Rapidly Expanding Distribution Network Contributes to Revenue of $9.7 Million, Up 77 Percent Over 2010
MIAMI BEACH, FL-- (04/04/12)- Divine Skin Inc. (OTC.BB: DSKX.OB), which formulates, develops, and markets new personal-care products, announced full-year 2011 results. Compared to 2010, highlights of the year-end earnings report include:
-- Net revenue increased to $9.7 million, up $4.2 million.
-- Cash balance increased to $1.3 million, up $1.1 million.
-- Inventory increased to $2.0 million, up $900,000.
-- Shareholders' equity increased to $5.0 million, up $2.6 million.
-- Assets increased to $6.2 million, up $3.1 million.
During the year, the company added several new distributors in the United States and around the world.
Divine Skin CEO Daniel Khesin stated, "While Divine Skin set several new records in 2011, today's announcement is just an indication of what's to come. We believe the demand for our innovative brands and products will continue to accelerate. With this increased demand, we believe we will continue to add significant value for our shareholders.
"Our hair-stimulating products have entered the daily routines of hundreds of thousands of customers," Khesin continued. "Recent clinical studies have shown that our topical treatments are achieving nearly 100 percent response during early-stage hair loss, which makes a big difference in the lives of many users."
Financial position
Net revenue increased to $9,672,861 for 2011, up $4,228,056 or 77 percent from the $5,444,804 of the previous year.
Assets increased to $6,103,992, as of December 31, 2011, up $3,160,132 or 107 percent from the $2,943,860 of the previous year.
Inventory levels increased to $2,174,784 as of December 31, 2011, up $993,105 or 84 percent from the $1,181,679 of the previous year.
Accounts receivable increased to $1,888,453 as of December 31, 2011, up $1,150,499 or 155 percent from the $737,954 of the previous year.
Working capital reached $4,306,774 as of December 31, 2011.
Net loss reached $980,892 for 2011, up $831,079 or 531 percent from the loss of $149,813 a year earlier.
About Divine Skin
Divine Skin Inc. leads in the development of biotechnology for topical, nutritional, and pharmaceutical therapies. It markets worldwide through online and specialty retailers, cosmetics wholesalers, salons, and medical offices. The fast-growing company went public in 2009.
DS Laboratories, its flagship brand, offers high-performance topical solutions to restore growth and radiance to hair, suppress dandruff and unwanted hair, control acne, improve hygiene, and reduce cellulite and wrinkles. Bioavailability is enhanced through Nanosome encapsulation (www.dslaboratories.com).
The Sigma Skin brand sells through upscale retailers like Neiman Marcus in the United States and Harvey Nichols in the United Kingdom. The topical products address hair loss and other signs of aging (www.sigmaskin.com).
Polaris Research Laboratories makes high-potency minoxidil-based hair-growth formulas (www.polarisresearchlabs.com).
The Pure Guild offers purity with performance: Botanical compounds proven effective in clinical trials are extracted without industrial solvents or damaging heat and are sold through premium retailers (www.thepureguild.com).
