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GeneLink Reports 2012 Financial Results
Date:4/4/2013

ORLANDO, Fla., April 4, 2013 /PRNewswire/ -- GeneLink, Inc. (OTCBB: GNLK.OB, "the Company," or "GeneLink"), a leading consumer genomics biotech company, reports financial results for the fiscal year ended December 31, 2012.

Financial Results:

  • In February of 2012 the Company completed the sale of GeneWize Life Sciences, Inc. to Capsalus Corp (OTCBB: WELL.OB, or "Capsalus"). The sale and accompanying licensing fees provided $1,165,900 to GeneLink during the fiscal year.
  • Annual net sales decreased from $4,684,577 to $2,136,142.  The decrease is primarily related to the sale of GeneWize and the subsequent conversion from retail to wholesale business model in February of 2012.
  • The operating loss in 2012 was $3,468,997.  Most of the loss is attributable to the unsupported overhead costs at GeneLink, establishment of GeneLink's own manufacturing facility, and implementation of plans to support GeneLink's expansion into additional channels.  In addition, we had extraordinary legal expenses related to regulatory compliance.  Net losses for 2012 in the amount of $3,051,747 decreased by $748,449 or 20% compared to 2011.
  • Ongoing cost initiatives resulted in the reduction of 2012 monthly recurring operating expenses by over 50% compared to 2011.
  • Reduced accounts payable during 2012 by over 25%.

Dr. Bernard Kasten , GeneLink's Chairman, CEO and interim CFO stated, "2012 was a continued transition for us as we completed the sale of our direct selling subsidiary, GeneWize.  We were able to utilize the proceeds from that sale to establish a unique and world class manufacturing facility for our customized nutrition and skin care products.  Though the change in our business model from retail to wholesale will initially appear to reduce our revenues, we are hopeful that the our cu
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SOURCE GeneLink, Inc.
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