SAN JOSE, Calif., Aug. 13 Human Pheromone Sciences, Inc. (OTC Bulletin Board: EROX) ("HPS" or "the Company") today announced results for the three and six months ended June 30, 2009. For the three month period ending June 30, 2009, net revenues of $224,000 represented a 5% decrease from the revenues of $236,000 in the prior year period, and resulted in a net loss of $84,000 ($0.02 per share) as compared with a net loss of $88,000 ($0.02 per share) for the same period of 2008. For the six month period ending June 30, 2009, net revenues of $389,000 were 23% lower than the previous year's $502,000, resulting in a net loss of $265,000 ($0.06 per share) as compared with a net loss of $151,000 ($0.04 per share) in the first six months of 2008. At June 30, 2009, the Company reflected cash balance of $542,000 compared with $907,000 at December 31, 2008. The cash use was within the expectations of the Company. There was no bank indebtedness at either date.
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According to a Company spokesperson, "the slight decrease in revenues for the quarter is attributable to reduced revenue recognition from a previously signed license agreement, slightly offset by increases in U.S. and International sales of pheromones. The growth in pheromone sales is a result of a new licensing agreement signed for the use of our patented technology in Taiwan, and the expansion of our agreement with an additional U.S. subsidiary of the international chemical and consumer giant Schwarzkopf and Henkel, Dial Corporation." A slight increase in research expense in the quarter was offset by an 8% reduction in other operating expenses, resulting in a $4,000 lower loss in the current year's quarter.
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Human Pheromone Sciences, Inc. is a technology-based company, whose proof-of concept products included prestige-priced fragrances and toiletries and environmental products sold under the Natural Attraction(R), REALM(R), innerREALM(R) and EROX(R) trademarks. These products contain mood-enhancing compounds, whose efficacy has been validated at leading universities around the world, and whose use is covered under United States and foreign patents. The Company is also involved in research and product development efforts on new compounds that have been previously identified as stimulating the emotional centers of the human brain. Further information is available on line at www.erox.com.
The statements in this news release may contain forward-looking statements that involve risks and uncertainties that could cause 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, 2008, and Form 10-Q for the three and six months ended June 30, 2009, 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.
Net loss per share is based on the weighted average number of common shares and common equivalents outstanding during each period. Certain common stock equivalents are excluded when their effect would be anti-dilutive.
Tables follow HUMAN PHEROMONE SCIENCES, INC. Condensed Balance Sheets (Dollars in thousands) June 30, December 31, 2009 2008 (Unaudited) Assets Cash and cash equivalents $ 542 $ 907 Accounts receivable 43 52 Inventories 50 39 Other current assets 34 58 Property and equipment, net 1 2 Total $ 670 $ 1,058 Liabilities and shareholders' equity Accounts payable $ 30 $ 19 Other current liabilities 111 131 Deferred income - current 256 297 Deferred income - non-current 227 324 Common stock 21,067 21,043 Accumulated deficit (21,021) (20,756) Total $ 670 $ 1,058 HUMAN PHEROMONE SCIENCES, INC. Condensed Statements of Operations (Unaudited) (Dollars in thousands, except per-share data) Three months Six months ended June 30, ended June 30, 2009 2008 2009 2008 Net revenue $ 224 $ 236 $ 389 $ 502 Cost of goods sold 65 73 130 154 Research and development 13 9 38 23 Selling, general and administrative 230 249 487 493 Loss from operations (84) (95) (266) (168) Other income 1 7 2 18 Provision for income taxes 1 - 1 1 Net loss $ (84) $ (88) $ (265) $ (151) Loss per share - Basic and fully diluted: $ (0.02) $ (0.02) $ (0.06) $ (0.04) Weighted average common shares outstanding- Basic and fully diluted: 4,152 4,152 4,152 4,152
SOURCE Human Pheromone Sciences, Inc.
