RBC Life Sciences, Inc. Reports First Quarter 2011 Results
IRVING, Texas, May 4, 2011 /PRNewswire/ -- (RBC Life Sciences: OTCBB: RBCL) - RBC Life Sciences, Inc., a provider of proprietary nutritional supplements, wound care and pain management products, today reported consolidated net sales of $6.54 million for the quarter ended March 31, 2011, compared to net sales of $6.98 million for the same period during 2010. The Company also reported net earnings of $143,000, or $0.01 per share, compared to net earnings of $211,000, or $0.01 per share, for the same quarter last year.
"Due to a variety of logistical factors, net sales in our largest revenue channel declined during the first quarter of 2011 resulting in an overall decline in consolidated net sales," said RBC Life Sciences President and CEO, Clinton H. Howard. "However, we saw a 37% increase in Associate network sales during the quarter, and the number of individuals who joined our Associate network more than doubled. This growth is the result of a program we introduced in March 2010 that allows customers in Southeast Asia to enroll in the Associate network and purchase our Nutritional Products. Because of the very positive reception in this market, we plan to open a branch office in Taiwan later this year."
During the first quarter of 2011, the Company also reported a 10% increase in net sales of Medical Products to $1.72 million.
About RBC Life Sciences
Through wholly owned subsidiaries, RBC Life Sciences develops, manufactures and markets high-quality nutritional supplements and personal care products under its RBC Life brand to a growing population of consumers seeking wellness and a healthy lifestyle. Through its wholly owned subsidiary, MPM Medical, the Company also develops and markets to health care professionals in the United States proprietary prescription and nonprescription products for advanced wound care and pain management. All products are tested for quality assurance in-house, and by outside independent laboratories, to comply with regulations in the U.S. and in more than thirty countries in which the products are distributed. For more information, visit the company's website at www.rbclifesciences.com.
The statements above, other than statements of historical fact, may be forward-looking. Actual events will be dependent upon a number of factors and risks including, but not limited to, changes in plans by the Company's management, delays or problems in production, changes in the regulatory process, changes in market trends, and a number of other factors and risks described from time to time in the Company's filings with the Securities and Exchange Commission.
RBC Life Sciences, Inc. Summary Results of Operations (in thousands, except per share data) (unaudited) | ||||||||
Quarters Ended March 31, | ||||||||
2011 | 2010 | |||||||
Net sales | $ | 6,538 | $ | 6,982 | ||||
Gross profit | 3,316 | 3,389 | ||||||
Operating profit | 262 | 400 | ||||||
Earnings before income taxes | 225 | 361 | ||||||
Provision for income taxes | 82 | 150 | ||||||
Net earnings | 143 | 211 | ||||||
Earnings per share - basic | $ | 0.01 | $ | 0.01 | ||||
Earnings per share - diluted | 0.01 | 0.01 | ||||||
Weighted average shares outstanding - basic | 22,229 | 21,922 | ||||||
Weighted average shares outstanding - diluted | 22,541 | 22,270 | ||||||
RBC Life Sciences, Inc. Condensed Consolidated Balance Sheets (in thousands) (unaudited) | ||||||||
March 31, | December 31, | |||||||
2011 | 2010 | |||||||
Assets | ||||||||
Cash and cash equivalents | $ | 5,448 | $ | 4,220 | ||||
Inventories | 4,742 | 5,343 | ||||||
Other current assets | 1,784 | 1,696 | ||||||
Total current assets | 11,974 | 11,259 | ||||||
Other assets | 7,034 | 7,085 | ||||||
Total assets | $ | 19,008 | $ | 18,344 | ||||
Liabilities and shareholders' equity | ||||||||
Accounts payable and accrued liabilities | $ | 2,937 | $ | 3,087 | ||||
Deferred revenue | 3,195 | 2,490 | ||||||
Other current liabilities | 172 | 168 | ||||||
Total current liabilities | 6,304 | 5,745 | ||||||
Other liabilities | 2,678 | 2,723 | ||||||
Shareholders' equity | 10,026 | 9,876 | ||||||
Total liabilities and shareholders' equity | $ | 19,008 | $ | 18,344 | ||||
SOURCE RBC Life Sciences, Inc.