Oralabs (NASDAQ:OLAB)
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OraLabs Holding Corp. (NASDAQ: OLAB) today announced
that year-end revenues were $13,585,165 with a profit of $.02 per
share, or $93,992. This compares to 2004 reported revenues of
$13,130,579 with a loss of ($.12) per share, or ($565,108).
Revenues increased $454,586 and net income increased $659,100. The
increase in revenues can be significantly attributed to improved
on-time shipping, increased sales to major customers and a large sale
to a new customer. The increase in net income was primarily through
higher gross margin sales, reductions in labor costs and lower
engineering costs for repairs and maintenance. This reflected benefits
received by the Company from its capital investments in manufacturing
equipment.
A more detailed explanation of these results can be found in the
2005 Form 10-KSB, Part II Management's Discussion and Analysis or Plan
of Operation.
OraLabs, Inc. manufactures Ice Drops(R) brands oral care products;
Sour Zone(TM) brands sour 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
expectations regarding future outcomes. 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. The Company can offer no assurance that the definitive
agreement discussed in this press release will close on the terms
described above, if at all.
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ORALABS HOLDING CORP. AND SUBSIDIARIES
Consolidated Balance Sheet
December 31, 2005
Assets
Current assets
Cash $1,834,144
Accounts receivable - trade, net of
allowance for doubtful accounts of $86,639 1,795,898
Inventories 2,555,634
Prepaid expenses 173,533
Deposits and other assets 257,949
------------
Total current assets 6,617,158
------------
Deferred tax assets, net 179,000
Property and equipment, net 1,858,754
------------
Total non-current assets 2,037,754
------------
Total assets $8,654,912
============
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable - trade $1,021,153
Deferred revenue 630,000
Accrued liabilities 121,321
Reserve for returns 100,810
Current portion of long-term debt 6,300
Deferred tax liability 221,724
------------
Total current liabilities 2,101,308
------------
Long-term debt, less current portion 6,825
------------
Total non-current liabilities 6,825
------------
Commitments and contingencies
Stockholders' equity
Preferred stock, $.001 par value,
1,000,000 authorized; none issued
and outstanding -
Common stock, $.001 par value;
25,000,000 shares authorized;
4,693,015 issued and outstanding
(2005) and 4,668,615 issued and
outstanding (2004) 4,693
Additional paid-in capital 1,511,820
Retained earnings 5,030,266
------------
Total stockholders' equity 6,546,779
------------
Total liabilities and
stockholders' equity $8,654,912
============
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ORALABS HOLDING CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
For the Years Ended
December 31,
2005 2004
------------- -------------
Product sales $13,585,165 $13,130,579
Cost of goods sold 8,867,622 9,315,940
------------- -------------
Gross profit 4,717,543 3,814,639
------------- -------------
Operating expenses
Engineering 218,009 319,828
Selling and marketing 1,324,648 1,325,935
General and administrative 3,036,827 3,047,940
Other 49,797 32,218
------------- -------------
Total operating expenses 4,629,281 4,725,921
------------- -------------
Income (loss) from operations 88,262 (911,282)
------------- -------------
Other income (expense)
Interest and other income 68,617 110,965
Other expense (35,359)
------------- -------------
Total other income (expense) 68,617 75,606
------------- -------------
Income (loss) before income taxes 156,879 (835,676)
------------- -------------
Income tax (expense) benefit
Current 194,648
Deferred (62,887) 75,920
------------- -------------
Total income tax (expense) benefit (62,887) 270,568
------------- -------------
Net income (loss) $93,992 $(565,108)
============= =============
Basic weighted average common shares
outstanding 4,681,116 4,668,615
============= =============
Basic income (loss) per common share $0.02 $(0.12)
============= =============
Diluted weighted average common
shares outstanding 4,702,820 4,668,615
============= =============
Diluted income (loss) per
common share $0.02 $(0.12)
============= =============
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