Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Nutrition 21 Reports Results for the Third Quarter of Fiscal 2007
Monday May 14, 10:07 am ET
PURCHASE, N.Y.--(BUSINESS WIRE)--Nutrition 21, Inc. (NASDAQ: NXXI - News), a leading developer and marketer of chromium-based and omega-3 fish oil-based nutritional supplements, today reported financial results for the third quarter ended March 31, 2007.
Total revenues for the third quarter were $16.1 million, compared to $2.5 million for the same period last year. Revenues from branded product sales were $13.6 million, comprised of $8.8 million of direct response sales and $4.8 million of sales of branded products to retailers. Direct response sales primarily represent revenues generated from Iceland Health brands, which the Company acquired in August 2006. In the corresponding quarter of the prior year, branded product sales were not significant. Revenues from ingredient sales in the third quarter of $2.4 million were the same as in the corresponding quarter a year ago. Net loss for the third fiscal quarter was $2.2 million, or ($0.04) per diluted share, compared to a net loss of $2.3 million, or ($0.06) per diluted share, for the same period in the prior year.
Total revenues for the nine months ended March 31, 2007 were $30.2 million, compared to $8.2 million in the same period a year ago. Revenues from branded product sales were $24.2 million, comprised of $16.6 million of direct response sales and $7.6 million of sales of branded products. In the corresponding nine month period of the prior year, sales of branded products were not significant. Revenues from ingredient sales were $5.6 million compared to $7.8 million for the same period last year. Net loss for the nine month period ended March 31, 2007 was $11.0 million, or ($0.19) per diluted share, compared to a net loss of $6.6 million, or ($0.17) per diluted share, in the nine month period a year ago.
Paul Intlekofer, president and CEO of Nutrition 21, said, "We completed our third consecutive quarter of significant increases in revenue and in the third quarter, we improved our bottom line when compared to the first and second quarters. We are beginning to realize the efforts of our retail sales staff, our direct response capabilities and the consumer demand for our products that address obesity/pre-diabetes, diabetes, cardiovascular health, and arthritis/joint health."
"During and after the quarter we made progress on the following fronts:
* Our ingredients division experienced an increase in quarter-to quarter sales in fiscal 2007 partially as a result of securing two new customers, Ross/Abbott for its Glucerna® line of products, the #1 diabetes brand in the US; and Coca Cola, Inc. for its new Minute Maid® Multi Formulation. This increase in quarter-to quarter sales further confirms the importance of Chromax® chromium picolinate and validates both our research efforts and awareness campaigns.
* Chromax is beginning to establish itself in the market as the natural solution for addressing "Blood Sugar Health," which we believe is of importance in view of the increase in obesity and the growing number of people with diabetes. We continue to run national radio spots supporting Chromax's continued sales growth. We also completed and tested a 30-minute infomercial that we expect will further support Chromax sales. During its last plan-o-gram cycle CVS/pharmacy added shelf facing and improved Chromax's shelf positioning.
* We were able to quickly leverage our retail sales capabilities to gain national distribution for both Iceland Health® Maximum Strength Omega-3 and Iceland Health® Joint Relief products. We began shipments to a few retailers in March and are on schedule to have national distribution at the major food, drug and mass retailers by the end of June, including Wal-Mart, CVS/pharmacy, Walgreens, Duane Reade, Krogers, Rite Aid and other retailers. The Iceland Health retail launch is being supported by substantial TV, radio and print media initiatives. The Omega-3 category in general is enjoying a large volume of third party endorsements and news stories on its numerous health benefits.
* We are timing the retail expansion of Diachrome® supplements beyond CVS/pharmacy and Walgreens with the publication of our 447-subject randomized, double-blind, placebo-controlled study on Diachrome for people with diabetes, which is expected in the next few months.
* Our direct response sales continue to be strong. We are also leveraging the media spends from this division to support our retail initiatives.
* We have retained our assigned shelf space for our products across our retail distribution outlets and are continuing to work with the retailers to increase and/or improve our positioning."
Mr. Intlekofer concluded, "We are pleased with the sales momentum we have generated and believe that our sales will increase significantly in fiscal year 2008."
