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Imagenetix, Inc. Reports Second Quarter 2011 Results
Date:11/16/2010

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."  

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 EndedSix Months EndedSeptember 30,September 30,2010200920102009Net sales$

3,220$

1,901$

4,305$

3,603   Cost of sales1,4321,0392,1822,095Gross profit1,7888622,1231,508Gross profit percent55.5%45.3%49.3%41.9%Operating expenses:General and administrative8765751,4721,383Payroll expense320269562523Consulting expense342295753575Operating expenses 1,5381,1392,7872,481Operating income (loss)250(277)(664)(973)Other income-112Settlement income-1,250-1,250Interest expense (25)-(114)(2)Income (loss) before income taxes225974(777)277Income tax expense (benefit)155421(243)139Net income (loss)$

70$

553$

(534)$

138Income (loss) per share:Basic$

0.01$

0.05$

(0.05)$

0.01Diluted$

0.01$

0.05$

(0.05)$

0.01Weighted average common shares outstanding:Basic11,81111,01111,56011,011Diluted11,92811,05911,56011,096Imagenetix, Inc. Condensed Consolidated Balance Sheets(Unaudited)(In thousands) September 30,

March 31, 2010 2010 Assets:Current assets:Cash and cash equivalents

$

371$

981Accounts receivable, net2,6031,049Inventories, net1,2871,350Prepaid expenses and other current assets276151Deferred tax asset1,171933   Total current assets5,7084,464Property and equipment, net 7589Long-term prepaid expenses1218Other assets 119125   Total assets

$

5,914$

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

$

890$

-Convertible notes289-Accounts payable1,031997Accrued liabilities8283Customer deposits2125Contract payable1086   Total current liabilities2,3231,191Stockholders' equity 3,5913,505   Total liabilities and stockholders' equity

$

5,914$

4,696
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SOURCE Imagenetix, Inc.
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