- Third Quarter After Tax Income Rounds to Break Even
- Nine Month Revenue Increases by 54% From Prior Year
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- Nine Month After Tax Income of $786,000
SAN DIEGO, Feb. 11 /PRNewswire-FirstCall/ -- Imagenetix, Inc. (OTC Bulletin Board: IAGX) announced today results for its third fiscal quarter and nine month period ending December 31, 2008. Net sales for the quarter were $2,084,000, an increase of 102% from the reported $1,032,000 for the same period of the prior fiscal year. For the nine month period, net sales increased by 54% to $6,134,000 from $3,988,000 reported in the prior nine month period.
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Imagenetix broke-even during the third quarter, ($.00) per share, compared to a loss of ($395,000), ($.04) per share, during the same quarter for the prior fiscal year. For the nine month period, after tax income increased to $786,000, $.07 per share, compared to a loss of ($1,461,000), ($.13) per share, in the previous nine month period.
Commenting on the results for the quarter, Mr. William P. Spencer, Imagenetix's Chief Executive Officer, said, "Increased profit margins for the quarter were attributable to an increase in mass market sales of Inflame Away-Celadrin(R) and was the primary reason for the Company's improved bottom line performance. We also ended the quarter in a debt-free and favorable financial liquidity position."
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 www.celadrin.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, 2008.
Contact Imagenetix Investor Relations William P. Spencer (858)674-8466 Chief Executive Officer Imagenetix, Inc. Tel: (858) 674-8455
SOURCE Imagenetix, Inc.
