Oralabs (NASDAQ:OLAB)
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OraLabs Holding Corp. (NASDAQ: OLAB) today announced that third quarter
revenues were $4,385,608 with a profit of $.03 per share, or $155,072.
The same period in 2005 reported revenues of $2,944,492 with a loss of
$.03 per share, or $146,018.
Revenues increased $1,441,116 or 49%. The Company received increased
orders on its breath freshening products as well as new customers for
its new and core products in the third quarter of 2006. The combination
of increased revenues and a greater concentration of sales to higher
margin customers offset in part by increased operating expenses yielded
an increase in Net Income of $301,090.
A more detailed explanation of these results can be found in the
September 30, 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.
ORALABS HOLDING CORP. AND SUBSIDIARIES
Consolidated Balance Sheets
September 30, 2006
December 31, 2005
Unaudited
Assets
Current assets
Cash and cash equivalents
$
1,204,142
$
1,834,144
Accounts receivable-trade, net of allowance for
doubtful accounts of $68,686 (2006) and $86,639 (2005)
2,434,113
1,795,898
Inventories
3,398,068
2,555,634
Prepaid expenses
174,014
173,533
Deposits and other assets
417,907
257,949
Total current assets
7,628,244
6,617,158
Non-current assets
Deferred tax assets, net
179,000
Property and equipment, net
2,083,242
1,858,754
Total non-current assets
2,083,242
2,037,754
Total assets
$
9,711,486
$
8,654,912
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable - trade
$
901,120
$
1,021,153
Deferred revenue
88,848
630,000
Accrued liabilities
296,671
121,321
Reserve for returns
52,810
100,810
Income tax payable
66,211
Current portion of long-term debt
6,300
6,300
Deferred tax liability - current
248,178
221,724
Total current liabilities
1,660,138
2,101,308
Non-current liabilities
Long-term debt, less current portion
2,100
6,825
Deferred tax liability - long-term
63,034
Total non-current liabilities
65,134
6,825
Commitments and contingencies
Stockholders' equity
Preferred stock, $.001 par value, 1,000,000 shares authorized; none
issued and outstanding
Common stock, $.001 par value; 25,000,000 shares authorized,
4,848,265 (2006) and 4,693,015 (2005) issued and outstanding
4,848
4,693
Additional paid-in capital
2,008,141
1,511,820
Retained earnings
5,973,225
5,030,266
Total stockholders' equity
7,986,214
6,546,779
Total liabilities and stockholders' equity
$
9,711,486
$
8,654,912
ORALABS HOLDING CORP. AND SUBSIDIARIES
Consolidated Statements of Operations
Three Months and Nine Months Ended September 30, 2006 andSeptember
30, 2005
Unaudited
Three Months Ended
Nine Months Ended
09/30/06
09/30/05
09/30/06
09/30/05
Product sales, net
$
4,385,608
$
2,944,492
$
13,304,462
$
9,068,516
Cost of sales
2,826,257
1,920,431
7,940,115
5,898,903
Gross profit
1,559,351
1,024,061
5,364,347
3,169,613
Operating Expenses:
Engineering
71,889
40,312
145,653
168,021
Selling and marketing costs
435,501
406,184
1,299,943
1,062,595
General and administrative
835,542
792,638
2,453,346
2,195,761
Other
13,404
12,768
43,462
38,675
Total operating expenses
1,356,336
1,251,902
3,942,404
3,465,052
Net operating income (loss)
203,015
(227,841)
1,421,943
(295,439)
Interest and other income
40,692
13,113
76,035
53,371
Income (loss) before provision for
income taxes
243,707
(214,728)
1,497,978
(242,068)
Income tax (expense) benefit
(88,635)
68,710
(555,019)
77,459
Net income (loss)
$
155,072
$
(146,018)
$
942,959
$
(164,609)
Basic and diluted income (loss) per common share
$
.03
$
(.03)
$
.20
$
(.04)
Weighted average shares outstanding
- basic
4,812,866
4,693,015
4,761,415
4,677,195
Weighted average shares outstanding
- diluted
4,832,779
4,693,015
4,800,618
4,677,195
OraLabs Holding Corp. (NASDAQ: OLAB) today announced that third
quarter revenues were $4,385,608 with a profit of $.03 per share, or
$155,072. The same period in 2005 reported revenues of $2,944,492 with
a loss of $.03 per share, or $146,018.
