SAN DIEGO, Nov. 12 /PRNewswire-FirstCall/ -- Imagenetix, Inc. announced today results for its second fiscal quarter and six month period ending September 30, 2008. Net sales for the quarter were $2,656,000 an increase of 45% from the $1,829,000 reported for the same period of the prior fiscal year and up 91% sequentially from revenue of $1,344,000 in the first fiscal 2009 quarter. For the six month period, net sales increased by 37% to $4,051,000 from $2,956,000 as was reported in the prior six month period.
After tax income for the second quarter increased to $199,000, $.02 per share, from the loss of ($631,000), ($.06) per share, during the same quarter of the prior fiscal year. For the six month period after tax income increased to $786,000, $.07 per share, compared to the loss of ($1,066,000), ($.10) per share, in the previous six month period. First quarter results included a one-time litigation settlement.
Commenting on the results for the quarter, Mr. William P. Spencer, Imagenetix’s Chief Executive Officer said, “We have begun making progress in selling our Inflame Away-Celadrin(R) joint health formulas through mass market stores. We have advanced Celadrin through an in-store warehouse club test. Also, we have added distribution of Inflame Away-Celadrin through the #1 national supermarket retail chain this past quarter. With greater expansion and success in the supermarket and warehouse club segments of the mass market, our company would continue to see both increased revenues and improved gross profit margins which would translate into enhanced bottom line performance.”
Imagenetix, based in San Diego, California, is an innovator of scientifically tested, natural-based, proprietary, bioceutical products developed to enhance human health on a global basis. Imagenetix develops and formulates propriety over-the-counter topical creams, skincare products and nutritional supplements to be marketed globally through multiple channels of distribution. In addition, the company develops patentable compounds for entering into licensing agreements with pharmaceutical partners. Imagenetix is the creator of Inflame Away(R)-Celadrin(R), please visit, http://www.celadrin.com or http://www.imagenetix.net.
Certain matters in this news release are forward-looking statements which are subject to risks and uncertainties that could cause actual results to vary materially from those projected. Such risks and uncertainties include, but are not limited to, adverse fluctuations in future operating results due to a number of economic, competitive, and other factors, including, among other things, the size and timing of customer contracts, new or increased competition, changes in market demand, and seasonality of purchases of the company’s products and services. Additional information with respect to these and other factors, which could materially affect the company and its operations, are included in the company’s SEC filings, including its Form 10-K for the year ended March 31, 2008.
CONTACT: Imagenetix Investor Relations, +1-858-674-8466, or William P.
Spencer, Chief Executive Officer of Imagenetix, Inc., +1-858-674-8455
Web site: http://www.imagenetix.net/
http://www.celadrin.com/
