Human Pheromone Sciences Announces Quarterly and Full Year Results
29 March 2007 - 9:00AM
PR Newswire (US)
(Revenue growth in both periods results in net income for quarter
and 88% loss reduction for full year) SAN JOSE, Calif., March 28
/PRNewswire-FirstCall/ -- Human Pheromone Sciences, Inc. (OTC:EROX)
(BULLETIN BOARD: EROX) ("HPS" or "the Company") today announced
results for the three months and the year ended December 31, 2006.
For the three months ended December 31, 2006, net revenue was
$412,000, representing more than a five-fold increase from revenues
of $66,000 in the prior year period, and resulted in net income of
$66,000 ($.02 per share) as compared with a net loss of $207,000
($.05 per share) for the same period of 2005. For the full year,
net revenues of $1,227,000, were approximately three times higher
than the revenue of $414,000 in the prior year. The net loss in the
current year of $111,000 ($.03 per share) was a significant
reduction from the $934,000 loss ($.22 per share) recorded in the
full year of 2005. Excluding deferred revenue, the Company's
current ratio improved to 14.4 as compared with 3.9 at December 31,
2005, with cash increasing to $1,941,000 from $452,000 at prior
year end. The growth of revenue in both the fourth quarter and the
full year was attributable to significant increases in pheromone
purchases by our largest customer (more than 500% for the quarter
and 300% for the full year) and revenues resulting from a licensing
agreement signed in the third quarter of 2006. In addition,
international revenues for the full year more than doubled as a
result of higher sales to existing customers and additional markets
opened during the year. Increased gross profit associated with the
revenue jump in the quarter gave rise to a net income of $66,000 in
the period as compared with a loss of more than $200,000 in the
prior year period. For the full year, increased gross profit,
coupled with more than a 15% drop in total operating expenses
resulted in the loss being reduced to $111,000 from more than
$900,000 in 2005. "Obviously, we are pleased by the continued
growth in existing markets, new licensees and new interest being
shown in our patented technology," a Company spokesperson
indicated. Human Pheromone Sciences, Inc. is a technology-based
company, whose proof- of-concept products included prestige-priced
fragrances and toiletries and environmental products sold under the
REALM(R), innerREALM(R) and EROX(R) trademarks. These products, and
its Natural Attraction(R) product line, contain mood-enhancing
synthesized human pheromones covered under U.S. and foreign
patents. The Company also licenses its proprietary technology to
other companies for inclusion in their products for direct sale to
the consumer. Scientific and consumer studies have shown that the
Company's human pheromones positively impact on the moods,
attitudes and emotions of wearers. Further information is available
on line at http://www.erox.com/. The statements in this news
release may contain forward-looking statements that involve risks
and uncertainties that could cause results to differ from predicted
results. Further information on factors that could affect the
Company's results is detailed in the Company's annual report to
shareholders on Form 10-KSB for the year ended December 31, 2006 as
filed with the Securities and Exchange Commission. The Company
undertakes no obligation to publicly release the result of any
revisions to these forward-looking statements. HUMAN PHEROMONE
SCIENCES, INC. Condensed Balance Sheets (Dollars in thousands)
December 31, December 31, 2006 2005 Assets Cash and cash
equivalents $1,941 $452 Accounts receivable 39 11 Inventories, net
75 70 Other current assets 18 18 Property and equipment, net 2 8
Total $2,075 $559 Liabilities and shareholders' equity Accounts
payable $30 $21 Other current liabilities 114 119 Deferred income -
current 846 - Deferred income - non-current 721 - Common stock
20,865 20,809 Accumulated deficit (20,501) (20,390) Total $2,075
$559 HUMAN PHEROMONE SCIENCES, INC. Condensed Statements of
Operations (Dollars in thousands, except per-share data) Three
months Year ended December 31, ended December 31, 2006 2005 2006
2005 Net revenues $412 $66 $1,227 $414 Cost of goods sold 108 18
287 88 Research and development 14 32 102 164 Selling, general and
administrative 235 226 969 1,113 Income (loss) from operations 55
(210) (131) (951) Other income 18 3 27 17 Income (loss) before
provision for income taxes 73 (207) (104) (934) Provision for
Income taxes 7 - 7 - Net income (loss) $66 $(207) $(111) $(934) Net
income (loss) per share - Basic $0.02 $(0.05) $(0.03) $(0.22) Fully
diluted $0.01 $(0.05) $(0.03) $(0.22) Weighted average number of
shares - Basic 4,152 4,152 4,152 4,152 Fully diluted 4,782 4,152
4,152 4,152 Net income (loss) per share is based on the weighted
average number of common shares and common equivalents outstanding
during each period. Certain common stock equivalents are excluded
when their effect would be anti- dilutive. DATASOURCE: Human
Pheromone Sciences, Inc. CONTACT: William P. Horgan, Chairman, CEO
of Human Pheromone Sciences, Inc., +1-408-938-3030 Web site:
http://www.erox.com/
Copyright