About Nutrition 21
Nutrition 21 is a nutritional bioscience company and the maker of chromium picolinate-based, selenium and omega-3 fish oil-based supplements with health benefits substantiated by clinical research. Nutrition 21 holds over 30 patents for nutrition products and uses. The company markets Chromax® chromium picolinate, which is the most-studied form of the essential mineral chromium. Chromax, a supplement for healthy and pre-diabetic people that promotes insulin health and helps improve blood sugar metabolism, cardiovascular disease, control cravings and fight weight gain, is now available through food, drug and mass retailers nationwide. Another chromium picolinate-based supplement developed and marketed by Nutrition 21 is Diachrome®, a proprietary, non-prescription, insulin sensitizer for people with type 2 diabetes. It is sold in select drug retailers nationwide. Nutrition 21 also markets Selenomax®, a high selenium yeast supplement that stimulates and protects the immune system by supporting antibody production and preventing free-radical damage. Selenomax is available at CVS/pharmacy in all its 6,200 retail stores nationwide, including PharmaCare Specialty Pharmacy locations, and on www.cvs.com. The Company is the exclusive importer of Icelandic fish oils, including omega-3 fatty acids, which are manufactured to pharmaceutical standards and sold under the Iceland Health® brand. More information is available at http://www.nutrition21.com/.
Safe Harbor Provision
This press release may contain certain forward-looking statements. The words "believe," "expect," "anticipate" and other similar expressions generally identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. These forward-looking statements are based largely on the Company's current expectations and are subject to a number of risks and uncertainties, including without limitation: the effect of the expiration of patents; regulatory issues; uncertainty in the outcomes of clinical trials; changes in external market factors; changes in the Company's business or growth strategy or an inability to execute its strategy due to changes in its industry or the economy generally; the emergence of new or growing competitors; various other competitive factors; and other risks and uncertainties indicated from time to time in the Company's filings with the Securities and Exchange Commission, including its Form 10-K for the year ended June 30, 2006. Actual results could differ materially from the results referred to in the forward-looking statements. In light of these risks and uncertainties, there can be no assurance that the results referred to in the forward-looking statements contained in this press release will in fact occur. Additionally, the Company makes no commitment to disclose any revisions to forward-looking statements, or any facts, events or circumstances after the date hereof that may bear upon forward-looking statements.
NUTRITION 21, INC.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
March 31, June 30,
2007 2006
-----------------------
ASSETS
Current Assets
Cash, cash equivalents and
short-term Investments $ 7,398 $ 13,914
Accounts receivable, net 4,712 2,600
Other receivables 327 205
Inventories 3,205 963
Prepaid expense and other current assets 2,057 392
-----------------------
Total Current Assets 17,699 18,074
Property and equipment, net 74 116
Patents, trademarks, and other intangibles, net 4,420 5,375
Other intangibles with indefinite lives 5,379 -------
Goodwill 12,136 ------
Other assets 300 291
-----------------------
Total Assets $ 40,008 $ 23,856
=======================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable $6,807 $2,282
Accrued expenses 1,094 914
Deferred Income 3,473 1,710
Long-term debt 2,347 ------
Series I convertible preferred stock 3,073 4,410
-----------------------
Total Liabilities 16,844 9,316
-----------------------
Stockholders' Equity 23,164 14,540
-----------------------
Total Liabilities and Stockholders' Equity $ 40,008 $ 23,856
=======================
NUTRITION 21, INC.
Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Three Months Nine Months
Ended Ended
March 31, March 31,
2007 2006 2007 2006
----------------------------------------------
Net Sales $15,948 $2,379 $29,793 $7,908
Other revenues 107 82 380 253
----------------------------------------------
TOTAL REVENUES 16,055 2,461 30,173 8,161
COSTS AND EXPENSES
Cost of revenues 4,790 584 9,194 1,861
Selling, general and
administrative expenses 11,591 2,605 27,022 8,529
Research and development
expenses 259 305 949 1,134
Depreciation and
amortization 962 559 2,593 1,694
----------------------------------------------
TOTAL COSTS AND EXPENSES 17,602 4,053 39,758 13,218
OPERATING LOSS (1,547) (1,592) (9,585) (5,057)
Interest income 115 48 375 177
Interest expense 760 784 1,766 1,684
----------------------------------------------
LOSS BEFORE INCOME TAXES (2,192) (2,328) (10,976) (6,564)
Income taxes 4 2 10 7
----------------------------------------------
NET LOSS $(2,196) $(2,330) $(10,986) $(6,571)
==============================================
Basic and diluted loss
per common share $(0.04) $(0.06) $(0.19) $(0.17)
==============================================
Weighted average number
of common shares -
basic and diluted 59,524,369 39,328,637 56,616,985 38,678,346
==============================================
no idea, but nice to see it distributed through a lot of different distribution channels...
let's hope the numbers will be great!
should be out any day now.
LOL, no that 25k is for not being classified as pattern day trader...
minimum deposit to open an account is $5k
http://www.interactivebrokers.com/en/accounts/fees/minimumDeposits.php
btw...
