Human Pheromone Sciences Announces Quarterly and Full Year Results
01 April 2008 - 9:56AM
PR Newswire (US)
SAN JOSE, Calif., March 31, 2008 /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, 2007. For the three months ended
December 31, 2007, net revenue was $389,000, representing a 6%
decrease from revenues of $412,000 in the prior year period, and
resulted in net income of $38,000 ($.01 per share) as compared with
a net income of $66,000 ($.02 per share) for the same period of
2006. For the full year, net revenues of $1,291,000, were 5% higher
than revenues of $1,227,000 generated in the prior year. The net
loss in the current year of $16,000 ($.00 per share) was a
reduction from the $111,000 loss ($.03 per share) recorded for the
full year of 2006. "In the third and fourth quarters of 2006, we
had very large orders from our largest purchaser of pheromones that
were not replicated in the current year quarters. As such, for the
full year, revenue from pheromone sales were $207,000 (24%) lower
than in 2007, while revenues attributable to licensing activities
rose by $344,000 (188%) from the prior year. The growth in total
revenues in the current year is attributable to the licensing
activities. Lower operating expenses, coupled with the revenue
growth, gave rise to the improved bottom line in the current year,"
a spokesperson indicated. "These cyclical pheromone purchases are
unpredictable and, as such, we developed a set of strategic
imperatives to grow our licensing revenues, to formulate a program
to maximize revenues from our proprietary Natural Attractions(R)
brand and to complete human testing on additional novel compounds
that can contribute to the expansion of our business through the
scientific validation of additional technologies that will enhance
the value of our Company," a spokesman noted. "While we are not
pleased by the financial results for the current year fourth
quarter as compared with the prior year three month period, we
believe that focus on these three strategic imperatives will lessen
our dependence on the purchasing pattern of one large customer, and
ensure balanced growth in revenue and an expanded technology and
customer base, without major capital investment," the spokesman
further noted. 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, 2007 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, 2007 2006 Assets Cash and cash
equivalents $1,437 $1,941 Accounts receivable 194 39 Inventories,
net 25 75 Other current assets 40 18 Property and equipment, net 3
2 Total $1,699 $2,075 Liabilities and Shareholders' Equity Accounts
payable $28 $30 Other current liabilities 141 114 Deferred income -
current 518 846 Deferred income - non-current 566 721 Common stock
20,963 20,865 Accumulated deficit (20,517) (20,501) Total $1,699
$2,075 HUMAN PHEROMONE SCIENCES, INC. Condensed Statements of
Operations (Dollars in thousands, except per-share data) Three
months Year ended December 31, ended December 31, 2007 2006 2007
2006 Net revenues $389 $412 $1,291 $1,227 Cost of goods sold 99 108
376 287 Research and development 11 14 49 102 Selling, general and
administrative 256 235 942 969 Income (loss) from operations 23 55
(76) (131) Other income 15 18 65 27 Income (loss) before provision
for income taxes 38 73 (11) (104) Provision for Income taxes - 7 5
7 Net income (loss) $38 $66 $(16) $(111) Net income (loss) per
share - Basic $0.01 $0.02 $(0.00) $(0.03) Fully diluted $0.01 $0.01
$(0.00) $(0.03) Weighted average number of shares - Basic 4,152
4,152 4,152 4,152 Fully diluted 4,852 4,782 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/
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