Oralabs (NASDAQ:OLAB)
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third graph of release should read: A more detailed
explanation of these results can be found in the June 30, 2005, Form
10-QSB, Part II, Results of Operations (sted A more detailed
explanation of these results can be found in the March 31, 2005, Form
10-QSB, Part II, Results of Operations.).
The corrected release reads:
ORALABS ANNOUNCES SECOND QUARTER RESULTS
OraLabs Holding Corp. (NASDAQ: OLAB) today announced that second
quarter revenues were $2,543,188 with a net loss of less than $.01 per
share, or $2,926. The same period in 2004 reported revenues of
$3,010,480 with net loss of $.04 per share, or $200,565.
The Company's increased gross profit from more concentrated sales
to higher margin customers helped the Company to improve to a minor
loss of $2,926 despite a decrease in revenue of $467,292. The second
half of the year should yield higher revenues if sales show the
anticipated growth expected by the Company. Given increased sales
orders with gross margin in line with the first six months and the
improved operations capabilities, the Company is hopeful to have
profitable third and fourth quarters and turn a profit for fiscal year
2005.
A more detailed explanation of these results can be found in the
June 30, 2005, Form 10-QSB, Part II, Results of Operations.
The Form 10-QSB filed today with the United States Securities and
Exchange Commission ("SEC") includes as exhibits the Consolidated
Financial Statements as of December 31, 2004, of NVC Lighting
Investment Holdings Limited ("NVC"), including the report of its
Independent Registered Public Accounting Firm, and NVC's Consolidated
Financial Statements as of March 31, 2005, and NVC's Consolidated
Financial Statements as of June 30, 2005. The Company and NVC are
parties to a Stock Exchange Agreement dated February 23, 2005, a copy
of which was filed with the SEC on February 24, 2005, as an exhibit to
a Form 8-K filed by the Company. In furtherance of the Stock Exchange
Agreement, the Company filed a Preliminary Proxy Statement on August
12, 2005, that provides details about the proposed transactions
contemplated by the Stock Exchange Agreement. The Preliminary Proxy
Statement may be revised in material respects prior to the preparation
by the Company of a Definitive Proxy Statement. There is no assurance
that closing under the Stock Exchange Agreement will occur, or if it
occurs, whether it will close under the terms described in the
Preliminary Proxy Statement or in the Stock Exchange Agreement.
OraLabs, Inc. manufactures Ice Drops(R) and Sour Zone(TM) brands
oral care products; and Lip Rageous(R), Lip Naturals(R), Chap Ice(R),
Extra Lip Moisturizer, Leashables(R), Chapgrip(R), Soothe & Shine(R)
brands of lip balm. The product line includes breath drops and sprays,
sour drops and sprays, lip balms and a variety of private label
products. The Company distributes 5HTP, as its only dietary
supplement; additionally the Company distributes Sanell (TM) hand
sanitizer and Eyelieve (TM) sterile eye products. The Company's
products are currently sold in the USA nationally as well as numerous
foreign countries. The products are sold through wholesale
distributors as well as by direct sale to mass retailers, grocery
stores, convenience stores and drug stores.
Forward-Looking and Cautionary Statements
Except for historical information and discussions contained
herein, statements included in this release may constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Reference is made in
particular to statements regarding anticipated sales growth,
expectations regarding financial results for the quarter and future
periods, and statements relating to the possible closing under the
Stock Exchange Agreement and to the final terms of the Stock Exchange
Agreement. These statements are based on the company's current beliefs
and expectations as to such future outcomes. These statements involve
a number of risks, uncertainties, and other factors that could cause
results to differ materially, as discussed in the Company's filings
with the Securities and Exchange Commission.