It's better to be HATED for what you are, than to be LOVED for what your not..." ~Kurt Cobain
;)
numbers wasn't really his thing i guess...
nice, i really didn't expect that!!
nice, i really didn't expect that!!
i got my roundup right away... (IB)
was able to trade them 2 days later...
wanna hit the bid with your 100 shares?
why? i just asked that guy why he thinks there are shorts...?!
i don't... do you? :)
i like to help where i can :)
also a nickel is way to much for this stock :)
"WHY is there a 100% delta in PPS?"
it isn't only price that counts is that one that really was with volume...
how do you know if there really are any shorts??
because you wouldn't get it for $100,000...
you can't buy SA1 for 0.20 in frankfurt you can sell it there for 0.20 :)
bid 0.20 ask 0.40... if some1 is dumb enough to sell it there for 0.20 there would be some volume but it's 0 volume!
didn't know that... thx for clarification :)
why do ppl buy than today? believing the shorts myth??
of course it's the same stock... do products cost everywhere the same?
Xetra is not Frankfurt...
hope that helps :)
no exdate? strange...
+One restricted share of The Harvard Learning Centers, Inc. for each share held. Will not be quoted Ex.
spreading false information once again?
actually they changed their strategy recently... we now have to see if it works...
remember that intlekofer isn't that long CEO since he took over from Gail...
Shorthand for in my opinion, IMO is commonly used in chat rooms and in online games. Below is an example of how this could be used in chat.
IMO I don't think he knows what he's talking about.
http://www.computerhope.com/jargon/i/imo.htm
no wonder CyberKey is cheaper... they didn't pay for the boxes or? ;)
do you have any idea why this overpriced empty shell is on the move?
is there a pump going on? i bet there is!
why? i believe he is a con artist :)
LOL, at least he writes funny PR's ;)
and yup, that man is greedy... he'll do everything to dump shares on believers!
same shares but on different exchanges... hope that helps :)
of course... ;)
hope it's true...
and happy birthday ;)
Cash Dividend Dividend Amount: 0.121711
http://www.otcbb.com/asp/dividend.asp?sym_id=TLHO&dDate=4/19/2007&sDateType=Record_date
it worked... i bought more :)
i bought 49, so worst case would be that i'll end up with 2 new shares...
i don't know... i'm german... you tell me what it means ;)
as i understood it... 1 is enough?!
Dear Stockholder:
This Information Statement (the "Information Statement") is furnished by
the Board of Directors of Marketing Acquisition Corporation, a Nevada
corporation (the "Company", or "us"), to the stockholders of record of the
Company at the close of business on April 23, 2007 (the "Record Date") to
provide information with respect to certain corporate actions taken by written
consent of Halter Financial Investments, L.P., the holder of a majority of the
outstanding shares of the Company's common stock on the Record Date (the
"Majority Stockholder").
The written consent, executed by the Majority Stockholder on the Record
Date, approved an amendment to our Articles of Incorporation to effect a
1-for-48 reverse split in our issued and outstanding shares common stock so that
stockholders of record on the effective date for such split on or about May 17,
2007 shall receive one (1) share of our common stock for each forty-eight (48)
shares now held by them. The reverse stock split shall have the effect of
reducing the number of our issued and outstanding shares from 84,033,600 to
approximately 1,750,700. No stockholder shall receive less than one round lot,
or 100 shares of our common stock, as a result of such reverse stock split and
any fractional shares issuable to any stockholder as a result of such reverse
stock split shall be rounded up to the nearest whole share. The reverse stock
split will be effected by filing an amendment to our articles of incorporation
in substantially the same form as that attached hereto as Exhibit A.
http://research.finance.myway.com/custom/iac-com/html-secfilings.asp?cobrand=MYWAY&symb=MKAQ&....
i have those shares in my account (interactive brokers) some days now, but i couldn't trade them... today i could if i wanted to...
what do you think of MKAQ? 1:48 also a round up play to 100 shares after the split...
bought 49 shares for 14.70$ and 1$ commission today... just in case ;)
ok, who sold @ 3.50??? ;)
thanks for the info, am i correct that 1 share to hold is enough to get 100?
not on the dailylist yet...
