SAN JOSE, Calif., May 16, 2011 /PRNewswire/ -- Human Pheromone
Sciences, Inc. (OTC Bulletin Board: EROX) ("HPS" or "the Company")
today announced results for the first quarter ended March 31, 2011. Net revenues of
$186,000 were comparable to the
revenues of $185,000 in the prior
year quarter, and resulted in a net loss of $7,000 ($.00 per
share) as compared with net loss of $98,000 ($.02 per
share) for the same period in 2010. Net cash and cash equivalents
decreased $37,000 in the current year
quarter as compared with $178,000 in
the first quarter of 2010. There was no bank indebtedness at
either period.
Revenues were comparable to last years amount and gross profit
decreased by 11% (17,000) due to the revenue mix, a higher
percentage of royalty income as compared with pheromone sales in
the prior year quarter. However, the significant reduction in
the net loss in the current year is attributable to a 41%,
$96,000, reduction in selling,
general and administrative expenses, primarily attributable to
major reductions in salaries and related employee expenses.
In addition, reduced research and development expenses were
incurred since the prior year included associated with the filing
of the patent applications for the Company's sea-coral based
compound, ER 303.
A Company spokesperson indicated that this is consistent with
its program to keep expenses to a minimum, while actively seeking
additional licensing and product sales opportunities. Both of
these objectives are our highest priorities; however, the Company
does not disclose discussions with potential licensees and
customers until definitive agreements are signed or licensees'
products are introduced into the marketplace. We can state
that we are in discussions with new potential licensees, and
expanding our relationships with current partners, the spokesperson
also 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, 2010, and Form 10-Q for the quarter
ended March 31, 2011, 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)
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
December
31,
|
|
|
2011
|
2010
|
|
|
(Unaudited)
|
|
|
Assets
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$ 55
|
$ 92
|
|
Accounts receivable
|
75
|
108
|
|
Inventories
|
28
|
26
|
|
Other current assets
|
40
|
49
|
|
|
|
|
|
Total
|
$198
|
$
275
|
|
|
|
|
|
|
|
|
|
Liabilities and shareholders'
deficit
|
|
|
|
|
|
Accounts payable
|
$ 44
|
$ 42
|
|
Other current
liabilities
|
81
|
102
|
|
Deferred income - current
|
119
|
146
|
|
Deferred income – non-current
|
-
|
24
|
|
Common stock
|
21,098
|
21,098
|
|
Accumulated deficit
|
(21,144)
|
(21,137)
|
|
|
|
|
|
Total
|
$
198
|
$
275
|
|
|
|
|
HUMAN
PHEROMONE SCIENCES, INC.
|
|
|
|
|
|
Condensed
Statements of Operations
|
|
(Unaudited)
|
|
(Dollars in
thousands, except per-share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended March 31,
|
|
|
2011
|
2010
|
|
|
|
|
|
Net revenues
|
$186
|
$185
|
|
Cost of goods sold
|
52
|
34
|
|
Gross profit
|
134
|
151
|
|
|
|
|
|
Research and
development
|
5
|
17
|
|
Selling, general and
administrative
|
136
|
232
|
|
|
|
|
|
Loss from operations
|
(7)
|
(98)
|
|
|
|
|
|
Provision for income
taxes
|
-
|
-
|
|
|
|
|
|
Net loss
|
$(7)
|
$(98)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share, basic and fully
diluted
|
$(0.00)
|
$(0.02)
|
|
|
|
|
|
|
|
|
|
Weighted average common shares
outstanding-
|
|
|
|
Basic and fully diluted
|
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.
|
|
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SOURCE Human Pheromone Sciences, Inc.