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Imagenetix, Inc. Reports Year End Results

- 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, or

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
                                                    ----         ----
      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

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