SAN JOSE, Calif., March 29 /PRNewswire-FirstCall/ -- Human
Pheromone Sciences, Inc. (OTC Bulletin Board: EROX) ("HPS" or "the
Company") today announced results for the three months and the year
ended December 31, 2009. For the
three months ended December 31, 2009,
net revenue was $223,000,
representing a 2% decrease from revenues of $228,000 in the
prior year period, and resulted in net loss of $29,000 ($0.01 per
share) as compared with net loss of $58,000 ($0.01 per
share) for the same period in 2008, a 50% reduction in the net
loss. For the full year, net revenues of $885,000, were 11% less than revenues of
$992,000 generated in the prior year.
The net loss in the current year of $284,000 ($0.07 per
share) was $45,000 higher than the
$239,000 loss ($0.06 per share) recorded for the full year of
2008
"The revenue reduction in the fourth quarter, and that for the
full year was the result of a large customer discontinuing a
product line containing our patented technology after 11 years.
Overall, there was a slight reduction in licensing revenues
for the year ($596,000 for the full
year 2009 as compared with $604,000
for the prior year); however, excluding the amortization of the
deferred licensing fees under the Personal Products Company, a
division of McNeil-PPC., Inc, a Johnson & Johnson company,
actual licensing revenues more than doubled in the current year
(grew to $317,000 in 2009 as compared
with $147,000 for the full year 2008.
This is consistent with our intention to focus on the
generation of high gross margin royalty fees rather than product
sales revenues whenever possible," a spokesperson indicated
The Company further noted that it continues to seek alternative
distribution channels for its technologies and to generate
marketing interest in its patent-pending sea coral based compound,
classified as ER 303.
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 REALM®,
innerREALM® and EROX® trademarks. These products, and its
Natural Attraction® product line, contain mood-enhancing
synthesized human pheromones covered under U.S. and foreign
patents. The Company also licenses its proprietary technology to
other companies for inclusion in their products for direct sale to
the consumer. Scientific and consumer studies have shown that
the Company's human pheromones positively impact on the moods,
attitudes and emotions of wearers. Further information is
available on line at www.erox.com.
The statements in this news release may contain
forward-looking statements that involve risks and uncertainties
that could cause actual 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-K for the year ended December 31, 2009 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)
|
|
|
|
|
|
|
December 31,
|
December 31,
|
|
|
2009
|
2008
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
$350
|
$907
|
|
Accounts receivable
|
141
|
52
|
|
Inventories, net
|
58
|
39
|
|
Other current assets
|
40
|
58
|
|
Property and equipment, net
|
1
|
2
|
|
|
|
|
|
Total
|
$590
|
$1,058
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders'
Equity
|
|
|
|
|
|
|
|
Accounts payable
|
$60
|
$19
|
|
Other current liabilities
|
135
|
131
|
|
Deferred income - current
|
194
|
297
|
|
Deferred income – non-current
|
158
|
324
|
|
Common stock
|
21,083
|
21,043
|
|
Accumulated deficit
|
(21,040)
|
(20,756)
|
|
|
|
|
|
Total
|
$590
|
$1,058
|
|
|
|
|
|
|
|
|
|
|
HUMAN PHEROMONE SCIENCES,
INC.
|
|
Condensed Statements of
Operations
|
|
(Dollars in thousands, except
per-share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
|
Year
|
|
|
ended December
31,
|
ended December
31,
|
|
|
2009
|
2008
|
2009
|
2008
|
|
|
|
|
|
|
|
Net revenues
|
$ 223
|
$228
|
$ 885
|
$ 992
|
|
|
|
|
|
|
|
Cost of goods sold
|
28
|
82
|
195
|
322
|
|
Research and development
|
30
|
14
|
85
|
47
|
|
Selling, general and administrative
|
195
|
193
|
891
|
889
|
|
|
|
|
|
|
|
Loss from operations
|
(30)
|
(61)
|
(286)
|
(266)
|
|
|
|
|
|
|
|
Other income
|
1
|
5
|
3
|
30
|
|
|
|
|
|
|
|
Loss before provision for income taxes
|
(29)
|
(56)
|
(283)
|
(236)
|
|
|
|
|
|
|
|
Provision for Income taxes
|
-
|
2
|
1
|
3
|
|
|
|
|
|
|
|
Net loss
|
$(29)
|
$(58)
|
$(284)
|
$(239)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share –
|
|
|
|
|
|
Basic and fully diluted
|
$(0.01)
|
$(0.01)
|
$(0.07)
|
$(0.06)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares -
|
|
|
|
|
|
Basic and fully diluted Basic
|
4,152
|
4,152
|
4,152
|
4,152
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share is based on the weighted
average number of common shares and common equivalents
outstanding
during each period. Certain common stock equivalents are
excluded when their effect would be anti-dilutive.
|
|
|
|
|
|
|
SOURCE Human Pheromone Sciences, Inc.