SAN JOSE, Calif., Nov. 12, 2010 /PRNewswire-FirstCall/ -- Human
Pheromone Sciences, Inc. (OTC Bulletin Board: EROX) ("HPS" or "the
Company") today announced results for the three and nine month
periods ended September 30, 2010. For
the three months ending September 30,
2010, net revenues of $210,000
represented a 23% decrease from the revenues of $273,000 in the prior year period, and resulted
in net loss of $55,000 ($0.01 per share) as compared with a net income of
$10,000 ($0.00 per share) for the same period of 2009.
For the nine month period ending September 30, 2010, net revenues of $581,000 were 12% lower than the previous year's
$662,000, resulting in a net loss of
$215,000 ($0.05 per share) as compared with a net loss of
$255,000 ($0.06 per share) in the first nine months of
2009.
According to a Company spokesperson, "the decrease in revenues
for the quarter is attributable to the prior year quarter including
significant royalty revenues from the initial major sell-in of Dial
Body Wash Products to several national retailers, as compared to
the current quarter royalties from on-going sales from Dial
products for 2010 quarter. In addition there was a decrease in
recognition of deferred revenue associated with the agreement
entered into with Johnson & Johnson in 2006. These were
the primary causes for the $55,000
loss in the current year quarter as compared with a $10,000 profit in the 2009 quarter.
The spokesperson indicated that liquidity continues to be 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 three
and nine months ended September 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.
Tables follow
|
HUMAN
PHEROMONE SCIENCES, INC.
Condensed
Balance Sheets
(Dollars in
thousands)
|
|
|
September
30,
|
|
December
31,
|
|
|
2010
|
|
2009
|
|
|
(Unaudited)
|
|
(Note
1)
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$ 35
|
|
$370
|
|
|
Accounts receivable
|
129
|
|
168
|
|
|
Inventories
|
30
|
|
45
|
|
|
Other current assets
|
31
|
|
33
|
|
|
Property and equipment,
net
|
-
|
|
1
|
|
|
|
|
|
|
|
Total
|
$ 225
|
|
$617
|
|
|
|
|
|
|
|
Liabilities and
shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
$ 59
|
|
$ 15
|
|
|
Other current
liabilities
|
133
|
|
130
|
|
|
Deferred income -
current
|
147
|
|
220
|
|
|
Deferred income –
non-current
|
43
|
|
188
|
|
|
Common stock
|
21,098
|
|
21,075
|
|
|
Accumulated deficit
|
(21,255)
|
|
(21,011)
|
|
|
|
|
|
|
|
Total
|
$225
|
|
$ 617
|
|
|
|
|
|
|
|
Note 1 – Derived from audited
financial statements
|
|
|
|
|
|
|
HUMAN
PHEROMONE SCIENCES, INC.
Condensed
Statements of Operations
(Unaudited)
(Dollars in
thousands, except per-share data)
|
|
|
Three months
ended
|
|
Nine months
ended
|
|
|
September
30,
|
|
September
30,
|
|
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue
|
$210
|
|
$273
|
|
$581
|
|
$662
|
|
|
Cost of goods sold
|
45
|
|
37
|
|
107
|
|
167
|
|
|
Research and
development
|
7
|
|
17
|
|
40
|
|
55
|
|
|
Selling, general and
administrative
|
213
|
|
209
|
|
647
|
|
696
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
operations
|
(55)
|
|
10
|
|
(213)
|
|
(256)
|
|
|
|
|
|
|
|
|
|
|
|
Other income
|
-
|
|
-
|
|
-
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
-
|
|
-
|
|
2
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
$(55)
|
|
$10
|
|
$(215)
|
|
$(255)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) per share
-
|
|
|
|
|
|
|
|
|
|
Basic:
|
$(0.01)
|
|
$0.00
|
|
$(0.05)
|
|
$(0.06)
|
|
|
|
|
|
|
|
|
|
|
|
Fully
diluted:
|
$(0.01)
|
|
$0.00
|
|
$(0.05)
|
|
$(0.06)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares
outstanding-
|
|
|
|
|
|
|
|
|
|
Basic:
|
4,152
|
|
4,152
|
|
4,152
|
|
4,152
|
|
|
|
|
|
|
|
|
|
|
|
Fully
diluted:
|
5,152
|
|
5,062
|
|
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.