Revenues increased $1,441,116 or 49%. The Company received
increased orders on its breath freshening products as well as new
customers for its new and core products in the third quarter of 2006.
The combination of increased revenues and a greater concentration of
sales to higher margin customers offset in part by increased operating
expenses yielded an increase in Net Income of $301,090.
A more detailed explanation of these results can be found in the
September 30, 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.
-0-
*T
ORALABS HOLDING CORP. AND SUBSIDIARIES
Consolidated Balance Sheets
September 30, December 31,
2006 2005
-------------- --------------
Unaudited
Assets
Current assets
Cash and cash equivalents $ 1,204,142 $ 1,834,144
Accounts receivable-trade, net of
allowance for
doubtful accounts of $68,686 (2006)
and $86,639 (2005) 2,434,113 1,795,898
Inventories 3,398,068 2,555,634
Prepaid expenses 174,014 173,533
Deposits and other assets 417,907 257,949
Total current assets 7,628,244 6,617,158
Non-current assets
Deferred tax assets, net 179,000
Property and equipment, net 2,083,242 1,858,754
Total non-current assets 2,083,242 2,037,754
Total assets $ 9,711,486 $ 8,654,912
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable - trade $ 901,120 $ 1,021,153
Deferred revenue 88,848 630,000
Accrued liabilities 296,671 121,321
Reserve for returns 52,810 100,810
Income tax payable 66,211
Current portion of long-term debt 6,300 6,300
Deferred tax liability - current 248,178 221,724
Total current liabilities 1,660,138 2,101,308
Non-current liabilities
Long-term debt, less current portion 2,100 6,825
Deferred tax liability - long-term 63,034
Total non-current liabilities 65,134 6,825
Commitments and contingencies
Stockholders' equity
Preferred stock, $.001 par value,
1,000,000 shares authorized; none issued
and outstanding
Common stock, $.001 par value; 25,000,000
shares authorized, 4,848,265 (2006) and
4,693,015 (2005) issued and outstanding 4,848 4,693
Additional paid-in capital 2,008,141 1,511,820
Retained earnings 5,973,225 5,030,266
Total stockholders' equity 7,986,214 6,546,779
Total liabilities and stockholders'
equity $ 9,711,486 $ 8,654,912
*T
-0-
*T
ORALABS HOLDING CORP. AND SUBSIDIARIES
Consolidated Statements of Operations
Three Months and Nine Months Ended September 30, 2006 and
September 30, 2005
Unaudited
Three Months Ended Nine Months Ended
09/30/06 09/30/05 09/30/06 09/30/05
----------------------------------------------------------------------
Product sales, net $4,385,608 $2,944,492 $13,304,462 $9,068,516
Cost of sales 2,826,257 1,920,431 7,940,115 5,898,903
Gross profit 1,559,351 1,024,061 5,364,347 3,169,613
Operating Expenses:
Engineering 71,889 40,312 145,653 168,021
Selling and marketing
costs 435,501 406,184 1,299,943 1,062,595
General and
administrative 835,542 792,638 2,453,346 2,195,761
Other 13,404 12,768 43,462 38,675
Total operating
expenses 1,356,336 1,251,902 3,942,404 3,465,052
Net operating income
(loss) 203,015 (227,841) 1,421,943 (295,439)
Interest and other
income 40,692 13,113 76,035 53,371
Income (loss) before
provision for
income taxes 243,707 (214,728) 1,497,978 (242,068)
Income tax (expense)
benefit (88,635) 68,710 (555,019) 77,459
Net income (loss) $ 155,072 $ (146,018) $ 942,959 $ (164,609)
Basic and diluted
income (loss) per
common share $ .03 $ (.03) $ .20 $ (.04)
Weighted average shares
outstanding
- basic 4,812,866 4,693,015 4,761,415 4,677,195
Weighted average shares
outstanding
- diluted 4,832,779 4,693,015 4,800,618 4,677,195
*T