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Human Pheromone Sciences Announces First Quarter Results

Results Impacted by Downturn in U.S. Beauty Market

SAN JOSE, Calif., May 15 /PRNewswire-FirstCall/ -- Human Pheromone Sciences, Inc. (OTC Bulletin Board: EROX) ("HPS" or "the Company") today announced results for the first quarter ended March 31, 2008. Net revenues of $266,000 represented a 20% decrease from the revenues of $334,000 in the prior year period, and resulted in a net loss of $63,000 ($.02 per share) as compared with net income of $24,000 ($.01 per share) for the same period of 2007. At March 31, 2008, the Company reflected cash balances of $1,397,000 compared with $1,437,000 in cash at December 31, 2007, a $40,000 reduction in the quarter. There was no bank indebtedness at either period and current liabilities were the same at both periods, excluding deferred revenue changes.

According to a Company spokesperson, the results were in line with Company forecasts, and reflected the overall downturn in the U.S. Fragrance and Beauty Market sales during the period. "We had anticipated the weakness of revenues in our largest consumer product segment, and, as such, had undertaken the program to expand the markets for the use of our patented technology in other consumer product arenas. Some of the shortfall in the basic beauty area was offset by revenues received under our licensing agreement signed last year with Schwarzkopf & Henkel, in the hair care market, which was expanded in the current quarter, and recognition of revenue from our license agreement with Johnson & Johnson entered into in September 2006. It is apparent that such diversification is the way to hedge against a potential continued decline in a single market that represented our initial focus in the Fragrance and Beauty business," the spokesperson noted. As previously stated, the Company's focus in 2008 is the generation of additional licensing and supply activities, and increasing product development spending for additional compounds that have been identified and isolated and are now in advanced stages of development. "Generating additional revenues under new licensing agreements will not only grow our business, but will reduce the effect of erratic purchasing patterns by our current major licensee. With respect to the new compounds in which we are investing, we are excited about the results we have seen to date, the patent we have filed on the initial compound and the potential for other novel compounds," a Company spokesperson indicated.

Human Pheromone Sciences, Inc. is a technology-based company, whose proof-of concept products included prestige-priced fragrances and toiletries and environmental products sold under the Natural Attraction(R), REALM(R), innerREALM(R) and EROX(R) trademarks. These products contain mood-enhancing compounds, whose efficacy has been validated at leading universities around the world, and whose use is covered under United States and foreign patents. The Company is also involved in research and product development efforts on new compounds that have been previously identified as stimulating the emotional centers of the human brain. Further information is available on line at

The statements in this news release may contain forward-looking statements that involve risks and uncertainties that could cause results to differ from predicted results. Further information on factors that could affect the Company's results is detailed in the Company's annual report to shareholders on Form 10-KSB for the year ended December 31, 2007, and Form 10-Q for the quarter ended March 31, 2008, as filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements.

Tables follow


Condensed Balance Sheets

(Dollars in thousands)

March 31, December 31,

2008 2007



Cash and cash equivalents $ 1,397 $ 1,437

Accounts receivable 83 194

Inventories, net 45 25

Other current assets 35 40

Property and equipment, net 3 3

Total $ 1,563 $ 1,699

Liabilities and shareholders' deficit

Accounts payable $ 52 $ 28

Other current liabilities 118 141

Deferred income - current 512 518

Deferred income - non-current 469 566

Common stock 20,992 20,963

Accumulated deficit (20,580) (20,517)

Total $ 1,563 $ 1,699


Condensed Statements of Operations


(Dollars in thousands, except per-share data)

Three months ended March 31,

2008 2007

Net revenues $ 266 $ 334

Cost of goods sold 81 107

Research and development 14 12

Selling, general and administrative 244 208

Income (loss) from operations (73) 7

Other income 11 18

Provision for income taxes 1 1

Net income (loss) $ (63) $ 24

Income (loss) per share, basic $ (0.02) $ 0.01

Income (loss) per share, fully diluted $ (0.02) $ 0.01

Weighted average common shares

outstanding-Basic 4,152 4,152

Weighted average common shares

outstanding-Fully diluted 4,152 4,782

Net income (loss) per share is based on the weighted average number of common shares and common equivalents outstanding during each period. Certain common stock equivalents are excluded when their effect would be anti- dilutive.

SOURCE Human Pheromone Sciences, Inc.
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