ChromaDex, Inc. Announces Second Quarter 2008 Financial Results
IRVINE, Calif., Aug. 12 /PRNewswire-FirstCall/ -- ChromaDex Corporation, a leader in phytochemical reference standards and contract research, today announced financial results for the second quarter of 2008. On a reported basis calculated in accordance with U.S. Generally Accepted Accounting Principles (GAAP), ChromaDex announced a net loss attributable to common stockholders of $0.03 per share for the three months ended June 28, 2008.
As of June 28, 2008, cash, cash equivalents, and marketable securities totaled approximately $2.4 million. Balance sheet cash, cash equivalents and marketable securities includes all but approximately $1.1 million in proceeds from the final closings of the $4.6 million private placement the Company and its subsidiary just concluded.
"The second quarter of 2008 was significant for ChromaDex," said Frank Jaksch (http://www.chromadex.com/AboutCDX/fjaksch.html), CEO and co-founder of ChromaDex. "We successfully completed a reverse merger acquisition of Cody Resources, Inc. a publicly quoted company on the OTCBB. We did this in order to reap the benefits of public ownership including the ability to enhance our visibility with customers and prospective customers and access to potential new avenues for capital formation. Collectively, we believe this better positions ChromaDex to help us grow and expand to meet the significant and growing needs of customers. In the second half of 2008, we will be focused on expanding our range of products and services to the market."
Additional Financial Results & Notes
On a reported basis, ChromaDex recorded revenue during the second quarter of 2008 of $1,198,885 as compared to $997,087 for the same period in 2007. The net loss attributable to common stockholders for the three months ended June 28, 2008, was $621,676 as compared to $113,926 for the same period in 2007. The Company notes that as a result of the closing of the reverse merger acquisition of Cody Resources, Inc. on June 20, 2008, investors are cautioned that the Company's historical performance is not directly comparable.
ChromaDex is a leader in the development of Phytochemical and Botanical Reference Standards and the creation of associated intellectual property. ChromaDex is committed to sustainable "Green chemistry" and provides the dietary supplement, food, beverage, nutraceutical and cosmetic industries with the analytical tools and services to meet product regulatory, quality, efficacy and safety standards.
Any statements that are not historical facts contained in this release are forward-looking statements. Actual results may differ materially from those projected or implied in any forward-looking statements. Such statements involve risks and uncertainties, including but not limited to ability to market, produce and sell the referenced ingredients, risks relating to product and customer demand, market acceptance of our products, the effect of economic conditions both nationally and internationally, ability to protect our intellectual property rights, impact of any litigation or infringement actions brought against us, competition from other providers and products, risks in product development, our ability to raise capital to fund continuing operations, the ability to complete transactions, and other factors discussed from time to time in the Company's Securities and Exchange Commission filings. The Company undertakes no obligation to update or revise any forward-looking statement for events or circumstances after the date on which such statement is made except as required by law.
CONTACT: ChromaDex Corporation, +1-949-419-0288, fax, +1-949-419-0294,
firstname.lastname@example.org; or Investor Inquiries, Parag Dave, +1-212-601-8186,
email@example.com, or Media Inquiries, Megan Lavine,
+1-619-849-5388, firstname.lastname@example.org, both of Porter Novelli Life
Sciences, for ChromaDex Corporation
Web site: http://www.chromadex.com/