SAN JOSE, Calif., Aug. 13 /PRNewswire-FirstCall/ -- Human Pheromone
Sciences, Inc. (OTC Human Pheromone Sciences, Inc.) (OTC Bulletin
Board: EROX) ("HPS" or "the Company") today announced results for
the three and six months ended June 30,
2010. For the three month period ending June 30, 2010, net revenues of $186,000 represented a 17% decrease from the
revenues of $224,000 in the prior
year period, and resulted in a net loss of $62,000 ($0.01 per
share) as compared with a net loss of $84,000 ($0.02 per
share) for the same period of 2009. For the six month period
ending June 30, 2010, net revenues of
$371,000 were 5% lower than the
previous year's $389,000, resulting
in a net loss of $160,000
($0.04 per share) as compared with a
net loss of $265,000 ($0.06 per share) in the first six months of 2009.
For the first six months of 2010, net cash used in operations was
$244,000, as compared to $365,000 in the prior years six month period.
The cash use was within the expectations of the Company.
There was no bank indebtedness at either date.
While revenues decreased in the current quarter by 17%, or
$38,000, and for the first six months
of the year, 5%, or $18,000, gross
profit was virtually unchanged between the three months ending
June 30, 2010 and 2009, gross profit
increased by $50,000, or 19%, for the
six months ending June 30, 2010, a
result of the Company's focus on licensing agreements for its
proprietary compounds. These agreements provide a significantly
higher return since there are no costs associated with licensing
revenues. In addition, operating expenses decreased in both
periods, for the latest three months by 10% and by 11% for the
current six month period. The net loss for both periods was reduced
by 26% in the current quarter and 40% for this year's six month
period. These results show increasing positive reception of our
original technology with current licensees."
Management believes strongly in the potential of the other
proprietary technologies that it has invested in over the past
several years, especially in ER 303, our sea coral-based technology
that has shown very positive mood-enhancing results and has U.S.
and foreign patents pending. Further, the Company is
announcing that it has developed another compound that has shown,
in initial testing, to significantly alleviate discomfitures
associated with women suffering from PMS.
"While licensing is a focus of the Company, liquidity is also a
major concern. As such, we are involved in discussions to
enhance our cash position, and obtain funding to realize our
long-term licensing opportunities for our pheromone technologies,
ER 303 and several other compounds that have shown initial promise
in vivo and in vitro," the spokesperson noted.
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®, REALM®, innerREALM® and EROX® 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 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-K for the year ended December 31, 2009, and Form 10-Q for the quarter
ended March 31, 2010 and June 30, 2010, 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,
|
|
|
2010
|
|
2009
|
|
|
(Unaudited)
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
106
|
|
$
350
|
|
Accounts receivable
|
111
|
|
141
|
|
Inventories, net
|
54
|
|
58
|
|
Other current assets
|
32
|
|
40
|
|
Property and equipment,
net
|
-
|
|
1
|
|
|
|
|
|
|
Total
|
$
303
|
|
$
590
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and shareholders'
deficit
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
$
39
|
|
$
60
|
|
Other current
liabilities
|
114
|
|
135
|
|
Deferred income -
current
|
177
|
|
194
|
|
Deferred income -
non-current
|
75
|
|
158
|
|
Common stock
|
21,098
|
|
21,083
|
|
Accumulated deficit
|
(21,200)
|
|
(21,040)
|
|
|
|
|
|
|
Total
|
$
303
|
|
$
590
|
|
|
|
|
|
HUMAN PHEROMONE SCIENCES,
INC.
|
|
|
|
Condensed Statements of
Operations
|
|
(Unaudited)
|
|
(Dollars in thousands, except
per-share data)
|
|
|
|
|
Three months
|
|
Six months
|
|
|
ended June 30,
|
|
ended June 30,
|
|
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
Net revenue
|
$ 186
|
|
$ 224
|
|
$ 371
|
|
$ 389
|
|
Cost of goods sold
|
28
|
|
65
|
|
62
|
|
130
|
|
Research and
development
|
16
|
|
13
|
|
33
|
|
38
|
|
Selling, general and
administrative
|
202
|
|
230
|
|
434
|
|
487
|
|
|
|
|
|
|
|
|
|
|
Loss from operations
|
(60)
|
|
(84)
|
|
(158)
|
|
(266)
|
|
|
|
|
|
|
|
|
|
|
Other income
|
-
|
|
1
|
|
-
|
|
2
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
2
|
|
1
|
|
2
|
|
1
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
$ (62)
|
|
$ (84)
|
|
$ (160)
|
|
$ (265)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share -
|
|
|
|
|
|
|
|
|
Basic and fully
diluted:
|
$ (0.01)
|
|
$ (0.02)
|
|
$ (0.04)
|
|
$ (0.06)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares
outstanding-
|
|
|
|
|
|
|
|
|
Basic and fully
diluted:
|
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.
Copyright . 13 PR Newswire