ChromaDex® Announces Financial Results for the First Quarter 2012
IRVINE, Calif., May 10, 2012 /PRNewswire/ -- ChromaDex Corporation (OTCBB: CDXC) an innovative natural products company that provides proprietary, science-based solutions and ingredients to the dietary supplement, food & beverage, cosmetic and pharmaceutical industries, today announced its financial results for the first quarter of 2012.
ChromaDex announced total revenues, prepared in accordance with United States Generally Accepted Accounting Principles ("GAAP"), of approximately $1.8 million and a net loss attributable to common stockholders of $0.05 per share for the three-month period ended March 31, 2012. As of March 31, 2012, cash, cash equivalents, and marketable securities totaled over $5.8 million.
"In the first quarter we launched our BluScience™ line of dietary supplements into a major drug chain and a specialty health and nutrition chain," stated Jeffrey Himmel, CEO of ChromaDex. "In addition, we initiated distribution of our BluScience™ products to a national pharmaceutical distributor and a leading online retailer."
"During the first quarter, we began to supply our patented pTeroPure® ingredient to the equine supplement market. This is another step in achieving our goal to build ChromaDex into a leader in the natural products industry," said Frank Jaksch, Chief Scientific Officer of ChromaDex.
Additional Financial Results & Notes
ChromaDex recorded revenue of $1,785,006 during the first quarter of 2012 as compared to $2,539,245 for the same period in 2011. The net loss attributable to common stockholders for the quarter ended March 31, 2012, was $4,431,853 as compared to a net loss of $1,156,385 for the same period in 2011. The net loss in the first quarter of 2012 was largely impacted by promotions and discounts related to the launch of the Company's BluScience™ products. In addition, ChromaDex initiated a national advertising campaign through television and radio in support of the launch of its BluScience™ products, which resulted in additional marketing expenses. The non-cash, share-based compensation expense related to the stock options and other share-based compensation for the first quarter of 2012 was $65,987. The effect of this, which is a "non-GAAP measure," decreased the net loss for the first quarter of 2012 to $4,365,866.
About ChromaDex®:
ChromaDex, Inc. is an innovative natural products company that provides proprietary, science-based solutions and ingredients to the dietary supplement, food & beverage, cosmetic and pharmaceutical industries. The company has an expanding pipeline of new ingredients, including its pTeroPure® (www.pteropure.com) pterostilbene for which it has worldwide, exclusive patent pending rights. The company recently launched its BluScience™ line of dietary supplements, now available at a major drug store chain, a national products retailer, and an online retailer. Capitalizing on the diverse potential applications of the product, ChromaDex is also investigating pTeroPure for the skincare and pharmaceutical markets, among others. pTeroPure is currently being studied in a human clinical trial at the University of Mississippi. For more information about pTeroPure visit www.pteropure.com or call 949-600-9694.
Forward-Looking Statements:
Any statements that are not historical facts contained in this release are "forward-looking statements" as that term is defined under the Private Securities Litigation Reform Act of 1995 (PSLRA), which statements may be identified by words such as "expects," "plans," "projects," "will," "may," "anticipates," "believes," "should," "intends," "estimates," and other words of similar meaning. Many factors could cause our actual activities or results to differ materially from the activities and results anticipated in forward-looking statements. These factors include those described in the companies' filings with the Securities and Exchange Commission, and risks inherent in funding, developing and obtaining regulatory approvals of new, commercially-viable and competitive products and treatments. In addition, forward-looking statements may also be adversely affected by general market factors, competitive product development, product availability, federal and state regulations and legislation, the regulatory process for new products and indications, manufacturing issues that may arise, patent positions and litigation, among other factors. The forward-looking statements contained in this press release speak only as of the date the statements were made, and the companies do not undertake any obligation to update forward-looking statements. We intend that all forward-looking statements be subject to the safe-harbor provisions of the PSLRA.
ChromaDex Investor Contact:
The Del Mar Consulting Group, Inc.
