SAN DIEGO, Nov. 10 Imagenetix, Inc. (OTC Bulletin Board: IAGX) announced today results for the three and six months ended September 30, 2009. Net sales decreased 28% for the second quarter of fiscal year 2010 to $1,901,000 from $2,656,000 for the same period of last year. The second quarter revenue is a 12% increase over the $1,702,000 reported for the first quarter of fiscal year 2010. For the six months ended September 30, 2009, net sales decreased 11% to $3,603,000 from $4,051,000 for the same period of last year.
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Net income for the second quarter was $553,000 or $.05 per share compared to a net profit for the same period of the prior fiscal year of $199,000 or $0.02 per share. The current fiscal year period was positively impacted by a one time buy out agreement of $1,250,000. Net income for the six months ended September 30, 2009, was $138,000 or $0.01 per share compared to $786,000 or $0.07 per share for the same period of last year.
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Commenting on the results of the second quarter, Mr. William Spencer, Imagenetix Chief Executive Officer said, "We once again are encouraged by the increase in sales of our own branded product, InflameAway Celadrin, which continues to be well received in the food, drug and mass market segments. Also, we were pleased to introduce BioGuard, an immune boosting probiotic for the ear, nose and throat, into the largest club store warehouse during the quarter and the recent issuance of a patent for our early stage drug candidate, 1-TDC, to address periodontal diseases. We will continue to expand TV advertising to increase awareness of both InflameAway Celadrin and BioGuard. We anticipate this marketing program for the mass market segment to continue to result in improved sales. Our cash position was bolstered in early October as the result of entering into a supply buyout agreement with a customer."
About Imagenetix
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®-Celadrin®. Please visit, www.celadrin.com, www.bioguardhealth.com or 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, 2009.
Contact Imagenetix Investor Relations William P. Spencer (858)385-2797 Chief Executive Officer Imagenetix, Inc. Tel: (858) 674-8455
SOURCE Imagenetix, Inc.
