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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/