Posted by: Round Lot King
In reply to: None
Date:5/7/2007 7:44:55 AM
Post #of 849
Next 100 Share Round Up: (OTCBB:MKAQ)1-for-48 R/S
MARKETING ACQUISITION CORPORATION (OTCBB:MKAQ)
12890 HILLTOP ROAD
ARGYLE, TX 76226
TELEPHONE: (972) 233-0300
INFORMATION STATEMENT
Dear Stockholder:
This Information Statement (the "Information Statement") is furnished by the Board of Directors of Marketing Acquisition Corporation, a Nevada corporation (the "Company", or "us"), to the stockholders of record of the Company at the close of business on April 23, 2007 (the "Record Date") to provide information with respect to certain corporate actions taken by written consent of Halter Financial Investments, L.P., the holder of a majority of the outstanding shares of the Company's common stock on the Record Date (the "Majority Stockholder").
The written consent, executed by the Majority Stockholder on the Record Date, approved an amendment to our Articles of Incorporation to effect a 1-for-48 reverse split in our issued and outstanding shares common stock so that stockholders of record on the effective date for such split on or about May 17, 2007 shall receive one (1) share of our common stock for each forty-eight (48) shares now held by them. The reverse stock split shall have the effect of reducing the number of our issued and outstanding shares from 84,033,600 to approximately 1,750,700. No stockholder shall receive less than one round lot, or 100 shares of our common stock, as a result of such reverse stock split and any fractional shares issuable to any stockholder as a result of such reverse stock split shall be rounded up to the nearest whole share. The reverse stock split will be effected by filing an amendment to our articles of incorporation in substantially the same form as that attached hereto as Exhibit A.
yep we must be stupid to turn $11.50 into $1,600.00 currently..
i hope i can stay that stupid ;)
LOL
SPECIAL TREATMENT OF STOCKHOLDERS HOLDING FEWER THAN 30,000 (BUT AT LEAST 100)
COMMON SHARES AND FRACTIONAL SHARE TREATMENT
The Company's board of directors approved special treatment ofstockholders as of the Effective Time (as defined in the Certificate ofAmendment to Amended and Restated Certificate of Incorporation attached heretoas Exhibit A) holding fewer than 30,000 shares of common stock to prevent thosestockholders from holding less than 100 shares after the Reverse Split. Thespecial treatment is being afforded to preserve round lot stockholders (i.e.,holders owning at least 100 shares).
how many shares did you held? ;)
time will tell.. would be nice if this turns out to be a cinderella story or smthg ;)
1.59... nice :) more to come imho
eXegenics, Inc. Announces Senior Management Appointments
Friday May 4, 8:00 am ET
--Company Intends to Change its Name to Opko Health--
MIAMI, May 4 /PRNewswire-FirstCall/ -- eXegenics, Inc., (OTC Bulletin Board: EXEG - News), doing business as Opko Health, today announced appointment of its senior management team. Dr. Philip Frost will remain the company's Chairman and Chief Executive Officer. Board of Directors' member Dr. Jane Hsiao becomes Vice Chairman of the Board and Chief Technology Officer. Board member Steven D. Rubin is taking on the additional position of Executive Vice President - Administration and Dr. Rao Uppaluri becomes Senior Vice President - Chief Financial Officer.
Dr. Jane Hsiao is the former Vice Chairman and Chief Technical Officer of IVAX Corporation and Steven Rubin is the former Senior Vice President, General Counsel and Secretary of IVAX. Dr. Rao Uppaluri was formerly Treasurer and Vice President of Strategic Planning at IVAX.
The company has also filed the necessary documents to change its name to Opko Health, Inc. and is applying for listing on the American Stock Exchange. The name change and American Stock Exchange application processes are expected to be finalized within 6-8 weeks.
Current eXegenics' President Dr. Dale Pfost, the former Chairman and CEO of Acuity Pharmaceuticals, which merged with eXegenics last month, has resigned to pursue other professional interests.
"We are fortunate to have access to such a strong team of experienced health care executives as we move to build Opko Health into a diversified operating company," said Dr. Frost. "This team has been highly successful working together in the past and we look forward to new successes going forward. I also want to thank Dale Pfost for his contributions and we wish him the best in his future endeavors."
About eXegenics/Opko Health
Miami-based eXegenics (doing business as Opko Health) was recently reconstituted as a specialty healthcare company through a 3-way merger with private companies Acuity Pharmaceuticals Inc. and Froptix, Inc. Its product portfolio includes the pioneering gene silencing agent bevasiranib, which has successfully completed Phase ll clinical trials for wet age-related macular degeneration and diabetic macular edema; a novel clinical stage product for conjunctivitis; and a pipeline of preclinical candidates that include novel agents to treat dry age-related macular degeneration and other ophthalmic diseases. The company also intends to market selected diagnostic products that are complementary to its therapeutic programs.
Source: eXegenics, Inc.