IRVINE, Calif., May 15 /PRNewswire-FirstCall/ -- ChromaDex Corporation, (OTC Bulletin Board: CDXC) a leader in phytochemical reference standards and contract research, today announced financial results for the 2009 first quarter. On a reported basis calculated in accordance with U.S. Generally Accepted Accounting Principles (U.S. GAAP), ChromaDex announced a net loss attributable to common stockholders of $0.01 per share for the thirteen week period ended April 4, 2009.
As of April 4, 2009, cash, cash equivalents, and marketable securities totaled $842,000.
"The importance of not only implementing Good Manufacturing Practices for dietary supplements but also the utilization of reference standards and other analytical methodology is paramount to ensuring that food and supplement products are safe and effective," said Frank Jaksch, CEO and co-founder of ChromaDex. "Our work and expertise in developing quality standards for the individual sweet components of stevia earned ChromaDex the prestigious Scientific Achievement Award from the Nutrition Business Journal during the quarter. The award further validates our mission to provide the tools needed to validate the safety, quality and potency of products for the dietary supplement, food, beverage, personal care and sports nutrition markets."
Additional Financial Results & Notes
On a reported basis, ChromaDex recorded revenue during the first quarter of 2009 of $1,447,127 as compared to $1,059,716 for the same period in 2008. The net loss attributable to common stockholders for the thirteen weeks ended April 4, 2009, was $323,842 as compared to a net loss of $122,906 for the same period in 2008. The Company notes that as a result of its closing of the reverse merger acquisition of Cody Resources, Inc. on June 20, 2008, investors are cautioned that the Company's historical performance is not directly comparable.
ChromaDex is a leader in the development of Phytochemical and Botanical Reference Standards and the creation of associated intellectual property. ChromaDex is committed to sustainable "Green chemistry" and provides the dietary supplement, food, beverage, nutraceutical and cosmetic industries with the analytical tools and services to meet product regulatory, quality, efficacy and safety standards.
Any statements that are not historical facts contained in this release are forward-looking statements. Actual results may differ materially from those projected or implied in any forward-looking statements. Such statements involve risks and uncertainties, including but not limited to: the ability to market, produce and sell the referenced ingredients; risks relating to product and customer demand, market acceptance of our products; the effect of economic conditions both nationally and internationally; the ability to protect our intellectual property rights; the impact of any litigation or infringement actions brought against us; competition from other providers and products; risks in product development; our ability to raise capital to fund continuing operations; the ability to complete transactions; and other factors discussed from time to time in the Company's Securities and Exchange Commission filings. The Company undertakes no obligation to update or revise any forward-looking statement for events or circumstances after the date on which such statement is made except as required by law.
ChromaDex Corporation 10005 Muirlands Blvd, Suite G Irvine, CA 92618 Phone 949-419-0288 Fax 949-419-0294 Email email@example.com www.chromadex.com
ChromaDex Corporation and Subsidiaries Consolidated Statements of Operations (Unaudited) For the Three Month Periods ending April 4, 2009 and March 29, 2008 Three Months Ended April 4, 2009 March 29, 2008 Sales $1,447,127 $1,059,716 Cost of goods sold 979,054 660,272 Gross profit 468,073 399,444 Operating expenses: Selling 221,622 171,984 General and administrative 566,643 343,154 788,265 515,138 Operating loss (320,192) (115,694) Nonoperating (income) expenses: Interest expense 5,245 7,616 Interest income (1,595) (404) 3,650 7,212 Net loss $(323,842) $(122,906) Basic and Diluted loss per common share $(0.01) $(0.00) Basic and Diluted average common shares outstanding 28,838,216 26,968,140 See Notes to Consolidated Financial Statements.
|SOURCE ChromaDex Corporation|
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