Human Pheromone Sciences Announces First Quarter Results
May 15 2007 - 4:26PM
PR Newswire (US)
(Income generated on 25% revenue growth) SAN JOSE, Calif., May 15
/PRNewswire-FirstCall/ -- Human Pheromone Sciences, Inc. (OTC:EROX)
(BULLETIN BOARD: EROX) ("HPS" or "the Company") today announced
results for the first quarter ended March 31, 2007. Net revenues of
$334,000, represented a 25% increase from the revenues of $266,000
in the prior year period, and resulted in a net income of $24,000
($.01 per share) as compared with a net loss of $70,000 ($.02 per
share) for the same period of 2006. At March 31, 2007, the Company
reflected cash balances of $1,859,000 compared with $1,941,000 in
cash at December 31, 2006 and $329,000 in cash at the end of the
first quarter of 2006. "The first quarter increase in net revenue
was primarily attributable to the recognition of revenue under the
License Agreement signed last year with a Johnson & Johnson
company. We have a dual focus in the current year - the generation
of additional licensing and supply activities, and increasing
product development spending for two additional compounds that we
have identified and isolated that are now in different stages of
development. Generating additional revenues under new licensing
agreements will not only grow our business, but will reduce the
effect of erratic purchasing patterns by our current major
licensee. With respect to the new compounds in which we are
investing, we are excited about the results we have seen to date,
and the potential for these novel compounds. We expect to file for
patent protection on one of the compounds in the near term", a
Company spokesperson indicated. Human Pheromone Sciences, Inc. is a
technology-based company, whose proof- of concept products included
prestige-priced fragrances and toiletries and environmental
products sold under the Natural Attraction(R), REALM(R),
innerREALM(R) and EROX(R) trademarks. These products contain
mood-enhancing compounds, whose efficacy has been validated at
leading universities around the world, and whose use is covered
under United States and foreign patents. The Company is also
involved in research and product development efforts on new
compounds that have been previously identified as stimulating the
emotional centers of the human brain. Further information is
available on line at http://www.erox.com/. The statements in this
news release may contain forward-looking statements that involve
risks and uncertainties that could cause results to differ from
predicted results. Further information on factors that could affect
the Company's results is detailed in the Company's annual report to
shareholders on Form 10-KSB for the year ended December 31, 2006,
and Form 10-QSB for the quarter ended March 31, 2007, as filed with
the Securities and Exchange Commission. The Company undertakes no
obligation to publicly release the result of any revisions to these
forward-looking statements. HUMAN PHEROMONE SCIENCES, INC.
Condensed Balance Sheets (Dollars in thousands) March 31, December
31, 2007 2006 (Unaudited) Assets Cash and cash equivalents $1,859
$1,941 Accounts receivable 59 39 Inventories, net 54 75 Other
current assets 20 18 Property and equipment, net 1 2 Total assets
$1,993 $2075 Liabilities and shareholders' equity Accounts payable
$67 $30 Other current liabilities 88 114 Deferred income - current
736 846 Deferred income - non-current 696 721 Common stock 20,883
20,865 Accumulated deficit (20,477) (20,501) Total liabilities and
shareholders' equity $1,993 $2,075 HUMAN PHEROMONE SCIENCES, INC.
Condensed Statements of Operations (Unaudited) (Dollars in
thousands, except per-share data) Three months ended March 31, 2007
2006 Net revenues $334 $266 Cost of goods sold 107 53 Research and
development 12 24 Selling, general and administrative 208 260
Income (loss) from operations 7 (71) Other income, net 18 1
Provision for income taxes 1 - Net income (loss) $24 $(70) Income
(loss) per share, basic: $0.01 $(0.02) Income (loss) per share,
fully diluted: $0.01 $(0.02) Weighted average common shares
outstanding- Basic 4,152 4,152 Weighted average common shares
outstanding- Fully diluted 4,782 4,152 Net income (loss) per share
is based on the weighted average number of common shares and common
share equivalents outstanding during each period. Certain common
stock equivalents are excluded when their effect would be anti-
dilutive. DATASOURCE: Human Pheromone Sciences, Inc. CONTACT:
William P. Horgan, Chairman, CEO, +1-408-938-3030 Web site:
http://www.erox.com/
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