ChromaDex® Announces Financial Results for the Year Ended 2011
IRVINE, Calif., March 15, 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 financial results for the fiscal year ended December 31, 2011. ChromaDex announced total revenues, prepared in accordance with United States Generally Accepted Accounting Principles (GAAP) of approximately $8.1 million and a net loss attributable to common stockholders of $0.12 per share for the fiscal year ended December 31, 2011. As of December 31, 2011, cash, cash equivalents and marketable securities totaled over $420,000. Subsequent to the fiscal year ended December 31, 2011, ChromaDex raised capital of approximately $10.1 million in net proceeds through the sale of its common stock.
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"Going into 2012, we are now poised to leverage our product and service offerings related to BluScience™, pTeroPure® and other novel ingredients. Our goal is to build ChromaDex into a leader in the natural products industry," said Jeffrey Himmel, CEO of ChromaDex.
"2011 was truly a landmark year for ChromaDex as the company launched its new dietary supplement product line, BluScience, into the market. Initial distribution of our BluScience products was achieved at a major drug chain and health food store as well as an online retailer. This was the first step in the BluScience national mass-market roll out plan," said Debra Heim, COO and President of the Consumer Products Division of ChromaDex.
Additional Financial Results & Notes
ChromaDex recorded revenue of $8,112,610 during the year of 2011 as compared to $7,566,370 in 2010, representing year on year growth of 7 percent. The net loss attributable to common stockholders for the fiscal year ended December 31, 2011, was $7,894,984 as compared to a net loss of $2,051,676 in 2010. The net loss in the year of 2011 was largely impacted by an increase in non-cash, share-based compensation expense related to the stock options that were granted following the May 20, 2010 private placement and other non-cash compensation. The effect of this increase, which is a "non-GAAP measure," decreased the net loss for the year of 2011 by $2,969,150 and decreased the loss per share for the year of 2011 by $0.04.
About ChromaDex®:
ChromaDex, Inc., a wholly owned and operated subsidiary of ChromaDex, is an innovative natural products company that provides proprietary, science-based solutions and ingredients to the dietary supplement, food & beverage, cosmetic and pharmaceutical industries. ChromaDex, Inc. has an expanding pipeline of new ingredients, including its pTeroPure® (http://www.pteropure.com) pterostilbene for which it has worldwide, exclusive patent pending rights. ChromaDex recently launched its BluScience™ (http://www.bluscience.com) line of dietary supplements. Capitalizing on the diverse potential applications of the product, ChromaDex is also developing pTeroPure for the 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 ChromaDex's 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 ChromaDex does not undertake any obligation to update forward-looking statements. ChromaDex intends that all forward-looking statements be subject to the safe-harbor provisions of the PSLRA.
ChromaDex Investor Contact:
Liviakis Financial Communications, Inc.
John M. Liviakis, President
415-389-4670
[email protected]
Institutions and Analysts Contact:
The Del Mar Consulting Group, Inc.
Robert B. Prag, President
858-794-9500
[email protected]
ChromaDex/BluScience Contact:
Jeffrey Himmel, CEO
949-419-0288
[email protected]
ChromaDex Corporation and Subsidiaries |
|||
Consolidated Statements of Operations |
|||
Years Ended December 31, 2011 and January 1, 2011 |
|||
2011 |
2010 |
||
Sales |
$ 8,112,610 |
$ 7,566,370 |
|
Cost of sales |
5,640,791 |
4,621,525 |
|
Gross profit |
2,471,819 |
2,944,845 |
|
Operating expenses: |
|||
Sales and marketing |
2,539,252 |
1,085,510 |
|
General and administrative |
7,796,806 |
3,876,488 |
|
Operating expenses |
10,336,058 |
4,961,998 |
|
Operating loss |
(7,864,239) |
(2,017,153) |
|
Nonoperating income (expenses): |
|||
Interest income |
1,397 |
1,545 |
|
Interest expense |
(32,142) |
(36,068) |
|
Nonoperating expenses |
(30,745) |
(34,523) |
|
Net loss |
$ (7,894,984) |
$ (2,051,676) |
|
Basic and Diluted loss per common share |
$ (0.12) |
$ (0.04) |
|
Basic and Diluted weighted average common shares outstanding |
68,306,812 |
48,251,930 |
|
Quantitative reconciliation of the differences between the non-GAAP measure and the associated comparable GAAP measure |
||||||||||||
Consolidated Statements of Operations (US GAAP) |
Effects of Non-cash Charges associated with |
Consolidated Statements of Operations |
||||||||||
Share-based Compensation Expense |
Excluding Share-based Compensation (Non-GAAP Presentation) |
|||||||||||
Years Ended December 31, 2011 and January 1, 2011 |
Years Ended December 31, 2011 and January 1, 2011 |
Years Ended December 31, 2011 and January 1, 2011 |
||||||||||
2011 |
2010 |
2011 |
2010 |
2011 |
2010 |
|||||||
Sales |
$ 8,112,610 |
$ 7,566,370 |
Sales |
$ - |
$ - |
Sales |
$ 8,112,610 |
$ 7,566,370 |
||||
Cost of sales |
5,640,791 |
4,621,525 |
Cost of sales |
- |
- |
Cost of sales |
5,640,791 |
4,621,525 |
||||
Gross profit |
2,471,819 |
2,944,845 |
Gross profit |
- |
- |
Gross profit |
2,471,819 |
2,944,845 |
||||
Operating expenses: |
Operating expenses: |
Operating expenses: |
||||||||||
Sales and marketing |
2,539,252 |
1,085,510 |
Sales and marketing |
- |
- |
Sales and marketing |
2,539,252 |
1,085,510 |
||||
General and administrative |
7,796,806 |
3,876,488 |
General and administrative |
(2,969,150) |
(1,262,071) |
General and administrative |
4,827,656 |
2,614,417 |
||||
Operating expenses |
10,336,058 |
4,961,998 |
Operating expenses |
(2,969,150) |
(1,262,071) |
Operating expenses |
7,366,908 |
3,699,927 |
||||
Operating loss |
(7,864,239) |
(2,017,153) |
Operating income |
2,969,150 |
1,262,071 |
Operating loss |
(4,895,089) |
(755,082) |
||||
Nonoperating income (expenses): |
Nonoperating income: |
Nonoperating income (expenses): |
||||||||||
Interest income |
1,397 |
1,545 |
Interest income |
- |
- |
Interest income |
1,397 |
1,545 |
||||
Interest expense |
(32,142) |
(36,068) |
Interest expense |
- |
- |
Interest expense |
(32,142) |
(36,068) |
||||
Nonoperating expense |
(30,745) |
(34,523) |
Nonoperating income |
- |
- |
Nonoperating expense |
(30,745) |
(34,523) |
||||
Net loss |
$(7,894,984) |
$(2,051,676) |
Net income |
$ 2,969,150 |
$ 1,262,071 |
Net loss |
$(4,925,834) |
$ (789,605) |
||||
Basic and Diluted loss per common share |
$ (0.12) |
$ (0.04) |
Basic and Diluted income per common share |
$ 0.04 |
$ 0.03 |
Basic and Diluted loss per common share |
$ (0.07) |
$ (0.02) |
||||
Basic and Diluted weighted |
Basic and Diluted weighted |
Basic and Diluted weighted |
||||||||||
average common shares outstanding |
68,306,812 |
48,251,930 |
average common shares outstanding |
68,306,812 |
48,251,930 |
average common shares outstanding |
68,306,812 |
48,251,930 |
||||
SOURCE ChromaDex
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