SAN JOSE, Calif., March 30, 2011 /PRNewswire/ -- 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, 2010. For the three
months ended December 31, 2010, net
revenue was $225,000, representing a
1% increase from revenues of $223,000 in the prior year
period, and resulted in net income of $118,000 ($0.03 per
share) as compared with net loss of $29,000 ($0.01 per
share) for the three months ended December
31, 2009, a $247,000
improvement. For the year ending December
31, 2010, net revenues of $806,000, were 9% less than revenues of
$885,000 generated in the year ended
December 31, 2009. The net loss in
the current year of $97,000
($0.02 per share) was a $187,000, or 66%, reduction from the $284,000 loss ($0.07 per share) recorded for the year ended
December 31, 2009.
Administrative expenses reductions of approximately $92,000 gave rise in net income of $118,000 during the three months ending
December 31, 2010 as compared with a
net loss of $29,000 in the prior year
period. The administrative expense reductions for the year
ended December 31, 2010 were
$141,000, or 16% as the Company
reduced operating costs to the current levels of revenues.
The Company is sorely aware that it needs additional agreements
with current licensees, expansion of the business with new
licensees and new relationships outside of the way the Company
currently conducts its business. "We continue to work in all
three of these areas on a daily basis," 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.
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, 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.
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Condensed
Balance Sheets
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(Dollars in
thousands)
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|
December
31,
|
December
31,
|
|
|
2010
|
2009
|
|
|
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Assets
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|
|
|
|
|
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Cash and cash
equivalents
|
$ 92
|
$ 350
|
|
Accounts receivable
|
108
|
141
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|
Inventories
|
26
|
58
|
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Other current assets
|
49
|
40
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Property and equipment,
net
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-
|
1
|
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|
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Total
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$
275
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$
590
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Liabilities and Shareholders'
Equity
|
|
|
|
|
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Accounts payable
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$ 42
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$ 60
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Other current
liabilities
|
102
|
135
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Deferred income -
current
|
146
|
194
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|
Deferred income –
non-current
|
24
|
158
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Common stock
|
21,098
|
21,083
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Accumulated deficit
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(21,137)
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(21,040)
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Total
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$
275
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$
590
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HUMAN
PHEROMONE SCIENCES, INC.
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Condensed
Statements of Operations
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(Dollars in
thousands, except per-share data)
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Three
months
|
Year
|
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ended
December 31,
|
ended
December 31,
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|
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2010
|
2009
|
2010
|
2009
|
|
|
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Net revenues
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$225
|
$223
|
$806
|
$885
|
|
|
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|
|
|
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Cost of goods sold
|
21
|
28
|
128
|
195
|
|
Research and
development
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(17)
|
30
|
23
|
85
|
|
Selling, general and
administrative
|
103
|
195
|
750
|
891
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|
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Income (loss) from
operations
|
118
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(30)
|
(95)
|
(286)
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|
|
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|
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Other income
|
-
|
1
|
-
|
3
|
|
|
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|
|
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Income (loss) before provision
for
|
|
|
|
|
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income taxes
|
118
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(29)
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(95)
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(283)
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Provision for Income
taxes
|
-
|
-
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2
|
1
|
|
|
|
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|
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Net income (loss)
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$118
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$(29)
|
$(97)
|
$(284)
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Net income (loss)
per share –
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Basic
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$0.03
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$(0.01)
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$(0.02)
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$(0.07)
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Fully
diluted
|
$0.02
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$(0.01)
|
$(0.02)
|
$(0.07)
|
|
|
|
|
|
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Weighted average
number of shares -
|
|
|
|
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Basic
|
4,152
|
4,152
|
4,152
|
4,152
|
|
Fully
diluted
|
4,992
|
4,152
|
4,152
|
4,152
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|
|
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|
|
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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.
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SOURCE Human Pheromone Sciences, Inc.