ProPhase Labs Reports Financial Results for the Three and Six Months Ended June 30, 2020
August 11 2020 - 8:47AM
ProPhase Labs, Inc. (NASDAQ: PRPH, www.ProPhaseLabs.com) today
announced net sales of $3.6 million for the three months ended June
30, 2020, compared to net sales of $1.7 million for the three
months ended June 30, 2019. The Company recognized net income for
the three months ended June 30, 2020 of $70,000, or $0.01 per
share, compared to a net loss of $1.2 million, or ($0.11) per
share, for the three months ended June 30, 2019.
Results for the second quarter of 2020 compared
to the second quarter of 2019 principally reflect the net effect of
(i) an increase in net sales of $1.9 million due to an increase in
third party customer orders, (ii) a decrease in administrative
costs of $62,000 due principally to a decrease in professional
fees, (iii) a decrease in sales and marketing expenses of $217,000
resulting from a reduction in marketing initiatives and (iv) a
decrease in research and development expenditures of $30,000.
The Company generated net sales for the six
months ended June 30, 2020 of $5.5 million, as compared to $4.0
million for the six months ended June 30, 2019. The Company
incurred a net loss for the six months ended June 30, 2020 of $0.7
million, or (0.06) per share, as compared to a net loss of 2.3
million, or (0.19) per share, for the six months ended June 30,
2019.
Results for the six months ended June 30, 2020
as compared to the six months ended June 30, 2019 principally
reflect the net effect of (i) an increase in net sales of $1.5
million due to an increase in third party customer orders, (ii) a
decrease in administrative costs of $268,000 due principally to a
decrease in professional fees, (iii) a decrease in sales and
marketing expenses of $313,000 resulting from a reduction in
marketing initiatives and (iv) a decrease in research and
development expenditures of $65,000.
About the Company
We are a manufacturing and marketing company
with deep experience with OTC consumer healthcare products and
dietary supplements. We are engaged in the research, development,
manufacture, distribution, marketing and sale of OTC consumer
healthcare products and dietary supplements in the United States.
This includes the development and marketing of dietary supplements
under the TK SupplementsĀ® brand.
In addition, the Company also continues to
actively pursue acquisition opportunities for other companies,
technologies and products inside and outside the consumer products
industry. For more information visit us at
www.ProPhaseLabs.com.
Investor Contact
Ted Karkus, Chairman and CEOProPhase Labs,
Inc.(267) 880-1111
ProPhase Labs, Inc. and
SubsidiariesCondensed Consolidated Statements of
Operations(in thousands, except per share
amounts)(unaudited)
|
|
For the Three Months Ended |
|
|
For the Six Months Ended |
|
|
|
June 30, 2020 |
|
|
June 30, 2019 |
|
|
June 30, 2020 |
|
|
June 30 2019 |
|
Net sales |
|
$ |
3,623 |
|
|
$ |
1,651 |
|
|
$ |
5,511 |
|
|
$ |
3,969 |
|
Cost of sales |
|
|
2,344 |
|
|
|
1,390 |
|
|
|
3,817 |
|
|
|
3,188 |
|
Gross profit |
|
|
1,279 |
|
|
|
261 |
|
|
|
1,694 |
|
|
|
781 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing |
|
|
125 |
|
|
|
342 |
|
|
|
295 |
|
|
|
608 |
|
Administration |
|
|
1,030 |
|
|
|
1,092 |
|
|
|
2,028 |
|
|
|
2,296 |
|
Research and development |
|
|
65 |
|
|
|
95 |
|
|
|
124 |
|
|
|
189 |
|
Total operating expenses |
|
|
1,220 |
|
|
|
1,529 |
|
|
|
2,447 |
|
|
|
3,093 |
|
Income (loss) from
operations |
|
|
59 |
|
|
|
(1,268 |
) |
|
|
(753 |
) |
|
|
(2,312 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income, net |
|
|
11 |
|
|
|
30 |
|
|
|
14 |
|
|
|
61 |
|
Net income
(loss) |
|
$ |
70 |
|
|
$ |
(1,238 |
) |
|
$ |
(739 |
) |
|
$ |
(2,251 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain (loss) on
marketable debt securities |
|
|
(5 |
) |
|
|
8 |
|
|
|
6 |
|
|
|
23 |
|
Total comprehensive income
(loss) |
|
$ |
65 |
|
|
$ |
(1,230 |
) |
|
$ |
(733 |
) |
|
$ |
(2,228 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per
share: |
|
$ |
0.01 |
|
|
$ |
(0.11 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.19 |
) |
Diluted earnings (loss) per
share: |
|
$ |
0.01 |
|
|
$ |
(0.11 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.19 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
11,592 |
|
|
|
11,560 |
|
|
|
11,587 |
|
|
|
11,558 |
|
Diluted |
|
|
11,618 |
|
|
|
11,560 |
|
|
|
11,587 |
|
|
|
11,558 |
|
ProPhase Labs, Inc. and
SubsidiariesCondensed Consolidated Balance
Sheets (in
thousands)(unaudited)
|
|
|
|
June 30, |
|
|
December 31, |
|
|
|
2020 |
|
|
2019 |
|
|
|
|
|
|
(audited) |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
2,537 |
|
|
$ |
434 |
|
Marketable debt securities,
available for sale |
|
$ |
3,339 |
|
|
$ |
926 |
|
Accounts receivable, net |
|
$ |
1,930 |
|
|
$ |
2,010 |
|
Inventory |
|
$ |
2,047 |
|
|
$ |
1,459 |
|
Total current assets |
|
$ |
10,242 |
|
|
$ |
9,945 |
|
Total assets |
|
$ |
12,375 |
|
|
$ |
12,274 |
|
|
|
|
|
|
|
|
|
|
Total current liabilities |
|
$ |
1,395 |
|
|
$ |
933 |
|
Total non-current
liabilities |
|
$ |
86 |
|
|
$ |
110 |
|
Total stockholdersā
equity |
|
$ |
10,894 |
|
|
$ |
11,231 |
|
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