Navigation Links
Imagenetix, Inc. Reports Year End Results
Date:6/17/2009

- Revenue Increases by 34% from Prior Year

- Revenue Increases to $7,461,000 from $5,570,000

- Earnings Per Share Equals $0.04 vs. $0.16 Loss for Prior Year

SAN DIEGO, June 17 /PRNewswire-FirstCall/ -- Imagenetix, Inc. (OTC Bulletin Board: IAGX) announced today results for its fiscal year ended March 31, 2009. Net sales increased 34% for the year to $7,461,000 from the $5,570,000 reported for the same period last year.

Gross profit as a percentage of sales increased to 46% from 40% percent for the prior fiscal year. This increase was primarily due to sales mix, which included increased sales in the Company's mass market segment under its branded product - Inflame Away Celadrin.

Net profit for the year was $464,270 or $.04 per share compared to ($1,776,642) or ($0.16) per share in the prior fiscal year.

Commenting on the results of the year, Mr. William Spencer, Imagenetix Chief Executive Officer said, "We are anticipating solid growth for fiscal 2010 which should generate significant profits for the Company. Sales and profit growth are expected to primarily stem from our mass market related sales."

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, www.celadrin.com or www.imagenetix.net.

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.

                               Imagenetix, Inc.
              Condensed Consolidated Statements of Operations
                   (In thousands, except per share data)

                                                       Year Ended
                                                        March 31,
                                                       ----------
                                                    2009       2008
                                                    ----       ----

    Net sales                                     $7,461      $5,570
     Cost of sales                                 4,003       3,344
                                                   -----       -----
    Gross profit                                   3,458       2,226
                                                   -----       -----
    Gross profit percent                            46.3%       40.0%

    Operating expenses:
      General and administrative                   2,241       2,456
      Payroll expense                              1,077       1,038
      Consulting expense                           1,059         962
                                                   -----         ---
    Operating expenses                             4,377       4,456

    Operating income (loss)                         (919)     (2,230)
      Other income                                    25          32
      Settlement income                            1,785           -
      Interest expense                                (2)         (4)
                                                     ---         ---
    Income (loss) before income taxes                889      (2,202)
    Income tax expense (benefit)                     459        (425)
                                                     ---        ----

    Net income (loss)                               $430     $(1,777)
                                                    ----     -------

    Income (loss) per share:
      Basic                                        $0.04      $(0.16)
      Diluted                                      $0.04      $(0.16)

    Weighted average common shares outstanding:
      Basic                                       10,991      10,937
      Diluted                                     11,010      10,937



                                 Imagenetix, Inc.
                       Condensed Consolidated Balance Sheets
                                  (In thousands)


                                                  March 31,    March 31,
                                                    2009         2008
                                                    ----         ----
    Assets:
      Current assets:
        Cash and cash equivalents                  $1,226       $1,023
        Accounts receivable, net                    1,096          766
        Inventories, net                            1,337        1,110
        Prepaid expenses and other current
         assets                                       109          252
        Deferred tax asset                            535          862
                                                      ---          ---
          Total current assets                      4,303        4,013

      Property and equipment, net                     116          112
      Long-term prepaid expenses                       30           42
      Other assets                                    134          218

                                                   ------       ------
          Total assets                             $4,583       $4,385
                                                   ------       ------

    Liabilities and stockholders' equity:
      Current liabilities:
        Accounts payable                             $274         $714
        Accrued liabilities                            81           72
        Income tax payable                             70            -
        Customer deposits                              59           63
        Contract payable                               43           46
        Short term license payable                      3           34
                                                      ---          ---
          Total current liabilities                   530          929

      Long term license payable                         -            3

      Stockholders' equity                          4,053        3,453

                                                   ------       ------
          Total liabilities and stockholders'
           equity                                  $4,583       $4,385
                                                   ------       ------



    Contact  Imagenetix Investor Relations         William P. Spencer
             (858)385-2797                         Chief Executive Officer
                                                   Imagenetix, Inc.
                                                   Tel: (858) 674-8455


'/>"/>
SOURCE Imagenetix, Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Imagenetix, Inc. Reports Third Quarter and Nine Month Results
2. New Study Reports High Injury Rates for Hotel Workers, Even Higher Rates for Women and Nonwhites
3. Haemacure Reports Third Quarter 2007 Results
4. First-Ever List of the 5,000 Fastest-Growing Businesses Reports Total Revenue of $194.5 Billion
5. Consumer Reports Analysis: Drugs for Nerve Pain, Fibromyalgia Effective, But Not Always Best
6. MDS Reports Third Quarter 2007 Results
7. Allied Healthcare Reports Strong Fourth Quarter, Flat Net Income for Fiscal 2007 vs. 2006
8. AtriCure Reports First Human Implant of the Cosgrove-Gillinov Left Atrial Appendage Occlusion System
9. NMHC Reports Fourth Quarter and Fiscal Year 2007 Financial Results
10. Blue Cross and Blue Shield of Florida Reports Eighteenth Consecutive Year of Positive Performance
11. ReBuilder Medical Technologies, Inc. Reports International Sales Expansion
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/5/2016)... ... 05, 2016 , ... Freed-Hardeman University President Joe A. Wiley ... joint enrollment and degree completion agreement. The agreement, which begins with the ... FHU|Dickson. , The agreement allows students to be jointly admitted to both ...
(Date:2/5/2016)... ... 05, 2016 , ... The American public tends to feel uncomfortable about drinking ... regular municipal or well water. The recent experience with lead contaminated water in Flint, ... long way toward increasing public acceptance of recycled waste water as drinking water. ...
(Date:2/5/2016)... ... , ... At its annual meeting held last week, the American Parkinson Disease ... of Directors. Mr. McDermott succeeds former APDA Chairman, Fred Greene. , "We are pleased ... APDA President and CEO. “Pat has tirelessly served APDA since 2001 when he was ...
(Date:2/5/2016)... IL (PRWEB) , ... February 05, 2016 , ... In ... disguised form as a dream. A hallmark feature of patients with eating disorders is ... needs. The eating disorder behaviors and obsessions are regarded as maladaptive means for coping ...
(Date:2/5/2016)... ... February 05, 2016 , ... KICVentures ( http://www.kicventures.com ... Development event in New York City on Thursday, January 21, 2016. Kingsley ... Mediacom, (both alumnus of the varsity Columbia soccer program) spoke at the event, ...
Breaking Medicine News(10 mins):
(Date:2/5/2016)... HARROGATE, England , February 5, 2016 ... --> Today, VoicePower Ltd - The Speech Recognition People, ... has been deployed to improve patient care, reduce turnaround times and ... ,- Wirral CCG ,- VoicePower client since 2013 Challenge: ... Challenge: --> - Six doctors ,- Wirral ...
(Date:2/4/2016)...  Edwards Lifesciences Corporation (NYSE: EW ), the ... and critical care monitoring, announced today that it has ... Morgan Stanley & Co. LLC to repurchase $325 million ... the Company,s previously authorized program to repurchase up to ... --> --> Under the ...
(Date:2/4/2016)... FOSTER CITY, Calif. , Feb. 4, 2016 ... (the "Company") today announced it has entered into ... and Exchange Commission (SEC) fully resolving the SEC,s ... Practices Act (FCPA).  Under the terms of the ... total of $12.8 million, including disgorgement, pre-judgment interest ...
Breaking Medicine Technology: