Oralabs (NASDAQ:OLAB)
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OraLabs Holding Corp. (Nasdaq:OLAB) today announced that
third quarter revenues were $2,944,492 with a loss of $.03 per share,
or $146,018. The same period in 2004 reported revenues of $2,831,826
with a loss of $.08 per share, or $360,205.
The Company's increased revenues can be significantly attributed
to expanded distribution in the retail marketplace, while the decrease
in net loss can be attributed to a greater concentration of sales to
higher gross profit margin.
A more detailed explanation of these results can be found in the
September 30, 2005 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 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. 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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ORALABS HOLDING CORP AND SUBSIDIARIES
Consolidated Balance Sheets
Sept. 30,
2005 Dec. 31,
Unaudited 2004
----------------------------------------------------------------------
Assets
Current Assets
Cash and cash equivalents $ 731,172 $ 866,432
Accounts receivable, net of allowance for
doubtful accounts of $211,740 (2005) and
$345,177 (2004) 1,348,210 1,275,820
Inventories 3,184,018 2,878,755
Deferred tax asset - current 239,488 285,117
Income taxes receivable 329,648
Prepaid expenses 150,607 264,451
Deposits and other assets 27,955 158,720
----------------------------------------------- ---------- ----------
Total current assets 5,681,450 6,058,943
Non-current assets
Deferred tax asset, long-term 122,795 45,336
Property and equipment, net 1,818,195 1,668,675
----------------------------------------------- ---------- ----------
Total non-current assets 1,940,990 1,714,011
----------------------------------------------- ---------- ----------
Total Assets $7,622,440 $7,772,954
=============================================== ========== ==========
Liabilities and Stockholders'
Equity
Current liabilities
Accounts payable - trade $ 806,680 $ 850,157
Accrued liabilities 261,893 131,812
Reserve for returns 249,902 362,342
Income tax payable 0 0
Current portion of long-term debt 8,437 12,581
----------------------------------------------- ---------- ----------
Total current liabilities 1,326,912 1,356,892
----------------------------------------------- ---------- ----------
Non-current Liabilities
Long-term debt, less current portion 7,350 12,075
----------------------------------------------- ---------- ----------
Total non-current liabilities 7,350 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 and
outstanding (2005), 4,668,615 issued and
outstanding (2004). 4,693 4,669
Additional paid -in capital 1,511,820 1,463,044
Retained earnings 4,771,665 4,936,274
----------------------------------------------- ---------- ----------
Total stockholders' equity 6,288,178 6,403,987
----------------------------------------------- ---------- ----------
Total liabilities and stockholders' equity $7,622,440 $7,772,954
=============================================== ========== ==========
ORALABS HOLDING CORP AND SUBSIDIARIES
Consolidated Statements of Operations
Three Months and Nine Months ended September 30, 2005 and
September 30, 2004
Unaudited
----------------------------------------------------------------------
Three Months Ended Nine Months Ended
09/30/05 09/30/04 09/30/05 09/30/04
----------------------------------------------------------------------
Revenues:
Product sales $2,944,492 $2,831,826 $9,068,516 $9,622,482
---------- ---------- ---------- ----------
Total Revenues 2,944,492 2,831,826 9,068,516 9,622,482
---------- ---------- ---------- ----------
Cost of Sales 1,920,431 2,173,430 5,898,903 6,943,391
---------- ---------- ---------- ----------
Gross profit 1,024,061 658,396 3,169,613 2,679,091
---------- ---------- ---------- ----------
Operating Expenses:
Engineering 40,312 54,749 168,021 237,726
Selling and marketing
costs 406,184 274,088 1,062,595 975,022
General and
administrative 792,638 903,830 2,195,761 2,380,849
Other 12,768 2,901 38,675 30,838
---------- ---------- ---------- ----------
Total operating expenses 1,251,902 1,235,568 3,465,052 3,624,435
---------- ---------- ---------- ----------
Net operating (loss)
income (227,841) (577,172) (295,439) (945,344)
Other income (expense) (24,148)
Interest and other
income 13,113 2,913 53,371 7,942
---------- ---------- ---------- ----------
Total other income
(expense) 13,113 2,913 53,371 (16,206)
---------- ---------- ---------- ----------
Net (loss) income before
provision for income
taxes (214,728) (574,259) (242,068) (961,550)
Income tax benefit
(expense) 68,710 214,054 77,459 358,233
---------- ---------- ---------- ----------
Net (loss) income $ (146,018)$ (360,205) $ (164,609)$ (603,317)
========== ========== ========== ==========
Basic and diluted (loss)
income per common share $ (.03)$ (.08) $ (.04)$ (.13)
========== ========== ========== ==========
Weighted average shares
outstanding 4,693,015 4,580,615 4,677,195 4,580,615
========== ========== ========== ==========
*T