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Star Scientific, Inc. Files Second-Quarter Financial Report (Net Sales and Gross Profits Continue to Increase) and Updates Research and Marketing Activities
Date:8/9/2012

GLEN ALLEN, Va., Aug. 9, 2012 /PRNewswire/ -- Star Scientific, Inc. (NASDAQ: STSI) today filed its second-quarter 2012 financial report on Form 10-Q with the Securities and Exchange Commission.  The Company reported net sales totaling $1.6 million for the three months ending June 30, 2012, compared with net sales of $0.3 million for the same period in 2011. Net sales for the six months ending June 30, 2012, totaled $2.76 million compared with $0.4 million for the same period in 2011.  The 560% increase in net sales for the six months ending June 30, 2012, was largely based on increased sales of Anatabloc®, the Company's dietary supplement that is designed to support the immune system in maintaining healthy levels of inflammation. 

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Gross profits totaled $0.5 million for the three months ending June 30, 2012, compared with a gross loss of ($0.3) million for the same period in 2011.  Gross profits totaled $0.8 million for the six months ending June 30, 2012, compared with a gross loss of ($0.6) million for the same period in 2011, representing an increase of $1.3 million for the first half of 2012. 

The Company reported a net loss of ($8.0) million for the second quarter of 2012 compared with a net loss of ($5.0) million for the same period in 2011.  The loss for the second quarter included a non-cash charge of $2.3 million related to the issuance of stock options that included grants to several employees and executives, other than the company's two most senior executives, in recognition of the successful launch of Anatabloc®, compared to a non-cash charge of $0.7 million in the same period in 2011.  The net loss for the six months ending June 30, 2012, totaled ($13.2) million compar
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SOURCE Star Scientific, Inc.
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