Irving, Texas (RBC Life Sciences: OTCBB: RBCL) — RBC Life Sciences, Inc., 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 Sciences
RBC 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.
Contacts:
Steve Brown
RBC Life Sciences
972-893-4000
steve.brown@rbcls.com
RBC Life Sciences Third Quarter 2009
Page 3
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 Third Quarter 2009
Page 4
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 |
|
|
|
|
|
|
|
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 |