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Imagenetix, Inc. Reports First Quarter 2011 Results
Date:8/17/2010

SAN DIEGO, Aug. 17 /PRNewswire-FirstCall/ -- Imagenetix, Inc. (OTC Bulletin Board: IAGX) announced today results for the three months ended June 30, 2010. Net sales decreased 36% for the first quarter of fiscal year 2011 to $1,085,000 from $1,702,000 for the same period of last year.   Net loss for the first quarter was $604,000 or $.05 per share compared to a loss of $415,000 or $.04 per share for the same period of the prior fiscal year.  

Commenting on the results of the first quarter, Mr. William Spencer, Imagenetix Chief Executive Officer said: "Sales and earnings were negatively impacted from the company's investment and transition to our mass retail branded products – Celadrin softgels, Celadrin cream and BioGuard, our novel healthy immune system innovation. Forward looking, Imagenetix expects to reflect the benefits of its retail strategy in the form of sequentially and significantly stronger quarterly sales. Branded product shipments combined with favorable in-store turnover, gives us the confidence in our retail brand strategy and building both short and long term value for our shareholders."

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 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 OfficerImagenetix, Inc.Tel: (858) 674-8455Imagenetix, Inc.Condensed Consolidated Statements of Operations(Unaudited)(In thousands, except per share data)Three Months EndedJune 30,20102009Net sales$

1,085$

1,702   Cost of sales7501,055Gross profit335647Gross profit percent30.9%38.0%Operating expenses:General and administrative596808Payroll expense243255Consulting expense410280Operating expenses 1,2491,343Operating income (loss)(914)(696)Other income11Interest expense (89)(2)Income (loss) before income taxes(1,002)(697)Income tax expense (benefit)(398)(282)Net income (loss)$

(604)$

(415)Income (loss) per share:Basic$

(0.05)$

(0.04)Diluted$

(0.05)$

(0.04)Weighted average common shares outstanding:Basic11,31011,011Diluted11,31011,011Imagenetix, Inc. Condensed Consolidated Balance Sheets(Unaudited)(In thousands) June 30,  March 31, 2010 2010 Assets:Current assets:Cash and cash equivalents

$

594$

981Accounts receivable, net9141,049Inventories, net1,2971,350Prepaid expenses and other current assets188151Deferred tax asset1,328933   Total current assets4,3214,464Property and equipment, net 8189Long-term prepaid expenses1518Other assets 122125   Total assets

$

4,539$

4,696Liabilities and stockholders' equity:Current liabilities:Secured note payable to bank

$

500$

-Accounts payable525997Accrued liabilities7883Customer deposits1925Contract payable4386   Total current liabilities1,1651,191Stockholders' equity 3,3743,505   Total liabilities and stockholders' equity

$

4,539$

4,696
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SOURCE Imagenetix, Inc.
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