SAN JOSE, Calif., March 30, 2011 /PRNewswire/ -- Human Pheromone Sciences, Inc. ("HPS" or "the Company") today announced results for the three months and the year ended December 31, 2010. For the three months ended December 31, 2010, net revenue was $225,000, representing a 1% increase from revenues of $223,000 in the prior year period, and resulted in net income of $118,000 ($0.03 per share) as compared with net loss of $29,000 ($0.01 per share) for the three months ended December 31, 2009, a $247,000 improvement. For the year ending December 31, 2010, net revenues of $806,000, were 9% less than revenues of $885,000 generated in the year ended December 31, 2009. The net loss in the current year of $97,000 ($0.02 per share) was a $187,000, or 66%, reduction from the $284,000 loss ($0.07 per share) recorded for the year ended December 31, 2009.
Administrative expenses reductions of approximately $92,000 gave rise in net income of $118,000 during the three months ending December 31, 2010 as compared with a net loss of $29,000 in the prior year period. The administrative expense reductions for the year ended December 31, 2010 were $141,000, or 16% as the Company reduced operating costs to the current levels of revenues.
The Company is sorely aware that it needs additional agreements with current licensees, expansion of the business with new licensees and new relationships outside of the way the Company currently conducts its business. "We continue to work in all three of these areas on a daily basis," 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.
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, 2010 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, 2010 2009 ---- ---- Assets Cash and cash equivalents $92 $350 Accounts receivable 108 141 Inventories 26 58 Other current assets 49 40 Property and equipment, net 1 --- Total $275 $590 ==== ==== Liabilities and Shareholders' Equity Accounts payable $42 $60 Other current liabilities 102 135 Deferred income - current 146 194 Deferred income - non-current 24 158 Common stock 21,098 21,083 Accumulated deficit (21,137) (21,040) ------- ------- Total $275 $590 ==== ====
HUMAN PHEROMONE SCIENCES, INC. Condensed Statements of Operations (Dollars in thousands, except per-share data)
Three months Year ended December ended December 31, 31, --------------- --------------- 2010 2009 2010 2009 ---- ---- ---- ---- Net revenues $225 $223 $806 $885 Cost of goods sold 21 28 128 195 Research and development (17) 30 23 85 Selling, general and administrative 103 195 750 891 --- --- --- --- Income (loss) from operations 118 (30) (95) (286) Other income - 1 - 3 Income (loss) before provision for income taxes 118 (29) (95) (283) Provision for Income taxes - - 2 1 Net income (loss) $118 $(29) $(97) $(284) ==== ==== ==== ===== Net income (loss) per share - Basic $0.03 $(0.01) $(0.02) $(0.07) Fully diluted $0.02 $(0.01) $(0.02) $(0.07) Weighted average number of shares - Basic 4,152 4,152 4,152 4,152 Fully diluted 4,992 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, +1-408-938-3030
Web site: http://www.erox.com/
