RBC Life Sciences Announces Third Quarter 2009 Results
On 8:00 am EST, Friday November 20, 2009
IRVING, Texas, Nov. 20 /PRNewswire/ -- RBC Life Sciences, Inc. (OTC Bulletin Board: RBCL - News), a provider of proprietary nutritional supplements, wound care and pain management products, reported today company-wide net sales of $6.49 million for the quarter ended September 30, 2009, compared to net sales of $9.93 million for the same quarter last year.
The company also reported a net loss of $152,000, or $0.01 per share, during the third quarter of 2009, compared to net earnings of $846,000, or $0.04 per share, during the same quarter in 2008.
"The global economy has continued to impact sales, particularly with our international licensees," said RBC Life Sciences President and CEO John W. Price. "Domestically, we're starting to see positive returns from recent initiatives designed to grow North American network marketing sales. Sales in North America increased 11 percent during the third quarter, year over year. We also more than doubled our current Associate network base in this market during the first nine months of 2009."
Within the last year, RBC Life Sciences has launched a company-wide branding effort that encompassed everything from redesigned labeling and new, streamlined product offerings to a new Associate compensation plan. In August, RBC Life Sciences introduced an industry-first brain health product, NeuroBright. A recent animal study showed that NeuroBright increased subjects' learning and memory by nearly 50 percent.
The patent pending product was released at the same time RBC Life Sciences announced the ClearPay System, the industry's first virtually balancing flex compensation plan. The ClearPay System was designed to reward the company's Associates more quickly, more often and more abundantly compared to other compensation plans.
About RBC Life SciencesRBC Life Sciences develops, manufactures and markets high-quality nutritional supplements and personal care products to a growing population of consumers seeking wellness and a healthy lifestyle. Under its MPM Medical brand, RBC Life Sciences also develops and markets to health care professionals in the United States proprietary prescription and nonprescription products for advanced wound care and pain management. 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. For more information, visit the company's Web site at www.rbclifesciences.com.
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)
Quarters Ended September 30,
----------------------------
2009 2008
---- ----
Net sales $6,487 $9,925
Gross profit 3,215 4,710
Operating profit (loss) (154) 1,387
Earnings (loss) before income taxes (195) 1,344
Provision (benefit) for income taxes (43) 498
Net earnings (loss) (152) 846
Earnings (loss) per share - basic and
diluted $(0.01) $0.04
Weighted average shares outstanding - basic 21,922 21,587
Weighted average shares outstanding -
diluted 21,922 22,906
RBC Life Sciences, Inc.
Summary Results of Operations
(in thousands, except per share data)
(unaudited)
Nine Months Ended
September 30,
--------------------
2009 2008
---- ----
Net sales $19,262 $23,160
Gross profit 9,875 11,909
Operating profit 192 2,499
Earnings before income taxes 68 2,367
Provision for income taxes 114 890
Net earnings (loss) (46) 1,477
Earnings (loss) per share
Basic $(0.00) $0.07
Diluted $(0.00) $0.06
Weighted average shares outstanding - basic 21,920 21,315
Weighted average shares outstanding -
diluted 21,920 22,923
RBC Life Sciences, Inc.
Condensed Balance Sheets
(in thousands)
(unaudited)
----------
September 30, December 31,
------------- ------------
2009 2008
---- ----
Assets
Cash and cash equivalents $3,518 $4,973
Inventories 4,886 5,707
Other current assets 2,128 2,245
----- -----
Total current assets 10,532 12,925
Other assets 7,346 6,841
----- -----
Total assets $17,878 $19,766
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Liabilities and shareholders' equity
Accounts payable and accrued liabilities $2,746 $3,228
Deferred revenue 2,843 4,279
Other current liabilities 153 144
--- ---
Total current liabilities 5,742 7,651
Other liabilities 2,665 2,728
Shareholders' equity 9,471 9,387
----- -----
Total liabilities and shareholders'
equity $17,878 $19,766
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