BASKING RIDGE, N.J., Dec. 15 /PRNewswire-FirstCall/ -- Millennium Biotechnologies Group, Inc. (OTC Bulletin Board: MBTG) a leader in the development of targeted products in the Clinical and Sports Nutrition Market, announces financial results for the third quarter ended September 30, 2008.
Net revenue for the third quarter of 2008 increased 660% to $780,423 compared to $90,339 in the third quarter 2007. The Company reduced its' reported net loss of ($1,342,300), or ($0.01) per share, compared to a net loss of ($2,952,953) or a net loss of ($0.03) per share, during the same period last year. The improved third quarter 2008 financial performance can be attributed to increased revenues generated from the initial sale of the Company's new Ready-to-Drink line of Resurgex(R) products and the Company's pricing power in an otherwise challenging economy.
Revenues increased to $1,317,906 during the nine month period ended September 30, 2008, as compared to $472,318 in the prior year period, representing an increase of 179%. Net loss decreased for nine months ended September 30, 2008 to ($7,681,685) or a loss of $(0.05) per share compared to a net loss of ($9,142,665), or a net loss of ($0.11) per share during the comparable prior period. The decrease in net loss is due to increased revenue and gross profits coupled with a new focus on controlling operational expenses.
According to the recently appointed Chief Executive Officer, Mark Mirken, "We are extremely pleased at the initial reaction to the commercialization of our new Ready-to-Drink Resurgex(R) product lines. We believe that these products and future line extensions will continue to drive our revenues going forward." Mr. Mirken went on to state, "As we prepare for 2009, the Company will focus on cost containment as well as new revenue opportunities by introducing exciting line extensions of the Company's proprietary Resurgex(R) and Surgex(R) products. Through our addition of distribution and development relationships we anticipate the growth of our revenues and profitability in 2009."
Millennium's six marketed products form its advanced line of nutritional formulas. Resurgex Select(R) is a whole foods-based, calorically dense, high-protein nutritional formula developed for cancer patients undergoing chemotherapy or radiation treatments. Resurgex(R) and Resurgex Plus(R) are specialized, anabolic nutritional supplements rich in antioxidants that provide nutritional support post-treatment. Millennium also created Surgex(TM) sports nutrition formula to address the nutritional concerns of professional, Olympic, and amateur elite athletes. These athletes often experience similar symptoms post-workout to those battling immuno-compromised conditions, such as fatigue, loss of lean muscle, oxidative stress, and reduced immune function. Resurgex Essential(TM) and Resurgex Essential Plus(TM) are comprehensive, caloric dense formulas that meet and succeed the nutritional requirements of the assisted living community.
Statements in this news release regarding future financial and operating results, future growth in R&D programs, potential applications of the Millennium's technology, opportunities for the Millennium, and any other statements about the future expectations, beliefs, goals, plans, or prospects expressed constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including statements containing the words 'will,' 'believes,' 'plans,' 'anticipates,' 'expects,' 'estimates,' and similar expressions) should also be considered to be forward-looking statements. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward- looking statements including: limited operating history, need for future capital, risks inherent in the development and commercialization of potential products, protection of Millennium's intellectual property, and economic conditions generally. Additional information on potential factors that could affect results and other risks and uncertainties are detailed from time to time in Millennium's periodic reports, including Forms 10-KSB, 10-QSB, 8-K, and other forms filed with the Securities and Exchange Commission ('SEC'). Millennium Biotechnologies, Inc.
|SOURCE Millennium Biotechnologies Group, Inc.|
Copyright©2008 PR Newswire.
All rights reserved