NAPA, Calif., April 15 /PRNewswire-FirstCall/ -- Senetek PLC (BULLETIN BOARD: SNKTY) , a Life Sciences company engaged in the development of technologies that target the science of healthy aging, announced results for the fourth quarter and year ended December 31, 2007.
Revenue for the year ended December 31, 2007 were $26,471,000, compared with $8,431,000 reported in 2006. Revenues for the fourth quarter of 2007 were $223,000, compared with $2,130,000 for the same period in the prior year.
Net income for the year ended December 31, 2007 totaled $18,632,000 or $2.41 per diluted share compared to $1,883,000 or $0.24 per diluted share in 2006. Net loss for the fourth quarter of 2007 was $1,706,000, or $0.22 per diluted share compared with net income of $575,000, or $0.08 per diluted share in the fourth quarter of 2006.
Cash flow from operations for the year ended December 31, 2007 increased to $18,019,000 compared with $1,290,000 in 2006.
The increase in 2007 revenues, net income and cash flow compared to 2006 is primarily attributable to the effect of the previously announced grant of a paid up license for Kinetin and Zeatin to Valeant Pharmaceuticals Inc. in March 2007 which contributed $24,750,000 to skincare revenues in the first quarter of 2007.
The decrease in 2007 fourth quarter revenues and net income compared to fourth quarter 2006 is primarily attributable to the elimination of Kinetin and Zeatin royalties after March 2007.
"We look forward to updating our shareholders on April 24th regarding our plans for the remainder of 2008," said Frank J. Massino, Senetek's Chairman and CEO.
The Company will conduct its quarterly teleconference call for investors on Thursday, April 24, 2008 at 9:00 a.m. Pacific, 12:00 p.m. Eastern to be hosted by Mr. Frank J. Massino, Chairman & CEO and Mr. William F. O'Kelly, Chief Financial Officer. The domestic dial-in number is 877-593-8638; the international dial-in number is 706-634-9240, conference ID: 43869518. Replay of the conference call will be available until April 30, 2008. Domestic Replay dial-in 800-642-1687, International Replay dial-in 706-645-9291, replay conference ID: 43869518.
About Senetek PLC:
Senetek PLC (BULLETIN BOARD: SNKTY) is a Life Sciences company engaged in the development of breakthrough technologies that target the science of healthy aging. The Company's extensive research collaborations have resulted in a strong pipeline of patented compounds and products with broad therapeutic applications and a leading presence in dermatology. Senetek collaborates with established specialty pharmaceutical companies in the final development and marketing of its proprietary products, most recently resulting in the development of the best-selling anti-aging product sold in the North American physician market.
For more information, visit the company's website at http://www.senetekplc.com/.
This news release contains statements that may be considered 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act. Forward-looking statements by their nature involve substantial uncertainty, and actual results may differ materially from those that might be suggested by such statements. Important factors identified by the Company that it believes could result in such material differences are described in the Company's Annual Report on Form 10-K for the year 2007. However, the Company necessarily can give no assurance that it has identified or will identify all of the factors that may result in any particular forward- looking statement materially differing from actual results, and the Company assumes no obligation to correct or update any forward-looking statements which may prove to be inaccurate, whether as a result of new information, future events or otherwise.
