RBC Life Sciences Reports Significant Increase in Sales and Earnings
Monday November 5, 11:53 am ET
IRVING, Texas--(BUSINESS WIRE)--RBC Life Sciences, Inc. (OTCBB:RBCL - News) today reported a 45 percent increase in net sales to $7,857,000 in the third quarter of 2007, compared to net sales of $5,405,000 in the same period last year. The Company’s net earnings increased more than 700 percent in the third quarter of 2007 to $672,000, or $0.03 per share, compared to net earnings of $80,000, or $0.00 per share, in the 2006 third quarter.
RBC’s net sales for the first nine months of 2007 increased 24 percent to $20,397,000 compared to net sales of $16,416,000 in the same period last year. For this nine-month period, the Company’s net earnings increased more than 300 percent to $1,507,000, or $0.07 per share, compared to net earnings of $335,000, or $0.01 per share, in the same period last year.
Clinton Howard, Chairman and CEO of RBC Life Sciences, said, “The significant increase in net earnings this year has resulted from strong sales growth in both our nutritional supplements segment and our medical products segment. The growth of our international nutritional supplement sales under license agreements has been particularly strong. Also, comparative earnings for the first nine months of last year were lower due to expenses associated with opening an office in Asia in 2006.”
RBC Life Sciences develops, manufactures and markets skin care products and food supplements often found to be low or missing in modern diets. All products are tested for quality assurance in-house, and by outside independent laboratories, to comply with regulations in the U.S. and in more than twenty-five countries to which the products are shipped.
MPM Medical, Inc., a wholly owned subsidiary of RBC Life Sciences, develops and markets proprietary prescription and nonprescription products for wound and pain management, which are sold through medical-surgical dealers to nursing homes, hospitals and cancer clinics. On October 1, 2007, John Price was appointed CEO of MPM Medical. Mr. Price served 17 years as an officer of Eli Lilly & Co. in positions in the U.S. and in Europe. Paul Miller remains President of MPM Medical.
The statements above, other than statements of historical facts, may be forward-looking. Actual events will be dependent upon a number of factors and risks including but not limited to changes in plans by the Company’s management, delays or problems in production, changes in the regulatory process, changes in market trends, and a number of other factors and risks described from time to time in the Company’s filings with the Securities and Exchange Commission.
RBC Life Sciences, Inc.
Summary Results of Operations
(in thousands, except per share data)
(unaudited)
Quarters Ended September 30,
2007 2006
Net sales $ 7,857 $ 5,405
Gross profit 4,155 3,103
Operating profit 1,178 168
Earnings before income taxes 1,127 105
Provision for income taxes 455 25
Net earnings 672 80
Earnings per share – basic $ 0.03 $ 0.00
Earnings per share – diluted 0.03 0.00
Weighted average shares outstanding – basic 20,425 20,166
Weighted average shares outstanding – diluted 22,803 22,177
Nine Months Ended September 30,
2007 2006
Net sales $ 20,397 $ 16,416
Gross profit 11,253 9,933
Operating profit 2,636 711
Earnings before income taxes 2,472 520
Provision for income taxes 965 185
Net earnings 1,507 335
Earnings per share – basic $ 0.07 $ 0.02
Earnings per share – diluted 0.07 0.01
Weighted average shares outstanding – basic 20,293 20,155
Weighted average shares outstanding – diluted 22,440 22,370
RBC Life Sciences, Inc.
Condensed Balance Sheets
(in thousands)
(unaudited)
September 30, December 31,
2007 2006
Assets
Cash and cash equivalents $ 5,262 $ 3,220
Inventories 4,160 2,651
Other current assets 1,210 1,062
Total current assets 10,632 6,933
Other assets 6,340 6,582
Total assets $ 16,972 $ 13,515
Liabilities and shareholders’ equity
Accounts payable and accrued liabilities $ 4,279 $ 2,015
Deferred revenue 2,679 2,504
Other current liabilities 296 480
Total current liabilities 7,254 4,999
Other liabilities 2,613 3,033
Shareholders’ equity 7,105 5,483
Total liabilities and shareholders’ equity $ 16,972 $ 13,515
Contact:
RBC Life Sciences, Inc.
Steve Brown, CFO, 972-893-4000
steveb@rbcls.com
www.rbclifesciences.com
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Source: RBC Life Sciences, Inc.
