OraLabs Holding Corp. (Nasdaq:OLAB) today announced that third
quarter revenues were $2,944,492 with a loss of $.03 per share, or
$146,018. The same period in 2004 reported revenues of $2,831,826
with a loss of $.08 per share, or $360,205. The Company's increased
revenues can be significantly attributed to expanded distribution
in the retail marketplace, while the decrease in net loss can be
attributed to a greater concentration of sales to higher gross
profit margin. A more detailed explanation of these results can be
found in the September 30, 2005 Form 10-QSB, Part II, Results of
Operations. OraLabs, Inc. manufactures Ice Drops(R) brands oral
care products; Sour Zone(TM) brands sour products; and Lip
Rageous(R), Lip Naturals(R), Chap Ice(R), Extra Lip Moisturizer,
Leashables(R), Chapgrip(R), Soothe & Shine(R) brands of lip
balm. The product line includes breath drops and sprays, sour drops
and sprays, lip balms and a variety of private label products. The
Company distributes 5HTP, as its only dietary supplement;
additionally the Company distributes Sanell (TM) hand sanitizer and
Eyelieve (TM) sterile eye products. The Company's products are
currently sold in the USA nationally as well as numerous foreign
countries. The products are sold through wholesale distributors as
well as by direct sale to mass retailers, grocery stores,
convenience stores and drug stores. Forward-Looking and Cautionary
Statements Except for historical information and discussions
contained herein, statements included in this release may
constitute "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. These statements
involve a number of risks, uncertainties, and other factors that
could cause results to differ materially, as discussed in the
Company's filings with the Securities and Exchange Commission. -0-
*T ORALABS HOLDING CORP AND SUBSIDIARIES Consolidated Balance
Sheets Sept. 30, 2005 Dec. 31, Unaudited 2004
----------------------------------------------------------------------
Assets Current Assets Cash and cash equivalents $ 731,172 $ 866,432
Accounts receivable, net of allowance for doubtful accounts of
$211,740 (2005) and $345,177 (2004) 1,348,210 1,275,820 Inventories
3,184,018 2,878,755 Deferred tax asset - current 239,488 285,117
Income taxes receivable 329,648 Prepaid expenses 150,607 264,451
Deposits and other assets 27,955 158,720
----------------------------------------------- ----------
---------- Total current assets 5,681,450 6,058,943 Non-current
assets Deferred tax asset, long-term 122,795 45,336 Property and
equipment, net 1,818,195 1,668,675
----------------------------------------------- ----------
---------- Total non-current assets 1,940,990 1,714,011
----------------------------------------------- ----------
---------- Total Assets $7,622,440 $7,772,954
=============================================== ==========
========== Liabilities and Stockholders' Equity Current liabilities
Accounts payable - trade $ 806,680 $ 850,157 Accrued liabilities
261,893 131,812 Reserve for returns 249,902 362,342 Income tax
payable 0 0 Current portion of long-term debt 8,437 12,581
----------------------------------------------- ----------
---------- Total current liabilities 1,326,912 1,356,892
----------------------------------------------- ----------
---------- Non-current Liabilities Long-term debt, less current
portion 7,350 12,075
----------------------------------------------- ----------
---------- Total non-current liabilities 7,350 12,075
----------------------------------------------- ----------
---------- Commitments and contingencies Stockholders' equity
Preferred stock, $.001 par value, 1,000,000 shares authorized; none
issued and outstanding 0 0 Common stock, $.001 par value;
25,000,000 shares authorized, 4,693,015 issued and outstanding
(2005), 4,668,615 issued and outstanding (2004). 4,693 4,669
Additional paid -in capital 1,511,820 1,463,044 Retained earnings
4,771,665 4,936,274 -----------------------------------------------
---------- ---------- Total stockholders' equity 6,288,178
6,403,987 -----------------------------------------------
---------- ---------- Total liabilities and stockholders' equity
$7,622,440 $7,772,954
=============================================== ==========
========== ORALABS HOLDING CORP AND SUBSIDIARIES Consolidated
Statements of Operations Three Months and Nine Months ended
September 30, 2005 and September 30, 2004 Unaudited
----------------------------------------------------------------------
Three Months Ended Nine Months Ended 09/30/05 09/30/04 09/30/05
09/30/04
----------------------------------------------------------------------
Revenues: Product sales $2,944,492 $2,831,826 $9,068,516 $9,622,482
---------- ---------- ---------- ---------- Total Revenues
2,944,492 2,831,826 9,068,516 9,622,482 ---------- ----------
---------- ---------- Cost of Sales 1,920,431 2,173,430 5,898,903
6,943,391 ---------- ---------- ---------- ---------- Gross profit
1,024,061 658,396 3,169,613 2,679,091 ---------- ----------
---------- ---------- Operating Expenses: Engineering 40,312 54,749
168,021 237,726 Selling and marketing costs 406,184 274,088
1,062,595 975,022 General and administrative 792,638 903,830
2,195,761 2,380,849 Other 12,768 2,901 38,675 30,838 ----------
---------- ---------- ---------- Total operating expenses 1,251,902
1,235,568 3,465,052 3,624,435 ---------- ---------- ----------
---------- Net operating (loss) income (227,841) (577,172)
(295,439) (945,344) Other income (expense) (24,148) Interest and
other income 13,113 2,913 53,371 7,942 ---------- ----------
---------- ---------- Total other income (expense) 13,113 2,913
53,371 (16,206) ---------- ---------- ---------- ---------- Net
(loss) income before provision for income taxes (214,728) (574,259)
(242,068) (961,550) Income tax benefit (expense) 68,710 214,054
77,459 358,233 ---------- ---------- ---------- ---------- Net
(loss) income $ (146,018)$ (360,205) $ (164,609)$ (603,317)
========== ========== ========== ========== Basic and diluted
(loss) income per common share $ (.03)$ (.08) $ (.04)$ (.13)
========== ========== ========== ========== Weighted average shares
outstanding 4,693,015 4,580,615 4,677,195 4,580,615 ==========
========== ========== ========== *T
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