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Human Pheromone Sciences Announces Third Quarter Results
Signs Research and Development Pact
SAN JOSE, Calif., Nov. 12 /PRNewswire-FirstCall/ -- Human Pheromone Sciences,
Inc. (NASD: EROX) ("HPS" or "the Company") today announced results for the
third quarter ended September 30, 2004 and that it had entered into an
agreement with the University of Utah to conduct research and development
programs on a series of compounds previously identified and isolated by
scientists working on behalf of the Company.
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 periods
include information for on-going operations, disposed operations and net gain
on sale of assets. Net revenues of $300,000, represented a 32% increase from
the sales of $227,000 in the prior year period, and resulted in an operating
loss from on-going operations of $131,000 ($.03 per share) as compared with an
operating loss from on-going operations of $108,000 ($.03 per share) for the
same period of 2003. For the nine months ended September 30, 2004, net
revenues were $708,000, a 40% increase from the revenues of $506,000 in the
prior year period, and resulted in an operating loss from on-going operations
of $494,000 ($.12 per share) as compared with an operating loss from on-going
operations of $406,000 ($.11 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 increased pheromone sales
domestically, higher private label business outside the United States and to
the launch of its new Demeter Natural Attraction line in the U.S. in April
2004. 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.
The Company has already established dedicated laboratories at the University,
staffed by its own scientists who have been involved in the research of mood
enhancing compounds for many years, and have published their results in
peer-reviewed scientific journals. "For the past fifteen years, these
scientists have been conducting basic research to identify naturally-occurring
mood-enhancing compounds, and the Company has invested millions of dollars to
conduct this basic research. We are now focused on testing these products on
humans to validate the efficacy of these proprietary compounds," a Company
spokesperson indicated.
The Company noted that it will seek the broadest patent protection available
for any of the compounds whose efficacy is validated in these human studies.
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 and quarterly report on Form
10-QSB for the quarter and nine months ended September 30, 2004 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,
2004 2003
Assets
Cash and cash equivalents $1,363 $1,950
Accounts receivable, net 93 38
Inventories 83 52
Other current assets 44 19
Property and equipment, net 20 9
Total $1,603 $2,068
Liabilities, convertible redeemable
preferred stock and shareholders' deficit
Accounts payable $66 $23
Other current liabilities 114 150
Convertible redeemable preferred stock -- 150
Common stock 20,809 20,659
Accumulated deficit (19,386) (18,914)
Total $1,603 $2,068
HUMAN PHEROMONE SCIENCES, INC.
Condensed Statements of Operations
(Unaudited)
(Dollars in thousands, except per-share data)
Three months Nine months
ended September 30, ended September 30,
2004 2003 2004 2003
Net sales and revenues $300 $227 $708 $506
Cost of goods sold 44 73 117 157
Research and development 27 11 43 18
Selling, general and
administrative 364 276 1,053 803
(Loss) from operations (135) (133) (505) (472)
Other income 4 24 11 32
Tax benefit from ongoing
operations -- 1 -- 34
(Loss) from continuing
operations (131) (108) (494) (406)
Net income from disposed
operations -- -- -- 79
Net gain on sale of assets 21 (8) 22 1,218
Net income (loss) $(110) $(116) $(472) $891
Basic earnings (loss)
per share:
From on-going operations $(0.03) $(0.03) $(0.12) $(0.11)
From disposed operations $0.00 $0.00 $0.00 $0.02
From assets to be sold $0.01 $0.00 $0.01 $0.33
Net income (loss) $(0.02) $(0 .03) $(0.11) $0.24
Diluted earnings (loss)
per share:
From on-going operations $(0.03) $(0.03) $(0.12) $ (0.09)
From disposed operations $0.00 $0.00 $0.00 $0.02
From assets to be sold $0.01 $0.00 $0.01 $0.26
Net income (loss) $(0.02) $(0.03) $(0.11) $0.19
Weighted average number
of shares outstanding -
Basic 4,152 4,028 4,121 3,717
Weighted average number of
shares outstanding -
Assuming dilution 4,152 4,028 4,121 4,731
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/