Human Pheromone Sciences Announces Second Quarter Results
17 August 2004 - 5:17AM
PR Newswire (US)
Human Pheromone Sciences Announces Second Quarter Results SAN JOSE,
Calif., Aug. 16 /PRNewswire-FirstCall/ -- Human Pheromone Sciences,
Inc. (OTC:EROX) (BULLETIN BOARD: EROX) ("HPS" or "the Company")
today announced results for the second quarter ended June 30, 2004.
As a result of the April 14, 2003 sale of its REALM(R) and
innerREALM(R) trademarks and related assets, the reported financial
data for the current year include information for both the on-going
operations, discontinued operations and in 2003, as the net gain
from sale of assets. Net revenues of $149,000, represented a 144%
increase from the sales of $61,000 in the prior year period, and
resulted in an operating loss from on-going operations of $279,000
($.07 per share) as compared with an operating loss from on-going
operations of $226,000 ($.05 per share) for the same period of
2003. For the six months ended June 30, 2004, net revenues were
$408,000, a 46% increase from the revenues of $279,000 in the prior
year period, and resulted in an operating loss from on-going
operations of $370,000 ($.09 per share) as compared with an
operating loss from on-going operations of $339,000 ($.08 per
share) for the same period of 2003. The Company indicated that is
was very pleased by the increase in revenue for the period, with
the growth attributable to the launch of its new Demeter Natural
Attraction line in the U.S. in April 2004, increased pheromone
sales domestically, and higher private label business outside the
United States. Gross margin improved over the prior year in both
the quarter and six months as a result of lower product costs.
Product development, package development and introduction expenses
for these new products were the primary factors in the increase in
selling, general and administrative expenses in both periods of
2004. The Company noted that these figures were in line with its
plans. "We anticipate additional launches of the Demeter Natural
Attraction brand in the third and fourth quarters," a 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), EROX(R) and Natural Attraction(R)
trademarks. These products contain synthesized human pheromones
covered under U.S. and foreign patents. 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.naturalattraction.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, 2003 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 (Unaudited) (Dollars in
thousands) June 30, December 31, 2004 2003 Assets Cash and cash
equivalents $1,473 $1,950 Accounts receivable, net 79 38
Inventories 74 52 Other current assets 46 19 Property and
equipment, net 22 9 Total $1,694 $2,068 Liabilities, convertible
redeemable preferred stock and shareholders' deficit Accounts
payable $40 $23 Other current liabilities 121 150 Convertible
redeemable preferred stock -- 150 Common stock 20,809 20,659
Accumulated deficit (19,276) (18,914) Total $1,694 $2,068 HUMAN
PHEROMONE SCIENCES, INC. Condensed Statements of Operations
(Unaudited) (Dollars in thousands, except per-share data) Three
months Six months ended June 30, ended June 30, 2004 2003 2004 2003
Net sales and revenues $149 $61 $408 $279 Cost of goods sold 33 19
73 84 Research and development 7 4 16 7 Selling, general and
administrative 388 264 689 527 (Loss) from operations (279) (226)
(370) (339) Other income 4 5 7 8 Tax benefit from ongoing
operations -- 33 -- 33 (Loss) from continuing operations (275)
(188) (363) (298) Net income from disposed operations -- 7 -- 79
Net gain on sale of assets 1 1,226 1 1,226 Net income (loss) $(274)
$1,045 $(362) $1,007 Basic earnings (loss) per share: From on-going
operations $(0.07) $(0.05) $(0.09) $(0.08) From disposed operations
$0.00 $0.00 $0.00 $0.02 From assets to be sold $0.00 $0.33 $0.00
$0.34 Net income (loss) $(0.07) $0.28 $(0.09) $0.28 Diluted
earnings (loss) per share: From on-going operations $(0.07) $(0.04)
$(0.09) $(0.06) From disposed operations $0.00 $0.00 $0.00 $0.02
From assets to be sold $0.00 $0.26 $0.00 $0.24 Net income (loss)
$(0.07) $(0.22) $(0.09) $0.20 Weighted average number of shares
outstanding - Basic 3,686 3,686 3,558 3,558 Weighted average number
of shares outstanding - Assuming dilution 3,686 4,773 3,558 5,011
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.naturalattraction.com/ Web site:
http://www.realmfragrances.com/
Copyright