OraLabs Holding Corp. (NASDAQ: OLAB) today announced that first
quarter revenues were $4,518,709 with a net income of $.07 per
share, or $333,895. The same period in 2005 reported revenues of
$3,580,849 with a net loss of $.00 per share (less than .01 per
share), or $15,652. Revenues increased $937,860 and the net income
increased $349,547. The increases in revenue and net income can be
significantly attributed to expansion of the Company's customer
base. A more detailed explanation of these results can be found in
the March 31, 2006, Form 10-QSB, Part II, Results of Operations.
OraLabs, Inc. manufactures Ice Drops(R) brands oral care products;
Sour Zone(TM) brands sour products; and Lip Rageous(R), Lip
Naturals(R), Chap Ice(R), Extra Lip Moisturizer, Leashables(R),
Chapgrip(R), Soothe & Shine(R) brands of lip balm. The product
line includes breath drops and sprays, sour drops and sprays, lip
balms and a variety of private label products. The Company
distributes Sanell(TM) hand sanitizer and Eyelieve(TM) sterile eye
products. The Company's products are currently sold in the USA
nationally as well as numerous foreign countries. The products are
sold through wholesale distributors as well as by direct sale to
mass retailers, grocery stores, convenience stores and drug stores.
Forward-Looking and Cautionary Statements Except for historical
information and discussions contained herein, statements included
in this release may constitute "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. Reference is made in particular to statements regarding
anticipated sales growth, expectations regarding financial results
for the quarter and expectations regarding future outcomes. These
statements are based on the Company's current beliefs and
expectations as to such future outcomes. These statements involve a
number of risks, uncertainties, and other factors that could cause
results to differ materially, as discussed in the Company's filings
with the Securities and Exchange Commission. The Company can offer
no assurance that the definitive agreement discussed in this press
release will close on the terms described above, if at all. -0- *T
Consolidated Balance Sheets March 31, 2006 December 31, 2005
-------------- ----------------- Unaudited Assets Current assets
Cash and cash equivalents $1,972,680 $1,834,144 Accounts
receivable-trade, net of allowance for doubtful accounts of
$114,480 (2006) and $86,639 (2005) 1,334,940 1,795,898 Inventories
2,597,619 2,555,634 Prepaid expenses 281,982 173,533 Deposits and
other assets 416,287 257,949 ---------- ---------- Total current
assets 6,603,508 6,617,158 Non-current assets Deferred tax assets,
net 179,000 Property and equipment, net 1,928,697 1,858,754
---------- ---------- Total non-current assets 1,928,697 2,037,754
---------- ---------- Total assets $8,532,205 $8,654,912 ==========
========== Liabilities and Stockholders' Equity Current liabilities
Accounts payable - trade $965,541 $1,021,153 Deferred revenue
86,244 630,000 Accrued liabilities 236,895 121,321 Reserve for
returns 102,563 100,810 Current portion of long-term debt 6,300
6,300 Deferred tax liability current 203,936 221,724 ----------
---------- Total current liabilities 1,601,479 2,101,308 ----------
---------- Non-current liabilities Long-term debt, less current
portion 5,250 6,825 Deferred tax liability long-term 44,802
---------- ---------- Total non-current liabilities 50,052 6,825
---------- ---------- Commitments and contingencies Stockholders'
equity Preferred stock, $.001 par value, 1,000,000 shares
authorized; none issued and outstanding 0 0 Common stock, $.001 par
value; 25,000,000 shares authorized, 4,693,015 issued and
outstanding 4,693 4,693 Additional paid-in capital 1,511,820
1,511,820 Retained earnings 5,364,161 5,030,266 ----------
---------- Total stockholders' equity 6,880,674 6,546,779
---------- ---------- Total liabilities and stockholders' equity
$8,532,205 $8,654,912 ========== ========== *T -0- *T ORALABS
HOLDING CORP. AND SUBSIDIARIES Consolidated Statements of
Operations for the Three Months ended March 31, 2006, and March 31,
2005 Unaudited 03/31/06 03/31/05 Product sales, net $4,518,709
$3,580,849 Cost of Sales 2,708,487 2,380,514 ---------- ----------
Gross profit 1,810,222 1,200,335 ---------- ---------- Operating
Expenses: Engineering 45,651 92,872 Selling and marketing costs
433,036 406,462 General and administrative 767,231 715,015 Other
25,823 20,353 ---------- ---------- Total operating expenses
1,271,741 1,234,702 ---------- ---------- Income (loss) from
operations 538,481 (34,367) Other income Interest and other income
12,405 11,350 ---------- ---------- Total other income 12,405
11,350 ---------- ---------- Net income (loss) before provision for
income taxes 550,886 (23,017) Income tax (expense) benefit
(216,991) 7,365 ---------- ---------- Net income (loss) $333,895
$(15,652) ========== ========== Basic and diluted net income (loss)
per common share $.07 $.00 ========== ========== Weighted average
shares outstanding - basic 4,693,015 4,668,615 ==========
========== Weighted average shares outstanding - diluted 4,705,129
4,668,615 ========== ========== *T
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