UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 14, 2014
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______________________RBC Life Sciences, Inc.______________________ (Exact name of registrant as specified in its charter) |
_______NEVADA_______ (State or other jurisdiction of incorporation) | _______000-50417_________ (Commission File Number) | _______91-2015186________ (IRS Employer Identification No.) |
2301 CROWN COURT, IRVING, TEXAS (Address of principal executive offices) | ____________75038_____________ (Zip Code) |
Registrant's telephone number, including area code __________972-893-4000______________ |
__________________________N/A____________________________ (Former name or former address, if changed since last report) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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[ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
[ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
[ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
[ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 Results of Operations and Financial Condition.
On August 14, 2014, RBC Life Sciences, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended June 30, 2014. A copy of the press release is furnished as Exhibit 99.1 to this Form 8-K and the information contained therein is incorporated by reference.
In accordance with General Instruction B.2 of Form 8-K, the information in Item 2.02 of this form 8-K (including the attached Exhibit 99.1), shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), nor shall it be deemed incorporated by reference in any registration statement or other disclosure document of the Company filed pursuant to the Securities Act of 1933, as amended, or the Exchange Act except as shall be expressly set forth by specific reference in such document.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
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99.1 | Press release dated August 14, 2014 announcing financial results for the quarter ended June 30, 2014. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: August 14, 2014
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RBC Life Sciences, Inc. |
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By: /s/ Steven E. Brown |
Name: Steven E. Brown |
Title: President and Chief Financial Officer |
Exhibit Index
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Exhibit Number | Description |
99.1 | Press release dated August 14, 2014, announcing financial results for the quarter ended June 30, 2014 |
EXHIBIT 99.1
RBC Life Sciences®
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Press Release | For Further Information: |
For Immediate Release | Steven E. Brown, President, CFO |
| Tel: 972-893-4000 |
| steve.brown@rbclifesciences.com |
RBC Life Sciences Reports Second Quarter Results
Irving, Texas, August 14, 2014 - RBC Life Sciences, Inc. (OTCQB: RBCL), a provider of proprietary nutritional supplements, and wound care and pain management products, today reported consolidated net sales of $7.9 million for the quarter ended June 30, 2014, an 18% increase over net sales of $6.7 million in the second quarter of 2013. The Company reported a second quarter net loss of $7,000, or $0.00 per share, compared to a net loss of $147,000, or $0.07 per share, for the same quarter last year. Net sales were $13.6 million for the six months ended June 30, 2014, a 10% increase over net sales of $12.4 million in the same period last year. For the six months ended June 30, 2014 the Company reported a net loss of $385,000, or $0.17 per share, compared to a net loss of $155,000, or $0.07 per share, in the comparable period in 2013. All per share amounts have been restated to reflect the 1-for-500 reverse stock split and 50-for-1 forward stock split affected on August 9, 2013.
"The Company has focused in the last few years on expansion in Southeast Asia and promoting our lead product Stem-KineTM, a nutritional supplement that has been shown in human clinical studies to enable the body to produce more stem cells. We are pleased with the increasing sales of Stem-Kine as more and more people become aware of the benefits of autologous stem cells through reports on hundreds of clinical trials being conducted throughout the world," said RBC Life Sciences CEO, Clinton H. Howard.
Mr. Howard continued, "Sales of Nutritional Products through our network of independent Associates increased 64% during the second quarter of 2014 compared with Associate network sales in the same quarter last year. Sales of Nutritional Products to our foreign licensees increased 3% in the second quarter of this year compared to the same period in 2013. During the second quarter, we opened our fourth training and distribution center in Southeast Asia located in Jakarta, Indonesia."
About RBC Life Sciences
Through wholly owned subsidiaries, RBC Life Sciences develops, manufactures and markets high-quality nutritional supplements under the RBC Life brand to a growing population of consumers seeking healthy lifestyle and an opportunity to increase their long-term family income. Through its wholly owned subsidiary, MPM Medical, the Company also develops and markets to health care professionals in the United States proprietary prescription and nonprescription products for advanced wound care and pain management. All products are tested for quality assurance in-house, and by outside independent laboratories, to comply with regulations in the U.S. and in more than 30 countries in which the products are distributed. For more information, visit the company's website at www.rbclifesciences.com.