Robert B. Prag, President
858-794-9500
[email protected]
ChromaDex/pTeroPure/BluScience Contact:
Frank Jaksch, CSO
949-419-0288
[email protected]
| ChromaDex Corporation and Subsidiaries |
||
| Consolidated Statements of Operations (Unaudited) |
||
| For the Three Month Periods Ended March 31, 2012 and April 2, 2011 |
||
| March 31, 2012 |
April 2, 2011 |
|
| Sales |
$ 1,785,006 |
$ 2,539,245 |
| Cost of sales |
2,389,220 |
1,518,850 |
| Gross profit (loss) |
(604,214) |
1,020,395 |
| Operating expenses: |
||
| Sales and marketing |
1,858,662 |
445,507 |
| General and administrative |
1,961,912 |
1,722,834 |
| Operating expenses |
3,820,574 |
2,168,341 |
| Operating loss |
(4,424,788) |
(1,147,946) |
| Nonoperating income (expenses): |
||
| Interest income |
1,199 |
434 |
| Interest expense |
(8,264) |
(8,873) |
| Nonoperating expenses |
(7,065) |
(8,439) |
| Net loss |
$ (4,431,853) |
$ (1,156,385) |
| Basic and Diluted loss per common share |
$ (0.05) |
$ (0.02) |
| Basic and Diluted weighted average common shares outstanding |
84,706,196 |
62,944,298 |
| See Notes to Consolidated Financial Statements. |
||
Quantitative Reconciliation of the differences between the non-GAAP measure and the associated comparable GAAP measure
| Consolidated Statements of Operations |
Effects of Non-cash Charges associated with |
Consolidated Statements of Operations |
||||||||
| (Unaudited, US GAAP) |
Share-based Compensation Expense |
Excluding Share-based Compensation (Non-GAAP Presentation) |
||||||||
| For the Three Month Periods Ended March 31, 2012 and April 2, 2011 |
For the Three Month Periods Ended March 31, 2012 and April 2, 2011 |
For the Three Month Periods Ended March 31, 2012 and April 2, 2011 |
||||||||
| March 31, 2012 |
April 2, 2011 |
March 31, 2012 |
April 2, 2011 |
March 31, 2012 |
April 2, 2011 |
|||||
| Sales |
$ 1,785,006 |
$ 2,539,245 |
Sales |
$ - |
$ - |
Sales |
$ 1,785,006 |
$ 2,539,245 |
||
| Cost of sales |
2,389,220 |
1,518,850 |
Cost of sales |
- |
- |
Cost of sales |
2,389,220 |
1,518,850 |
||
| Gross profit (loss) |
(604,214) |
1,020,395 |
Gross profit |
- |
- |
Gross profit (loss) |
(604,214) |
1,020,395 |
||
| Operating expenses: |
Operating expenses: |
Operating expenses: |
||||||||
| Sales and marketing |
1,858,662 |
445,507 |
Sales and marketing |
- |
- |
Sales and marketing |
1,858,662 |
445,507 |
||
| General and administrative |
1,961,912 |
1,722,834 |
General and administrative |
(65,987) |
(737,019) |
General and administrative |
1,895,925 |
985,815 |
||
| Operating expenses |
3,820,574 |
2,168,341 |
Operating expenses |
(65,987) |
(737,019) |
Operating expenses |
3,754,587 |
1,431,322 |
||
| Operating loss |
(4,424,788) |
(1,147,946) |
Operating income |
65,987 |
737,019 |
Operating loss |
(4,358,801) |
(410,927) |
||
| Nonoperating income (expenses): |
Nonoperating income: |
Nonoperating income (expenses): |
||||||||
| Interest income |
1,199 |
434 |
Interest income |
- |
- |
Interest income |
1,199 |
434 |
||
| Interest expense |
(8,264) |
(8,873) |
Interest expense |
- |
- |
Interest expense |
(8,264) |
(8,873) |
||
| Nonoperating expense |
(7,065) |
(8,439) |
Nonoperating income |
- |
- |
Nonoperating expense |
(7,065) |
(8,439) |
||
| Net loss |
$ (4,431,853) |
$ (1,156,385) |
Net income |
$ 65,987 |
$ 737,019 |
Net loss |
$ (4,365,866) |
$ (419,366) |
||
| Basic and Diluted loss per common share |
$ (0.05) |
$ (0.02) |
Basic and Diluted income per common share |
$ 0.00 |
$ 0.01 |
Basic and Diluted loss per common share |
$ (0.05) |
$ (0.01) |
||
| Basic and Diluted weighted |
Basic and Diluted weighted |
Basic and Diluted weighted |
||||||||
| average common shares outstanding |
84,706,196 |
62,944,298 |
average common shares outstanding |
84,706,196 |
62,944,298 |
average common shares outstanding |
84,706,196 |
62,944,298 |
||
SOURCE ChromaDex Corporation
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