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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/