SAN JOSE, Calif., March 30, 2012 /PRNewswire/ -- Human Pheromone Sciences, Inc. (EROX) ("HPS" or "the Company") filed a Form 15 with the SEC. The Company filed a Form 15 with the SEC in order to effect a termination of registration of its common stock under the Securities Exchange Act of 1934. Upon this voluntary filing the Company is no longer required to file periodic and current reports with the SEC, including Forms 10-K, 10-Q and 8-K. The Company expects that its common stock will continue to be traded in the Pink Sheets under the symbol, EROX.
"The Company and its Board of Directors determined that this course of action would allow the Company to use its financial and management resources on operations rather than on regulatory compliance in a capital market which the Company is unable to benefit from until its financial position improves. The Company will continue to license and supply new and existing customers with its three unique compounds currently available and focus energies on identifying research and development partners for additional compounds that have been identified," a spokesperson indicated.
The Company is also announcing its unaudited results for the three months and the year ended December 31, 2011. For the three months ended December 31, 2011, net revenue was $146,000, representing a 35% decrease from revenues of $225,000 in the prior year period, and resulted in net income of $12,000 ($0.00 per share) as compared with net income of $118,000 ($0.03 per share) for the three months ended December 31, 2010, a $106,000 decrease. For the year ending December 31, 2011, net revenues of $569,000, were 29% less than revenues of $806,000 generated in the year ended December 31, 2010. The net loss in the current year of $44,000 ($0.01 per share) was $53,000, or 55%, reduction from the $97,000 loss ($0.02 per share) recorded for the year ended December 31, 2010.
Revenues in 2011 were either flat or less than 2011 in each quarter and revenues by customer were all less than in 2010. This decrease we attribute to the depressed global economic conditions and the lack of new product or product line expansions during the year, and an Asian customer converting to a non-exclusive license. The Company continued to reduce operating costs during 2011. Administrative expense reductions of approximately $239,000 offset the gross profit decrease of $196,000 for the year resulting in a $53,0000 reduction to the a net loss of $97,000 for the year ended December 31, 2010 to $44,000 for the year ended December 31, 2011.
The Company has seen a renewed interest by existing customers, inquires from potential customers, and orders from new customers. "We are pleased to see a renewed interest in the technology and continue to work in marketing the technology to consumer product companies that can incorporate our technology into their products," a spokesperson indicated. The Company further noted that it continues to seek alternative distribution channels for its technologies and to generate marketing interest in its patent-pending sea coral based compound, classified as ER 303.
Human Pheromone Sciences, Inc. is a technology-based company, whose proof-of concept products included prestige-priced fragrances and toiletries and environmental products sold under the Natural Attraction®, REALM®, innerREALM® and EROX® trademarks. These products contain mood-enhancing compounds, whose efficacy has been validated at leading universities around the world, and whose use is covered under United States and foreign patents. The Company is also involved in research and product development efforts on new compounds that have been previously identified as stimulating the emotional centers of the human brain. Further information is available on line at www.hpsna.com.Tables follow
HUMAN PHEROMONE SCIENCES, INC. Condensed Balance Sheets (Dollars in thousands) December 31, December 31,
AuditedAssetsCash and cash equivalents$
26Other current assets12
49Property and equipment, net-
Liabilities and Shareholders' Equity Accounts payable$
42Other current liabilities142
102Deferred income - current33
146Deferred income – non-current30
HUMAN PHEROMONE SCIENCES, INC.Condensed Statements of Operations (Dollars in thousands, except per-share data) Three months Year ended December 31, ended December 31, 2011 2010 2011 2010 Unaudited Audited Unaudited Audited
806Cost of goods sold9
128Research and development4
23Selling, general and administrative126
Income (loss) from operations7
Income (loss) before provision for income taxes12
Provision for Income taxes-
Net income (loss)$
Net income (loss) per share R Basic$ 0.00
$ (0.02) Fully diluted$ 0.00
Weighted average number of shares - Basic4,152
4,152Net 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.
|SOURCE Human Pheromone Sciences, Inc.|
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