Oralabs (NASDAQ:OLAB)
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OraLabs Holding Corp. (NASDAQ: OLAB) today announced
that first quarter revenues were $4,518,709 with a net income of $.07
per share, or $333,895. The same period in 2005 reported revenues of
$3,580,849 with a net loss of $.00 per share (less than .01 per
share), or $15,652.
Revenues increased $937,860 and the net income increased $349,547.
The increases in revenue and net income can be significantly
attributed to expansion of the Company's customer base.
A more detailed explanation of these results can be found in the
March 31, 2006, Form 10-QSB, Part II, Results of Operations.
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
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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Consolidated Balance Sheets
March 31, 2006 December 31, 2005
-------------- -----------------
Unaudited
Assets
Current assets
Cash and cash equivalents $1,972,680 $1,834,144
Accounts receivable-trade, net
of allowance for doubtful
accounts of $114,480 (2006)
and $86,639 (2005) 1,334,940 1,795,898
Inventories 2,597,619 2,555,634
Prepaid expenses 281,982 173,533
Deposits and other assets 416,287 257,949
---------- ----------
Total current assets 6,603,508 6,617,158
Non-current assets
Deferred tax assets, net 179,000
Property and equipment, net 1,928,697 1,858,754
---------- ----------
Total non-current assets 1,928,697 2,037,754
---------- ----------
Total assets $8,532,205 $8,654,912
========== ==========
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable - trade $965,541 $1,021,153
Deferred revenue 86,244 630,000
Accrued liabilities 236,895 121,321
Reserve for returns 102,563 100,810
Current portion of long-term debt 6,300 6,300
Deferred tax liability current 203,936 221,724
---------- ----------
Total current liabilities 1,601,479 2,101,308
---------- ----------
Non-current liabilities
Long-term debt, less current portion 5,250 6,825
Deferred tax liability long-term 44,802
---------- ----------
Total non-current liabilities 50,052 6,825
---------- ----------
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 and outstanding 4,693 4,693
Additional paid-in capital 1,511,820 1,511,820
Retained earnings 5,364,161 5,030,266
---------- ----------
Total stockholders' equity 6,880,674 6,546,779
---------- ----------
Total liabilities and
stockholders' equity $8,532,205 $8,654,912
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ORALABS HOLDING CORP. AND SUBSIDIARIES
Consolidated Statements of Operations for the
Three Months ended March 31, 2006, and March 31, 2005
Unaudited
03/31/06 03/31/05
Product sales, net $4,518,709 $3,580,849
Cost of Sales 2,708,487 2,380,514
---------- ----------
Gross profit 1,810,222 1,200,335
---------- ----------
Operating Expenses:
Engineering 45,651 92,872
Selling and marketing costs 433,036 406,462
General and administrative 767,231 715,015
Other 25,823 20,353
---------- ----------
Total operating expenses 1,271,741 1,234,702
---------- ----------
Income (loss) from operations 538,481 (34,367)
Other income
Interest and other income 12,405 11,350
---------- ----------
Total other income 12,405 11,350
---------- ----------
Net income (loss) before provision
for income taxes 550,886 (23,017)
Income tax (expense) benefit (216,991) 7,365
---------- ----------
Net income (loss) $333,895 $(15,652)
========== ==========
Basic and diluted net income
(loss) per common share $.07 $.00
========== ==========
Weighted average shares
outstanding - basic 4,693,015 4,668,615
========== ==========
Weighted average shares
outstanding - diluted 4,705,129 4,668,615
========== ==========
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