Investor Conference Call Scheduled for April 24
NAPA, Calif., April 15 /PRNewswire-FirstCall/ -- Senetek PLC (OTC Bulletin Board: SNKTY), a Life Sciences company engaged in the development of technologies that target the science of healthy aging, announced results for the fourth quarter and year ended December 31, 2007.
Revenue for the year ended December 31, 2007 were $26,471,000, compared with $8,431,000 reported in 2006. Revenues for the fourth quarter of 2007 were $223,000, compared with $2,130,000 for the same period in the prior year.
Net income for the year ended December 31, 2007 totaled $18,632,000 or $2.41 per diluted share compared to $1,883,000 or $0.24 per diluted share in 2006. Net loss for the fourth quarter of 2007 was $1,706,000, or $0.22 per diluted share compared with net income of $575,000, or $0.08 per diluted share in the fourth quarter of 2006.
Cash flow from operations for the year ended December 31, 2007 increased to $18,019,000 compared with $1,290,000 in 2006.
The increase in 2007 revenues, net income and cash flow compared to 2006 is primarily attributable to the effect of the previously announced grant of a paid up license for Kinetin and Zeatin to Valeant Pharmaceuticals Inc. in March 2007 which contributed $24,750,000 to skincare revenues in the first quarter of 2007.
The decrease in 2007 fourth quarter revenues and net income compared to fourth quarter 2006 is primarily attributable to the elimination of Kinetin and Zeatin royalties after March 2007.
"We look forward to updating our shareholders on April 24th regarding our plans for the remainder of 2008," said Frank J. Massino, Senetek's Chairman and CEO.
The Company will conduct its quarterly teleconference call for
investors on Thursday, April 24, 2008 at 9:00 a.m. Pacific, 12:00 p.m.
Eastern to be hosted by Mr. Frank J. Massino, Chairman & CEO and Mr.
William F. O'Kelly, Chief Financial Officer. The domestic
|SOURCE Senetek PLC|
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