Imagenetix, Inc. Reports Second Quarter and Six Mon... (

Imagenetix, Inc. Reports Second Quarter and Six Month Results

Date:11/12/2008

- 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
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Imagenetix, Inc. Reports Second Quarter and Six Mon...( - Second Quarter Revenue Inc...)