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Imagenetix, Inc. Reports Second Quarter and Six Month Results

- Second Quarter Revenue Increases by 45% From Prior Year

- Second Quarter After Tax Income of $199,000

- Six Month Revenue Increases by 37% From Prior Year

- Six Month After Tax Income of $786,000

SAN DIEGO, Nov. 12 /PRNewswire-FirstCall/ -- Imagenetix, Inc. (OTC Bulletin Board: IAGX) announced today results for its second fiscal quarter and six month period ending September 30, 2008. Net sales for the quarter were $2,656,000 an increase of 45% from the $1,829,000 reported for the same period of the prior fiscal year and up 91% sequentially from revenue of $1,344,000 in the first fiscal 2009 quarter. For the six month period, net sales increased by 37% to $4,051,000 from $2,956,000 as was reported in the prior six month period.

After tax income for the second quarter increased to $199,000, $.02 per share, from the loss of ($631,000), ($.06) per share, during the same quarter of the prior fiscal year. For the six month period after tax income increased to $786,000, $.07 per share, compared to the loss of ($1,066,000), ($.10) per share, in the previous six month period. First quarter results included a one-time litigation settlement.

Commenting on the results for the quarter, Mr. William P. Spencer, Imagenetix's Chief Executive Officer said, "We have begun making progress in selling our Inflame Away-Celadrin(R) joint health formulas through mass market stores. We have advanced Celadrin through an in-store warehouse club test. Also, we have added distribution of Inflame Away-Celadrin through the #1 national supermarket retail chain this past quarter. With greater expansion and success in the supermarket and warehouse club segments of the mass market, our company would continue to see both increased revenues and improved gross profit margins which would translate into enhanced bottom line performance."

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 Inflame Away(R)-Celadrin(R), please visit, or

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, 2008.

Contact Imagenetix Investor Relations William P. Spencer

(858) 674-8466 Chief Executive Officer

Imagenetix, Inc.

Tel: (858) 674-8455

Imagenetix, Inc.

Condensed Consolidated Statements of Operations


(In thousands, except per share data)

Three Months Ended Six Months Ended

September 30, September 30,

2008 2007 2008 2007

Net sales $2,656 $1,829 $4,051 $2,956

Cost of sales 1,541 1,083 2,361 1,620

Gross profit 1,115 746 1,690 1,336

Gross profit percent 42.0% 40.8% 41.7% 45.2%

Operating expenses:

General and administrative 420 687 1,025 1,334

Payroll expense 221 216 593 572

Consulting expense 243 228 589 479

Operating expenses 884 1,131 2,207 2,385

Operating income (loss) 231 (385) (517) (1,049)

Other income 10 15 17 22

Settlement income - - 1,785 -

Interest expense - (1) (1) (3)

Income (loss) before income taxes 241 (371) 1,284 (1,030)

Income tax expense 42 260 498 36

Net income (loss) $199 $(631) $786 $(1,066)

Income (loss) per share:

Basic $0.02 $(0.06) $0.07 $(0.10)

Diluted $0.02 $(0.06) $0.07 $(0.10)

Weighted average common shares


Basic 10,984 10,953 10,972 10,913

Diluted 11,012 10,953 11,007 10,913

Imagenetix, Inc.

Condensed Consolidated Balance Sheets


(In thousands)

September 30, March 31,

2008 2008


Current assets:

Cash and cash equivalents $2,109 $1,023

Accounts receivable, net 1,126 766

Inventories, net 1,566 1,110

Prepaid expenses and other

current assets 191 252

Deferred tax asset 333 862

Total current assets 5,325 4,013

Property and equipment, net 132 112

Long-term prepaid expenses 36 42

Other assets 244 218

Total assets $5,737 $4,385

Liabilities and stockholders' equity:

Current liabilities:

Accounts payable $1,183 $714

Accrued liabilities 82 72

Customer deposits 70 63

Contract payable - 46

Short term license payable 20 34

Total current liabilities 1,355 929

Long term license payable - 3

Stockholders' equity 4,382 3,453

Total liabilities and

stockholders' equity $5,737 $4,385

SOURCE Imagenetix, Inc.
Copyright©2008 PR Newswire.
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