SAN JOSE, Calif., March 30, 2012 /PRNewswire/ -- Human
Pheromone Sciences, Inc. (EROX) ("HPS" or "the Company") filed a
Form 15 with the SEC. The Company filed a Form 15 with the
SEC in order to effect a termination of registration of its common
stock under the Securities Exchange Act of 1934. Upon this
voluntary filing the Company is no longer required to file periodic
and current reports with the SEC, including Forms 10-K, 10-Q and
8-K. The Company expects that its common stock will continue
to be traded in the Pink Sheets under the symbol, EROX.
"The Company and its Board of Directors determined that this
course of action would allow the Company to use its financial and
management resources on operations rather than on regulatory
compliance in a capital market which the Company is unable to
benefit from until its financial position improves. The
Company will continue to license and supply new and existing
customers with its three unique compounds currently available and
focus energies on identifying research and development partners for
additional compounds that have been identified," a spokesperson
indicated.
The Company is also announcing its unaudited results for the
three months and the year ended December 31,
2011. For the three months ended December 31, 2011, net revenue was $146,000, representing a 35% decrease from
revenues of $225,000 in the prior year period, and
resulted in net income of $12,000 ($0.00 per
share) as compared with net income of $118,000 ($0.03 per
share) for the three months ended December
31, 2010, a $106,000 decrease.
For the year ending December 31,
2011, net revenues of $569,000, were 29% less than revenues of
$806,000 generated in the year ended
December 31, 2010. The net loss in
the current year of $44,000
($0.01 per share) was $53,000, or 55%, reduction from the $97,000 loss ($0.02
per share) recorded for the year ended December 31, 2010.
Revenues in 2011 were either flat or less than 2011 in each
quarter and revenues by customer were all less than in 2010.
This decrease we attribute to the depressed global economic
conditions and the lack of new product or product line expansions
during the year, and an Asian customer converting to a
non-exclusive license. The Company continued to reduce operating
costs during 2011. Administrative expense reductions of
approximately $239,000 offset the
gross profit decrease of $196,000 for
the year resulting in a $53,0000 reduction to the a net loss
of $97,000 for the year ended
December 31, 2010 to $44,000 for the year ended December 31, 2011.
The Company has seen a renewed interest by existing customers,
inquires from potential customers, and orders from new
customers. "We are pleased to see a renewed interest in the
technology and continue to work in marketing the technology to
consumer product companies that can incorporate our technology into
their products," a spokesperson indicated. The Company
further noted that it continues to seek alternative distribution
channels for its technologies and to generate marketing interest in
its patent-pending sea coral based compound, classified as ER
303.
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 Natural
Attraction®, REALM®, innerREALM® and EROX®
trademarks. These products contain mood-enhancing compounds,
whose efficacy has been validated at leading universities around
the world, and whose use is covered under United States and foreign patents. The Company
is also involved in research and product development efforts on new
compounds that have been previously identified as stimulating the
emotional centers of the human brain. Further information is
available on line at www.hpsna.com.
Tables
follow
|
HUMAN
PHEROMONE SCIENCES, INC.
|
Condensed Balance Sheets
|
(Dollars in thousands)
|
|
December 31,
|
|
December 31,
|
|
2011
|
|
2010
|
|
Unaudited
|
|
Audited
|
Assets
|
Cash and
cash
equivalents
|
$
48
|
|
$
92
|
Accounts
receivable
|
77
|
|
108
|
Inventories
|
20
|
|
26
|
Other
current
assets
|
12
|
|
49
|
Property
and equipment,
net
|
-
|
|
-
|
|
Total
|
$
157
|
|
$
275
|
|
|
|
|
Liabilities and Shareholders'
Equity
|
|
Accounts
payable
|
$
35
|
|
$
42
|
Other
current
liabilities
|
142
|
|
102
|
Deferred
income -
current
|
33
|
|
146
|
Deferred
income –
non-current
|
30
|
|
24
|
Common
stock
|
21,098
|
|
21,098
|
Accumulated
deficit
|
(21,181)
|
|
(21,137)
|
|
Total
|
$
157
|
|
$
275
|
HUMAN
PHEROMONE SCIENCES, INC.
|
Condensed Statements of Operations
|
(Dollars in thousands, except per-share
data)
|
|
Three
months
|
|
Year
|
|
ended
December 31,
|
|
ended
December 31,
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
Unaudited
|
|
Audited
|
|
Unaudited
|
|
Audited
|
|
|
|
|
|
|
|
|
Net
revenues
|
$
146
|
|
$
225
|
|
$
569
|
|
$
806
|
Cost of
goods
sold
|
9
|
|
21
|
|
87
|
|
128
|
Research
and
development
|
4
|
|
(17)
|
|
18
|
|
23
|
Selling,
general and
administrative
|
126
|
|
103
|
|
511
|
|
750
|
|
|
|
|
|
|
|
|
Income
(loss) from
operations
|
7
|
|
118
|
|
(47)
|
|
(95)
|
|
|
|
|
|
|
|
|
Other
income
|
5
|
|
-
|
|
4
|
|
-
|
|
|
|
|
|
|
|
|
Income
(loss) before provision for
|
income
taxes
|
12
|
|
118
|
|
(43)
|
|
(95)
|
|
|
|
|
|
|
|
|
Provision
for Income
taxes
|
-
|
|
-
|
|
1
|
|
2
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
12
|
|
$
118
|
|
$
(44)
|
|
$
(97)
|
|
|
|
|
|
|
|
|
Net income
(loss) per share –
|
Basic
|
$
0.00
|
|
$
0.03
|
|
$
(0.01)
|
|
$
(0.02)
|
Fully
diluted
|
$
0.00
|
|
$
0.02
|
|
$
(0.01)
|
|
$
(0.02)
|
|
|
|
|
|
|
|
|
Weighted
average number of shares -
|
Basic
|
4,152
|
|
4,152
|
|
4,152
|
|
4,152
|
Fully
diluted
|
4,922
|
|
4,992
|
|
4,152
|
|
4,152
|
Net 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.
SOURCE Human Pheromone Sciences, Inc.