SAN DIEGO, Nov. 16, 2010 /PRNewswire-FirstCall/ -- Imagenetix, Inc. (OTC Bulletin Board: IAGX) announced today results for the three and six months ended September 30, 2010. Net sales increased 69% for the second quarter of fiscal year 2011 to $3,220,000 from $1,900,600 for the same period of last year. Net income for the second quarter was $70,000, $.01 per share, compared to net income of $553,000, $.05 per share, for the same period of the prior fiscal year. The results of the previous fiscal year quarter included one-time before tax settlement income of $1,250,000.
For the six months ended September 30, 2010, net sales increased 19% to $4,305,000 from $3,603,000 for the same period the previous fiscal year. A net loss of $534,000, $0.05 per share, compared to net income of $138,000, $0.01 per share, for the previous fiscal year which included the one-time before tax settlement income of $1,250,000.
Commenting on the results of the second quarter, Mr. William Spencer, Imagenetix Chief Executive Officer said: "Sales more than tripled from the first fiscal quarter as several major chains expanded Celadrin softgels and BioGuard, our novel healthy immune system innovation, to a national level. As a result of this expansion, we have initiated a national television advertising campaign for Celadrin which should give us the necessary exposure to continue rolling out product to additional retail outlets. Forward looking, Imagenetix is expanding sales of Celadrin cream into the nation's largest warehouse club store during the current quarter. We have been able to fund this growth by securing a banking relationship that provides working capital based on receivables and inventory."
Imagenetix, based in San Diego, California, is an innovator of scientifically tested, natural-based, proprietary, bio
|SOURCE Imagenetix, Inc.|
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