- Company Reports Record 2007 Revenue of $4.9 Million, an Increase of 126%
- - Removal of the Going Concern Qualification by its Independent Registered
Public Accountants -
- Management to Host Conference Call Today at 4:15 p.m. ET -
DENVER, March 26 /PRNewswire-FirstCall/ -- XELR8 Holdings, Inc. (Amex:
BZI), a provider of functional foods, beverages and nutritional
supplements, today announced its financial results for the twelve months
ended December 31, 2007.
Financial and operational highlights for Fiscal 2007:
-- Revenues increased 126% over prior year period
-- Gross profit margin was 72%, up 800 basis points from 64% in 2006
-- Bazi(TM) represented 83% of revenues in 2007, major growth component
-- Working capital of $2.1 million as of December 31, 2007
Total revenue for the fiscal year ended December 31, 2007 was $4.9 million, a 126% increase compared to total revenue of $2.1 million for the fiscal year ended December 31, 2006. Gross profit grew to $3.5 million for the fiscal 2007, up 153% from $1.4 million in the prior year period. Net loss for the year ended December 31, 2007, decreased 31% to $3.2 million, or $0.23 per share, compared to a loss of $4.7 million, or $0.48 per share, in the prior year.
The Company's balance sheet continues to remain strong. As of December 31, 2007, cash and cash equivalents were $2.25 million, excluding the proceeds from the February 2008 financing. Total shareholders' equity at the end of fiscal 2007 was $2.22 million and the Company remains debt free. As a result of the improved operating performance and the additional financing, the Company's Independent Registered Public Accountants have removed the going concern qualification from their report.
"I am pleased with XELR8's performance in fiscal 2007," said John
Pougnet, XELR8 CEO. "Fiscal 2007 was a pivotal year for XELR
|SOURCE XELR8 Holdings, Inc.|
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