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*T
ORALABS HOLDING CORP AND SUBSIDIARIES
Consolidated Balance Sheets
June 30,
2005 December 31,
Unaudited 2004
---------- -------
Assets
Current Assets
Cash and cash equivalents $1,071,137 $ 866,432
Accounts receivable, net of allowance
for doubtful accounts of $204,799 (2005)
and $345,177 (2004) 814,346 1,275,820
Inventories 3,187,344 2,878,755
Deferred tax asset - current 285,117 285,117
Income taxes receivable 194,081 329,648
Prepaid expenses 164,944 264,451
Deposits and other assets 70,931 158,720
---------- ----------
Total current assets 5,787,900 6,058,943
Non-current assets
Deferred tax asset, long-term 54,084 45,336
Property and equipment, net 1,812,183 1,668,675
---------- ----------
Total non-current assets 1,866,267 1,714,011
---------- ----------
Total Assets $7,654,167 $7,772,954
========== ==========
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable - trade $ 817,049 $ 850,157
Accrued liabilities 133,664 131,812
Reserve for returns 251,895 362,342
Income tax payable 0 0
Current portion of long-term debt 8,437 12,581
---------- ----------
Total current liabilities 1,211,045 1,356,892
---------- ----------
Non-current Liabilities
Long-term debt, less current portion 8,925 12,075
---------- ----------
Total non-current liabilities 8,925 12,075
---------- ----------
Commitments and contingencies
Stockholders' equity
Preferred stock, $.001 par value,
1,000,000 shares authorized; none
issued and outstanding 0 0
Common stock, $.001 par value; 25,000,000
shares authorized, 4,693,015 issued
(2005 and 2004), 4,693,015 (2005) and
4,580,615 (2004) outstanding. 4,693 4,669
Additional paid -in capital 1,511,820 1,463,044
Retained earnings 4,917,684 4,936,274
---------- ----------
Total stockholders' equity 6,434,197 6,403,987
---------- ----------
Total liabilities and stockholders' equity $7,654,167 $7,772,954
========== ==========
*T
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*T
ORALABS HOLDING CORP AND SUBSIDIARIES
Consolidated Statements of Operations
Three Months and Six Months ended June 30, 2005 and June 30, 2004
Unaudited
Three Months Ended Six Months Ended
06/30/05 06/30/04 06/30/05 06/30/04
-------- -------- -------- --------
Revenues:
Product sales $2,543,188 $3,010,480 $6,124,024 $6,790,656
---------- ---------- ---------- ----------
Total Revenues 2,543,188 3,010,480 6,124,024 6,790,656
---------- ---------- ---------- ----------
Cost of Sales 1,597,957 2,180,662 3,978,471 4,794,109
---------- ---------- ---------- ----------
Gross profit 945,231 829,818 2,145,553 1,996,547
---------- ---------- ---------- ----------
Operating Expenses:
Engineering 34,838 81,495 127,709 182,976
Selling and marketing
costs 244,949 297,801 656,411 700,935
General and
administrative 693,107 762,265 1,403,122 1,477,018
Other 5,554 10,446 25,907 27,937
---------- ---------- ---------- ----------
Total operating expenses 978,448 1,152,007 2,213,149 2,388,866
---------- ---------- ---------- ----------
Net operating (loss) income (33,217) (322,189) (67,596) (392,319)
Other income (expense)
Interest and other income 28,908 2,586 40,258 5,028
---------- ---------- ---------- ----------
Total other income
(expense) 28,908 2,586 40,258 5,028
---------- ---------- ---------- ----------
Net (loss) income before
provision for income taxes (4,309) (319,603) (27,338) (387,291)
Income tax benefit (expense) 1,383 119,038 8,748 144,179
---------- ---------- ---------- ----------
Net (loss) income $(2,926) $(200,565) $(18,590) $(243,112)
========== ========== ========== ==========
Basic and diluted (loss)
income per common share $ (.00) $ (.04) $ (.00) $ (.05)
========== ========== ========== ==========
Weighted average shares
outstanding 4,669,688 4,580,615 4,669,154 4,580,615
========== ========== ========== ==========
*T