IRVING, Texas, May 12 /PRNewswire-FirstCall/ -- (RBC Life Sciences: OTC Bulletin Board: RBCL) - RBC Life Sciences, Inc., a provider of proprietary nutritional supplements, wound care and pain management products, today reported company-wide net sales of $7.0 million for the first quarter ended March 31, 2010, compared to net sales of $6.0 million for the same period during 2009, an increase of 16%.
The company also reported net earnings of $211,000, or $0.01 per share, during the first quarter of 2010, compared to a net loss of $171,000, or $0.01 per share, during the same quarter in 2009.
“After encountering a tough economic climate in 2009, our international dietary supplements licensee is beginning to see an improving market overseas,” said RBC Life Sciences President and CEO John W. Price. “Domestically, we saw an increase in our medical products customer base while we also continued a number of sales and marketing initiatives designed to offset the first quarter decline in our network marketing independent Associate base.”
RBC Life Sciences announced recently that it has been certified as being compliant with Good Manufacturing Practices (GMPs) for the dietary supplement industry. The company invested substantial resources to achieve the compliance during 2009 and will continue to do so annually to remain compliant. GMPs ensure that companies adhere to practices that promote product safety, quality and efficacy.
About RBC Life Sciences
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. Under its MPM Medical brand, RBC Life Sciences 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 Web site 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, | ||||||||||
2010 | 2009 | |||||||||
Net sales | $ | 6,982 | $ | 6,016 | ||||||
Gross profit | 3,389 | 3,139 | ||||||||
Operating profit (loss) | 400 | (161) | ||||||||
Earnings (loss) before income taxes | 361 | (203) | ||||||||
Provision (benefit) for income taxes | 150 | (32) | ||||||||
Net earnings (loss) | 211 | (171) | ||||||||
Earnings (loss) per share basic and diluted | $ | 0.01 | $ | (0.01) | ||||||
Weighted average shares outstanding basic | 21,922 | 21,917 | ||||||||
Weighted average shares outstanding diluted | 22,270 | 21,917 | ||||||||
RBC Life Sciences, Inc. | ||||||||
Condensed Balance Sheets | ||||||||
(in thousands) | ||||||||
(unaudited) | ||||||||
March 31, | December 31, | |||||||
2010 | 2009 | |||||||
Assets | ||||||||
Cash and cash equivalents | $ | 3,521 | $ | 3,972 | ||||
Inventories | 5,043 | 5,344 | ||||||
Other current assets | 1,901 | 1,914 | ||||||
Total current assets | 10,465 | 11,230 | ||||||
Other assets | 7,315 | 7,383 | ||||||
Total assets | $ | 17,780 | $ | 18,613 | ||||
Liabilities and shareholders’ equity | ||||||||
Accounts payable and accrued liabilities | $ | 2,507 | $ | 2,729 | ||||
Deferred revenue | ||||||||
