Today's PR: Imagenetix Reports Record Year
Wednesday July 20, 8:05 am ET
Sales Jump 66% -- Net Income Increases 62%, and Company Reports Nine Consecutive Quarters of Profits
SAN DIEGO--(BUSINESS WIRE)--July 20, 2005--Imagenetix, Inc. (OTCBB:IAGX - News), www.imagenetix.net, a company focused on inflammation and inflammation related markets announces the results for the fourth fiscal quarter and year ending March 31, 2005.
For the fourth fiscal quarter ended March 31, 2005, the Company reported revenue of $2,614,142, a 59% increase compared to $1,645,199 reported for the same quarter for the prior fiscal year. For the fourth quarter, the Company reported net income of $56,213 compared to $239,841 reported for the same period last year.
For the year ended March 31, 2005, the Company reported revenue of $7,574,194, a 66% increase compared to $4,568,264 reported for the same period last year. For the fiscal year, the Company reported net income of $753,936, or $.08 per diluted share, a 62% increase compared to $465,043 or $.04 per diluted share, reported for the same period last year. For the fiscal year ending March 31, 2005, the Company incurred a tax rate of 26% compared to a tax rate of 15% for the fiscal year ending March 31, 2004.
Bill Spencer, President of Imagenetix, said, "I am pleased to report record sales and earnings for our fiscal year ending March 31, 2005. Sales have expanded as we have entered the mass market, and net income was positive in all four quarters of the year including the fourth quarter, a quarter in which heavy expenses were allocated to clinical costs, costs associated with a private equity raise, renewal of a spokesperson agreement, and an Imagenetix convention which hosted medical and scientific experts from North America."
"Since inception, we have successfully conducted over 20 scientific studies focused on our proprietary products and compounds regarding inflammation and inflammation related challenges," Mr. Spencer added. "With compelling and published scientific results, our products have received expanded news coverage on radio, television, and print, and have received over 150 media placements to date with an impression count of over 37,000,000 people."
Mr. Spencer went on to say, "Along with media coverage, mass market sales of Celadrin®, our proprietary Imagenetix product that addresses a $22 billion market segment, began in the second half of the fiscal year. Celadrin® in oral format for joint function and mobility and Celadrin® in topical form for arthritis, aches and pains are now available in thousands of stores throughout the United States and Canada under various private labels. Stores carrying private labeled products which contain Celadrin® include Wal-Mart, GNC, Albertson's, Sav-On Drug, Longs Drug, The Vitamin Shoppe, Whole Foods, Wild Oats and others. This combination of media attention and mass market distribution, coupled with compelling products which are scientifically validated, has contributed to our record financial performance and should continue to bode well for our shareholders."
About Imagenetix
San Diego based Imagenetix, Inc. (OTCBB:IAGX - News), www.imagenetix.net, is focused on inflammation. With its patent pending compound, Imagenetix is focused on inflammatory diseases. With its natural based, proprietary products, the Company is focused on inflammation related markets. Imagenetix develops, formulates, private-labels, and produces nutritional supplements, over-the-counter topical creams, and skin care products to address these markets.
Mass market sales that address a $22 billion market segment, musculo-skeletal movement, have commenced for two of Imagenetix's proprietary products: Celadrin® oral for joint function and mobility, and Celadrin® topical for aches and pains.
