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Human Pheromone Sciences Announces Third Quarter Results
(Continuing Operations Revenue Increases 38% and Loss Declines 51%)
SAN JOSE, Calif., Nov. 13 /PRNewswire-FirstCall/ -- Human Pheromone Sciences,
Inc. (BULLETIN BOARD: EROX) ("HPS" or "the Company") today announced results
for the third quarter ended September 30, 2003. 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 being sold. The prior year financial data
have been restated to conform to the current year financial presentation. Net
sales from on-going operations of $227,000, represented a 38% increase from the
restated sales of $165,000 in the prior year period, and resulted in a loss from
on-going operations of $108,000 ($.03 per share) as compared with a loss from
on-going operations of $222,000 ($.07 per share) for the same period of 2002.
For the nine months ended September 30, 2003, net sales from on-going operations
were $506,000, representing an 11% increase from the restated sales of $456,000
in the prior year period, and resulted in a loss from on-going operations of
$406,000 ($.11 per share) as compared with a loss from on-going operations of
$653,000 ($.19 per share) for the same period of 2002. For the quarter ended
September 30, 2003, there was no net income from assets sold ($.00 per share),
as compared with $134,000 income ($.04 per share) generated by this sector of
the business in the third quarter of 2002. The net gain on the sale of the
REALM and innerREALM assets for the nine-month period of the current year was
$1,218,000. For the nine- month period, net income from disposed assets was
$79,000 in the current year as compared with $481,000 in the prior year nine
months.
"The sale of the REALM and innerREALM business earlier this year provided HPS
with the additional financial resources to expand business development efforts
and establish an internal research and development program. Business
development has been active during the past quarter and dedicated research and
development efforts will be expanded in the final quarter of the 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. We are pleased with the continued growth
of our Natural Attraction(R) product line and the expansion of private label
opportunities for our patented technology," the 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 REALM(R), innerREALM(R), EROX(R) and
Natural Attraction(R) trademarks. These initial products contain mood-
enhancing compounds covered under U.S. and foreign patents. Scientific and
consumer studies have shown that the Company's patented technology positively
impact on the moods, attitudes and emotions of consumers. 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, 2002 and quarterly report on Form
10-QSB for the quarter and nine months ended September 30, 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)
September 30, December 31,
2003 2002
Assets
Cash and cash equivalents $1,860 $1,394
Accounts receivable, net 250 249
Inventories 68 151
Assets to be sold -- 493
Other current assets 46 10
Property and equipment, net 9 5
Product licenses 50 50
Total $2,283 $2,352
Liabilities, convertible redeemable preferred stock and shareholders'
deficit
Accounts payable $ 39 $ 186
Liabilities associated with assets to be Sold -- 330
Other current liabilities 133 110
Convertible redeemable preferred stock 150 3,706
Common stock 20,717 17,667
Accumulated deficit (18,756) (19,581)
Foreign currency translation -- (66)
Total $2,283 $2,352
HUMAN PHEROMONE SCIENCES, INC.
Condensed Statements of Operations
(Unaudited)
(Dollars in thousands, except per-share data)
Three months ended Nine months ended
September 30, September 30,
2003 2002 2003 2002
Net sales and revenues $227 $165 $506 $456
Cost of goods sold 73 54 157 135
Research and development 11 80 18 242
Selling, general and
administrative 276 270 803 759
(Loss) from operations (133) (239) (472) (680)
Other income 24 17 32 27
Tax benefit from
ongoing operations 1 -- 34 --
(Loss) from continuing
operations (108) (222) (406) (653)
Net income from disposed
operations -- 134 79 481
Net gain (loss) on
sale of assets (8) -- 1,218 --
Net income (loss) $(116) $(88) $891 $(172)
Basic earnings (loss) per share:
From on-going
operations $(0.03) $(0.07) $(0.11) $(0.19)
From disposed
operations $(0.00) $0.04 $0.02 $0.14
From assets to
be sold $0.00 $0.00 $0.33 $0.00
Net income (loss) $(0.03) $(0.03) $0.24 $ (0.05)
Diluted earnings (loss) per share:
From on-going
operations $(0.03) $(0.07) $ (0.09) $(0.19)
From disposed
operations $(0.00) $0.04 $0.02 $0.14
From assets to
be sold $0.00 $0.00 $0.26 $0.00
Net income (loss) $(0.03) $(0.03) $0.19 $ (0.05)
Weighted average
number of shares
outstanding - Basic 4,028 3,430 3,717 3,430
Weighted average
number of shares
outstanding - Assuming
dilution 4,028 3,430 4,731 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/