----------- -----------
Revenues:
Net product sales $ 1,721,119 $ 1,971,624 $ 5,701,292 $ 5,948,461
Cost of goods sold 1,136,016 1,120,865 3,505,914 3,332,367
----------- ----------- ----------- -----------
Gross profit 585,103 850,759 2,195,378 2,616,094
----------- ----------- ----------- -----------
Operating expenses:
Sales and marketing 339,098 414,453 842,523 983,496
General and
administrative
(Includes related
party consulting of
$48,189, $48,000,
$146,809, $139,000,
respectively) 567,427 529,585 1,739,924 1,578,059
Research and
development 16,458 16,141 51,945 40,936
----------- ----------- ----------- -----------
922,983 960,179 2,634,392 2,602,491
----------- ----------- ----------- -----------
(Loss) income before
other expense
andprovision for income
taxes (337,880) (109,420) (439,014) 13,603
----------- ----------- ----------- -----------
Other (expense) income:
Other income - - - 2,100
Interest income 125 112 359 391
Interest expense (7,684) (7,367) (16,310) (13,770)
----------- ----------- ----------- -----------
(7,559) (7,255) (15,951) (11,279)
----------- ----------- ----------- -----------
(Loss) income before
provision for income
taxes (345,439) (116,675) (454,965) 2,324
Provision for income
taxes - - - -
----------- ----------- ----------- -----------
Net (loss) income $ (345,439) $ (116,675) $ (454,965) $ 2,324
=========== =========== =========== ===========
Basic (loss) income per
share $ (0.02) $ (0.01) $ (0.02) $ 0.00
=========== =========== =========== ===========
Diluted (loss) income per
share $ (0.00) $ (0.00) $ (0.00) $ 0.00
=========== =========== =========== ===========
Weighted average common
shares - basic 20,871,772 20,865,257 20,871,772 19,100,056
=========== =========== =========== ===========
Weighted average common
shares - diluted 20,871,772 20,865,257 20,871,772 19,330,073
=========== =========== =========== ===========
PACIFICHEALTH LABORATORIES, INC.
BALANCE SHEETS
(UNAUDITED)
ASSETS
September 30, December 31,
2012 2011
------------- -------------
Current assets:
Cash and cash equivalents $ 274,477 $ 745,904
Other short-term investments 50,000 75,000
Accounts receivable, net 676,572 369,376
Inventories, net 746,104 571,403
Prepaid expenses 93,968 91,479
------------- -------------
Total current assets 1,841,121 1,853,162
Property and equipment, net 140,182 26,729
Deposits 10,895 10,895
------------- -------------
Total assets $ 1,992,198 $ 1,890,786
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Line of credit $ 25,000 $ 37,500
Notes payable 29,864 19,679
Accounts payable and accrued expenses
(Includes relatedparty of $16,000 and
$32,000, respectively) 1,059,183 546,712
Deferred revenue 51,024 56,170
------------- -------------
Total current liabilities 1,165,071 660,061
------------- -------------
Commitments
Stockholders' equity:
Common stock, $.0025 par value; authorized
50,000,000 shares; issued and outstanding:
20,871,772 shares 52,179 52,179
Additional paid-in capital 21,364,686 21,313,319
Accumulated deficit (20,589,738) (20,134,773)
------------- -------------
827,127 1,230,725
------------- -------------
Total liabilities and stockholders'
equity $ 1,992,198 $ 1,890,786
============= =============
Contact: Stephen Kuchen CFO 732-739-2900, x603 Email Contact
PacificHealth Laboratories (CE) (USOTC:PHLI)
Historical Stock Chart
From May 2024 to Jun 2024
PacificHealth Laboratories (CE) (USOTC:PHLI)
Historical Stock Chart
From Jun 2023 to Jun 2024
