Imagenetix Inc. Reports Third Fiscal Quart... ( - Net Sales Decrease 2.8% for Qu...)

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Imagenetix Inc. Reports Third Fiscal Quarter Results

Date:2/13/2008

- Net Sales Decrease 2.8% for Quarter, Increase 19.9% Year-to-Date

- EPS $(0.04) Versus $(0.03) for Quarter, $(0.13) Versus $(0.06)

Year-to-Date

- Results Impacted by Expenses of Retail Launch

- Sees Substantial Increase in Sales in Fourth Fiscal Quarter

- Warrant extension offer is successful

SAN DIEGO, Feb. 13 /PRNewswire-FirstCall/ -- Imagenetix, Inc. (OTC Bulletin Board: IAGX), today reported results for its third fiscal quarter ended December 31, 2007. Net sales decreased by 2.8% to $1,032,000 from the $1,062,000 recorded for the same period of the last fiscal year. For the nine months ended December 31, 2007 net sales increased by 19.9% to $3,988,000 from the $3,327,000 recorded for the same period of the prior fiscal year.

Gross profit as a percentage of sales decreased to 37% from 42% during the quarter and to 43% from 46% for the nine month period. This decrease is primarily due to the effect of sales incentives and rebates connected with the retail launch of Imagenetix's first branded product Inflame Away(TM) Celadrin.

During the third fiscal quarter operating expenses increased by 19.4% to $1,052,000 from the $881,000 in the same period of the prior fiscal year. The primary reason for this increase was $223,000 of increased advertising expenses and $64,000 of increased marketing expenses related to the retail launch of Inflame Away. Payroll expenses increased during the period by $74,000 including a $35,000 non-cash charge stock option related expense. These increases were somewhat offset by reduced expenses for clinical studies of $110,000 and $122,000 in reduced consulting expense.

For the nine month operating expenses increased by 39.4% to $3,437,000 from $2,466,000. This increase was primarily due to an increase of $773,000 in advertising expense, $251,000 marketing expense, and $140,000 increase to non-cash expense related to war
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Imagenetix Inc. Reports Third Fiscal Quart...( - Net Sales Decrease 2.8% for Qu...)