SAN JOSE, Calif., March 29 /PRNewswire-FirstCall/ -- Human Pheromone Sciences, Inc. (BULLETIN BOARD: EROX) ("HPS" or "the Company") today announced results for the three months and the year ended December 31, 2009. For the three months ended December 31, 2009, net revenue was $223,000, representing a 2% decrease from revenues of $228,000 in the prior year period, and resulted in net loss of $29,000 ($0.01 per share) as compared with net loss of $58,000 ($0.01 per share) for the same period in 2008, a 50% reduction in the net loss. For the full year, net revenues of $885,000, were 11% less than revenues of $992,000 generated in the prior year. The net loss in the current year of $284,000 ($0.07 per share) was $45,000 higher than the $239,000 loss ($0.06 per share) recorded for the full year of 2008
"The revenue reduction in the fourth quarter, and that for the full year was the result of a large customer discontinuing a product line containing our patented technology after 11 years. Overall, there was a slight reduction in licensing revenues for the year ($596,000 for the full year 2009 as compared with $604,000 for the prior year); however, excluding the amortization of the deferred licensing fees under the Personal Products Company, a division of McNeil-PPC., Inc, a Johnson & Johnson company, actual licensing revenues more than doubled in the current year (grew to $317,000 in 2009 as compared with $147,000 for the full year 2008. This is consistent with our intention to focus on the generation of high gross margin royalty fees rather than product sales revenues whenever possible," 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.
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 REALM®, innerREALM® and EROX® trademarks. These products, and its Natural Attraction® product line, contain mood-enhancing synthesized human pheromones covered under U.S. and foreign patents. The Company also licenses its proprietary technology to other companies for inclusion in their products for direct sale to the consumer. Scientific and consumer studies have shown that the Company's human pheromones positively impact on the moods, attitudes and emotions of wearers. Further information is available on line at http://www.erox.com/.
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, 2009 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) December December 31, 31, 2009 2008 ---- ---- Assets Cash and cash equivalents $350 $907 Accounts receivable 141 52 Inventories, net 58 39 Other current assets 40 58 Property and equipment, net 1 2 --- --- Total $590 $1,058 ==== ====== Liabilities and Shareholders' Equity Accounts payable $60 $19 Other current liabilities 135 131 Deferred income - current 194 297 Deferred income - non-current 158 324 Common stock 21,083 21,043 Accumulated deficit (21,040) (20,756) ------- ------- Total $590 $1,058 ==== ====== HUMAN PHEROMONE SCIENCES, INC. Condensed Statements of Operations (Dollars in thousands, except per-share data) Three months Year ended December ended December 31, 31, --------------- --------------- 2009 2008 2009 2008 ---- ---- ---- ---- Net revenues $223 $228 $885 $992 Cost of goods sold 28 82 195 322 Research and development 30 14 85 47 Selling, general and administrative 195 193 891 889 --- --- --- --- Loss from operations (30) (61) (286) (266) Other income 1 5 3 30 --- --- --- --- Loss before provision for income taxes (29) (56) (283) (236) Provision for Income taxes - 2 1 3 --- --- --- --- Net loss $(29) $(58) $(284) $(239) ==== ==== ===== ===== Net income (loss) per share - Basic and fully diluted $(0.01) $(0.01) $(0.07) $(0.06) Weighted average number of shares - Basic and fully diluted Basic 4,152 4,152 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.
Human Pheromone Sciences, Inc.
CONTACT: William P. Horgan, Chairman, CEO of Human Pheromone Sciences,
Inc., +1-408-938-3030
Web Site: http://www.erox.com/
