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:2/9/2016)... ... February 09, 2016 , ... ... Elder-Beerman, Herberger’s and Younkers department stores, announced it has raised $176,000 to benefit ... Center, Holden Comprehensive Cancer Center at the University of Iowa, The Lynn Sage ...
(Date:2/9/2016)... ... 09, 2016 , ... METTLER TOLEDO has published a new ... basic understanding of the techniques they use so they can more easily spot ... waste and rework to create a leaner overall lab experience. , The ...
(Date:2/9/2016)... ... 2016 , ... United Methodist Communications collaborated with Chocolate Moose ... video designed to prevent the next widespread Ebola outbreak from occurring ... distributed throughout Togo, Liberia, Sierra Leone, Nigeria, Côte d’Ivoire and other African countries, ...
(Date:2/9/2016)... Petersburg, FL (PRWEB) , ... February 09, 2016 , ... Shark Finds and ... a new DRTV campaign with GRIP-DRY. , GRIP-DRY is a newly patented product that has ... Golfers who play in the wet and early morning dew or right after a rain ...
(Date:2/8/2016)... ... February 08, 2016 , ... The Federal Laboratory ... federallabs.org . The site houses a wealth of federal resources that businesses can ... process called technology transfer (T2). As a network of over 300 federal laboratories, ...
Breaking Medicine News(10 mins):
(Date:2/9/2016)... , Feb. 9, 2016  Increasingly, health care ... their vital signs with wireless technology. With the Vios ... automate patient oversight and remotely detect problems before they ... signs across in-hospital environments. the United ... United States . --> The ...
(Date:2/9/2016)... Feb. 9, 2016 The new report " Global Fetal ... Spearhead Acuity Business Research & Consulting group reveals that ... market with a share of 36.4% in 2014 that translated into ... , the report also covers market analysis for Fetal and Neonatal ... , Asia-Pacific , Latin America ...
(Date:2/9/2016)... , Feb. 9, 2016  Bluestar Silicones will promote ... line for long-term implant applications and announce certification ... & Manufacturing (MD&M) West Conference (Booth #1759), February ... --> --> Available in ... LSRs offer outstanding physical properties enabling our customers ...
Breaking Medicine Technology: