Human Pheromone Sciences Announces Full Year Results
30 Marzo 2004 - 10:12PM
PR Newswire (US)
Human Pheromone Sciences Announces Full Year Results (Continuing
Operations Revenue Grows and Loss Declines) SAN JOSE, Calif., March
30 /PRNewswire-FirstCall/ -- Human Pheromone Sciences, Inc.
(BULLETIN BOARD: EROX) ("HPS" or "the Company") today announced
results for the year ended December 31, 2003 and the fourth quarter
ended the same day. 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 business and for the assets sold. The prior
year financial data have been restated to conform to the current
year financial presentation. For the full year, net sales from
on-going operations of $646,000, represented a 17% increase from
the restated sales of $554,000 in the prior year period, and
resulted in a loss from on-going operations of $577,000 ($.15 per
share) as compared with a loss from on-going operations of $934,000
($.27 per share) for the same period of 2002, a 38% reduction. Net
income for the full year was $667,000 ($0.18 per share) as compared
with a net loss of $213,000 ($0.06 per share) for the twelve months
ended December 31, 2002, a result of the reduced loss from
continuing operationsand the net gain from the sale of the REALM
assets. For the three months ended December 31, 2003, net sales
from on-going operations were $140,000, representing a 43% increase
from the restated sales of $98,000 in the prior year period, and
resulted ina loss from on-going operations of $171,000 ($.04 per
share) as compared with a loss from on-going operations of $281,000
($.08 per share) for the same period of 2002, a 39% decrease. For
the quarter ended December 31, 2003, there was a net loss from
assets sold of $53,000 ($.02 per share), as compared with a net
income of 240,000 ($.07 per share) generated by this sector of the
business in the fourth quarter of 2002. At December 31, 2003, the
Company had cash balances of $1,950,000, a 40% increase from
December 31, 2002; In addition, the Company had no outstanding bank
borrowing, and a current ratio of 11.9 as compared to 6.6 at
December 31, 2002. "The sale of the REALM and innerREALM business
earlier this year provided HPS with the additionalfinancial
resources to expand business development efforts and establish an
internal research and development program. As part of this program,
the Company signed an agreement with Demeter F.L., Inc. for the
joint development and marketing a new line of fragrance and
toiletry products under both the Company's Natural Attraction(R)
trademark and the Demeter trademark. The initial products in the
Natural Attraction from Demeter lines will be introduced in April
2004 in all Sephora stores in the United States. Business
development continued to be active during the past quarter and
dedicated research and development efforts should commence in the
second quarter of this year. It is gratifying to see another
quarterly increase in revenues from continuing operations and a
concurrent decrease in the net loss emanating from our on-going
business, the Company indicated," a Company spokesman 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 Natural
Attraction(R), REALM(R), innerREALM(R) and EROX(R) trademarks.
These products 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.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) Dec. 31, Dec. 31, 2003 2002 Assets Cash and cash
equivalents $1,950 $1,394 Accounts receivable, net 38 249
Inventories 52 146 Assets to be sold -- 168 Other current assets 19
10 Property and equipment, net 9 5 Product licenses 50 Total $2,068
$2,022 Liabilities, convertible redeemable preferred stock and
shareholders' equity (deficit) Accounts payable $23 $186 Other
current liabilities 150 110 Convertible redeemable preferred stock
150 3,706 Common stock 20,659 17,667 Accumulated deficit (18,914)
(19,581) Foreign currency translation -- (66) Total $2,068 $2,022
HUMAN PHEROMONE SCIENCES, INC. Condensed Statements of Operations
(Unaudited) (Dollars in thousands, except per-share data) Three
months Year ended December 31, ended December 31, 2003 2002 2003
2002 Net sales and revenues $140 $98 $646 $554 Cost of goods sold
20 32 177 167 Research and development 10 54 28 296 Selling,
general and administrative 256 297 1,059 1,056 (Loss) from
operations (146) (285) (618) (965) Other income (expense) (46) (6)
(14) 21 Tax benefit from ongoing operations 21 10 55 10 (Loss) from
on-going operations (171) (281) (577) (934) Net income (loss)
operations sold (5) 240 74 721 Net gain (loss) from sale of assets
(48) -- 1,170 -- Net income (loss) $(224) $(41) $667 $(213) Basic
earnings (loss) per share: From on-going operations $(0.04) $(0.08)
$(0.15) $(0.27) From operations sold $(0.00) $0.07 $0.02 $0.21 From
assets sold $(0.02) $0.00 $0.31 $0.00 Net income (loss) $(0.06)
$(0.01) $0.18 $(0.06) Diluted earnings (loss) per share: From
on-going operations $(0.04) $(0.08) $(0.13) $(0.27) From operations
sold $(0.00) $0.07 $0.02 $0.21 From assets sold $(0.02) $0.00 $0.26
$0.00 Net income (loss) $(0.06) $(0.01) $0.15 $(0.06) Weighted
average number of shares outstanding -- Basic 4,059 3,430 3,803
3,430 Weighted average number of shares outstanding -- Assuming
dilution 4,059 3,430 4,588 3,430 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.realmfragrances.com/
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