IRVINE, Calif., May 12, 2011 /PRNewswire/ -- ChromaDex Corporation, (OTCBB: CDXC) an innovative natural products company that provides proprietary, science-based solutions and ingredients to the dietary supplement, food & beverage, cosmetic and pharmaceutical industries, today announced financial results for the first quarter of 2011. On a reported basis and calculated in accordance with U.S. Generally Accepted Accounting Principles (U.S. GAAP), ChromaDex announced total revenues of approximately $2.5 million and a net loss attributable to common stockholders of $0.02 per share for the three month period ended April 2, 2011.
“First quarter 2011 was a landmark for ChromaDex as we had our largest quarter of revenue in the history of the Company,” said Frank Jaksch, CEO and co-founder of ChromaDex. “We are now poised to leverage our unique product and service offerings and, at the same time, capture rapidly accelerating revenue growth related to pTeroPure and other novel ingredients. We expect this strategy to further solidify ChromaDex as a leader in the natural products industry.”
Additional Financial Results & Notes
On a reported basis, ChromaDex recorded revenue during the first quarter 2011 of $2,539,245 as compared to $1,937,592 for the same period in 2010, representing year-over-year growth in excess of 31%. The net loss attributable to common stockholders for the thirteen week period ended April 2, 2011 was $1,156,385 as compared to a net income of $33,742 for the same period in 2010. The net loss in the first quarter 2011 was largely due to an increase in share-based compensation expense related to the stock options that were granted following the May 20, 2010 Private Placement. When the net loss is adjusted to exclude the effects of non-cash charges associated with share-based compensation expense, a “non-GAAP” presentation, the net loss for the first quarter 2011 is $419,366, and the loss per share for the first quarter 2011 is $0.01. As of April 2, 2011, cash, cash equivalents, and marketable securities totaled over $2.8 million.
About ChromaDex
ChromaDex is an innovative natural products company that provides proprietary, science-based solutions and ingredients to the dietary supplement, food & beverage, cosmetic and pharmaceutical industries. The company has an impressive pipeline of new ingredients, including its pTeroPure brand on which it has worldwide, exclusive patent rights
ChromaDex Forward-Looking Statements
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 those 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.
Investor Inquiries:
Liviakis Financial Communications, Inc.
John M. Liviakis, President
415-389-4670
John@Liviakis.com
ChromaDex Contact
Laura Carney
Executive Assistant to the CEO, President, and CFO
10005 Muirlands Blvd, Suite G, Irvine, CA 92618
949-419-0288
LauraC@chromadex.com
Media Inquiries:
Carolyn Hawley
Canale Communications
619-849-5375
carolyn@canalecomm.com
ChromaDex Corporation and Subsidiaries | |||
Condensed Consolidated Statements of Operations (Unaudited) | |||
Three Months Ended | |||
April 2, 2011 | April 3, 2010 | ||
Sales | $ 2,539,245 | $ 1,937,592 | |
Cost of sales | 1,518,850 | 1,119,619 | |
Gross profit | 1,020,395 | 817,973 | |
Operating expenses: | |||
Sales and marketing | 445,507 | 224,619 | |
General and administrative | 1,722,834 | 554,033 | |
2,168,341 | 778,652 | ||
Operating (loss) income | (1,147,946) | 39,321 | |
Nonoperating (income) expenses: | |||
Interest expense | 8,873 | 5,699 | |
Interest income | (434) | (120) | |
8,439 | 5,579 | ||
Net (loss) income | $ (1,156,385) | $ 33,742 | |
Basic and Diluted (loss) income per common share | $ (0.02) | $ 0.00 | |
Basic and Diluted average common shares outstanding | 62,944,298 | 28,838,216 | |
Quantitative Reconciliation of the differences between the non-GAAP measure and the associated comparable GAAP measure
Condensed Consolidated Statements of Operations | |||
(Unaudited, US GAAP) | |||
Three Months Ended | |||
April 2, 2011 | April 3, 2010 | ||
Sales | $ 2,539,245 | $ 1,937,592 | |
Cost of sales | 1,518,850 | 1,119,619 | |
Gross profit | 1,020,395 | 817,973 | |
Operating expenses: | |||
Sales and marketing | 445,507 | 224,619 | |
General and administrative | 1,722,834 | 554,033 | |
2,168,341 | 778,652 | ||
Operating (loss) income | (1,147,946) | 39,321 | |
Nonoperating (income) expenses: | |||
Interest expense | 8,873 | 5,699 | |
Interest income | (434) | (120) | |
8,439 | 5,579 | ||
Net (loss) income | $ (1,156,385) | $ 33,742 | |
Basic and Diluted | |||
(loss) income per common share | $ (0.02) | $ 0.00 | |
Basic and Diluted | |||
average common shares outstanding | 62,944,298 | 28,838,216 | |
Effects of Non-cash Charges associated with | |||
Share-based Compensation Expense | |||
Three Months Ended | |||
April 2, 2011 | April 3, 2010 | ||
Sales | $ - | $ - | |
Cost of sales | - | - | |
Gross profit | - | - | |
Operating expenses: | |||
Sales and marketing | - | - | |
General and administrative | (737,019) | (51,599) | |