The statements above, other than statements of historical fact, that express a belief, expectation or intention may be forward-looking statements within the meaning of the federal securities laws. Actual events will be dependent upon a number of factors and risks including, but not limited to, changes in plans by the Company's management, delays or problems in production, changes in the regulatory process, changes in market trends, and a number of other factors and risks described from time to time in the Company's filings with the Securities and Exchange Commission. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we can give no assurance that such expectations will prove to have been correct. Further, we specifically disclaim any duty to update any of the information set forth in this press release, including any forward-looking statements. Forward-looking statements are made based on management's current expectations and beliefs concerning future events and, therefore, involve a number of assumptions, risks and uncertainties. Management cautions that forward-looking statements are not guarantees, and our actual results could differ materially from those expressed or implied in the forward-looking statements.
RBC Life Sciences - Second Quarter 2014
Page 2
RBC Life Sciences, Inc.
Summary Results of Operations
(in thousands, except per share data)
(unaudited)
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| Quarter Ended June 30, |
| 2014 | | 2013 |
Net sales | $ | 7,885 |
| | $ | 6,694 |
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Gross profit | 4,122 |
| | 2,971 |
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Operating income (loss) | 33 |
| | (198 | ) |
Earnings (loss) before income taxes | 9 |
| | (226 | ) |
Provision (benefit) for income taxes | 16 |
| | (79 | ) |
Net loss | (7 | ) | | (147 | ) |
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Loss per share - basic (a) | $ | (0.00 | ) | | $ | (0.07 | ) |
Loss per share - diluted (a) | $ | (0.00 | ) | | $ | (0.07 | ) |
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Weighted average shares outstanding - basic (a) | 2,212 |
| | 2,223 |
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Weighted average shares outstanding - diluted (a) | 2,212 |
| | 2,223 |
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| Six Months Ended June 30, |
| 2013 | | 2012 |
Net sales | $ | 13,598 |
| | $ | 12,386 |
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Gross profit | 7,304 |
| | 5,944 |
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Operating loss | (459 | ) | | (174 | ) |
Loss before income taxes | (509 | ) | | (232 | ) |
Benefit for income taxes | (124 | ) | | (77 | ) |
Net loss | (385 | ) | | (155 | ) |
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Loss per share - basic (a) | $ | (0.17 | ) | | $ | (0.07 | ) |
Loss per share - diluted (a) | $ | (0.17 | ) | | $ | (0.07 | ) |
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Weighted average shares outstanding - basic (a) | 2,212 |
| | 2,223 |
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Weighted average shares outstanding - diluted (a) | 2,212 |
| | 2,223 |
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(a) All share and per share amounts have been adjusted to reflect the 1-for-500 reverse stock split and 50-for-1 forward stock split affected on August 9, 2013
RBC Life Sciences - Second Quarter 2014
Page 3
RBC Life Sciences, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
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| June 30, | | December 31, |
| 2014 | | 2013 |
Assets | | | |
Cash and cash equivalents | $ | 2,113 |
| | $ | 3,746 |
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Inventories | 5,553 |
| | 5,142 |
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Other current assets | 2,030 |
| | 2,130 |
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Total current assets | 9,696 |
| | 11,018 |
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Other assets | 7,048 |
| | 6,516 |
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Total assets | $ | 16,744 |
| | $ | 17,534 |
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Liabilities and shareholders' equity | | | |
Accounts payable and accrued liabilities | $ | 3,795 |
| | $ | 2,765 |
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Deferred revenue | 2,474 |
| | 3,678 |
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Other current liabilities | 221 |
| | 212 |
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Total current liabilities | 6,490 |
| | 6,655 |
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Other liabilities | 1,628 |
| | 1,865 |
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Shareholders' equity | 8,626 |
| | 9,014 |
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Total liabilities and shareholders' equity | $ | 16,744 |
| | $ | 17,534 |
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