RBC Reports Record 2007 Earnings
Thursday March 6, 8:00 am ET
IRVING, Texas--(BUSINESS WIRE)--RBC Life Sciences, Inc. (OTCBB: RBCL - News) today announced that net sales for the year-ended December 31, 2007 increased 25 percent to $27.0 million, compared to net sales of $21.7 million for the year-ended December 31, 2006. The Company’s net earnings for 2007 improved more than 280 percent to $1.7 million, or $0.08 per diluted share, compared to net earnings of $436,000, or $0.02 per diluted share in 2006.
“The significant increase in net sales and earnings this year is a direct result of the exceptional sales growth in both our nutritional supplements and our medical products segments, in addition to an overall improvement in our operating profit margin,” stated Clinton Howard, Chairman and CEO. “The noteworthy growth of our international nutritional supplement sales under license agreements was particularly strong. We look forward to further developing our international business throughout 2008 as we see that as a strong growth driver for the company. Additionally, comparative earnings for 2006 were lower due to expenses associated with an office in Asia that was sold in October 2006.”
RBC Life Sciences develops, manufactures and markets skin care products and food supplements providing nutrients 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 thirty countries in which the products are distributed.
MPM Medical, a wholly owned subsidiary of RBC, develops and markets proprietary prescription and nonprescription products for wound and pain management, sold through medical-surgical dealers to nursing homes, hospitals and cancer clinics.
The statements above, other than statements of historical fact, 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)
Years Ended December 31,
2007 2006
Net sales $ 27,029 $ 21,697
Gross profit 14,899 13,118
Operating profit 2,899 966
Earnings before income taxes 2,689 714
Provision for income taxes 997 278
Net earnings 1,692 436
Earnings per share – basic $ 0.08 $ 0.02
Earnings per share – diluted 0.08 0.02
Weighted average shares outstanding – basic 20,396 20,164
Weighted average shares outstanding – diluted 22,206 22,047
RBC Life Sciences, Inc.
Condensed Balance Sheets
(in thousands)
(unaudited)
December 31, December 31,
2007 2006
Assets
Cash and cash equivalents $ 6,369 $ 3,220
Inventories 4,725 2,651
Other current assets 1,334 1,062
Total current assets 12,428 6,933
Other assets 6,730 6,706
Total assets $ 19,158 $ 13,639
Liabilities and shareholders’ equity
Accounts payable and accrued liabilities $ 4,431 $ 2,015
Deferred revenue 4,323 2,504
Other current liabilities 136 480
Total current liabilities 8,890 4,999
Other liabilities 2,690 3,033
Shareholders’ equity 7,578 5,607
Total liabilities and shareholders’ equity $ 19,158 $ 13,639
Contact:
Halliburton Investor Relations
Geralyn DeBusk, 972-458-8000
gdebusk@halliburtonir.com
or
Chase Zavoina, 972-458-8000
czavoina@halliburtonir.com
or
Jeff Elliott, 972-458-8000
jelliott@halliburtonir.com
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Source: RBC Life Sciences, Inc.
