IRVINE, Calif., April 3 /PRNewswire-FirstCall/ -- ChromaDex Corporation, (OTC Bulletin Board: CDXC) a leader in phytochemical reference standards and contract research, today announced financial results for the 2008 Fiscal Year. On a reported basis calculated in accordance with U.S. Generally Accepted Accounting Principles (U.S. GAAP), ChromaDex announced a net loss attributable to common stockholders of $0.07 per share for the twelve months ended January 3, 2009.
As of January 3, 2009, cash, cash equivalents, and marketable securities totaled $1 million.
"The FDA started implementing Good Manufacturing Practices for dietary supplements in June 2008," said Frank Jaksch, CEO and co-founder of ChromaDex. "There is a rapidly growing awareness both at the consumer and government regulatory level of the need for reference standards, analytical methods and other quality assurance methods to insure that products on the shelf not only contain what is claimed on the label, but are also safe and effective. We are confident that the increased awareness and demand for products that are healthy, natural, organic or green, will continue to provide an opportunity for ChromaDex. Additionally, we will continue to invest in products, services and intellectual property that will enable us to remain the reference standards market leader for the dietary supplement, food, beverage, personal care, and sport nutrition markets."
Additional Financial Results & Notes
On a reported basis, ChromaDex recorded revenue during 2008 of $4,506,301 as compared to $4,754,073 for the same period in 2007. The net loss attributable to common stockholders for the twelve months ended January 3, 2009, was $2,104,476 as compared to a net loss of $189,875 for the same period in 2007. The company notes that as a result of its closing of the reverse merger acquisition of Cody Resources, Inc. on June 20, 2008, investors are cautioned that the company's historical performance is not directly comparable.
ChromaDex is a leader in the development of Phytochemical and Botanical Reference Standards and the creation of associated intellectual property. ChromaDex is committed to sustainable "Green chemistry" and provides the dietary supplement, food, beverage, nutraceutical and cosmetic industries with the analytical tools and services to meet product regulatory, quality, efficacy and safety standards.
Any statements that are not historical facts contained in this release are forward-looking statements. Actual results may differ materially from those projected or implied in any forward-looking statements. Such statements involve risks and uncertainties, including but not limited to: the ability to market, produce and sell the referenced ingredients; risks relating to product and customer demand, market acceptance of our products; the effect of economic conditions both nationally and internationally; the ability to protect our intellectual property rights; the impact of any litigation or infringement actions brought against us; competition from other providers and products; risks in product development; our ability to raise capital to fund continuing operations; the ability to complete transactions; and other factors discussed from time to time in the Company's Securities and Exchange Commission filings. The Company undertakes no obligation to update or revise any forward-looking statement for events or circumstances after the date on which such statement is made except as required by law.
10005 Muirlands Blvd, Suite G
Irvine, CA 92618
ChromaDex Corporation and Subsidiaries Consolidated Statements of Operations Years Ended January 3, 2009 and December 29, 2007 2008 2007 Sales $4,506,301 $4,754,073 Cost of goods sold 3,274,800 3,122,461 Gross profit 1,231,501 1,631,612 Operating expenses: Selling 720,519 387,816 General and administrative 2,579,015 1,421,516 3,299,534 1,809,332 Operating loss (2,068,033) (177,720) Nonoperating (income) expenses: Interest expense 70,079 31,815 Interest and other income (33,636) (19,660) 36,443 12,155 Net loss $(2,104,476) $(189,875) Basic and Diluted loss per common share $(0.07) $(0.01) Basic and Diluted average common shares outstanding 28,312,934 26,514,481
|SOURCE ChromaDex Corporation|
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