SAN JOSE, Calif., March 30, 2011 /PRNewswire/ -- Human Pheromone Sciences, Inc. (OTC Bulletin Board: EROX) (“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 31, | December 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 31, | ended December 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 | |||
