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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 4, 2011
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______________________RBC Life Sciences, Inc.______________________ (Exact name of registrant as specified in its charter) |
_______NEVADA_______ (State or other jurisdiction of incorporation) | _______000-50417_________ (Commission File Number) | _______91-2015186________ (IRS Employer Identification No.) |
2301 CROWN COURT, IRVING, TEXAS (Address of principal executive offices) | ____________75038_____________ (Zip Code) |
Registrant's telephone number, including area code __________972-893-4000______________ |
__________________________N/A____________________________ (Former name or former address, if changed since last report) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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[ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
[ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
[ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
[ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 Results of Operations and Financial Condition.
On May 4, 2011, RBC Life Sciences, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended March 31, 2011. A copy of the press release is furnished as Exhibit 99.1 to this Form 8-K.
In accordance with General Instruction B.2 of Form 8-K, this information, including the exhibit related hereto, is furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), nor shall it be deemed incorporated by reference in any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits. (d) Exhibits
Exhibit No. Description
99.1 Press release dated May 4, 2011 announcing financial results for the quarter ended March 31, 2011.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: May 5, 2011
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RBC Life Sciences, Inc. |
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By: /s/ Steven E. Brown |
Name: Steven E. Brown |
Title: Chief Financial Officer |
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Exhibit Number | Description |
99.1 | Press release dated May 4, 2011, announcing financial results for the quarter ended March 31, 2011 |
WebFilings | EDGAR view
EXHIBIT 99.1
RBC Life Sciences®
May 4, 2011
RBC Life Sciences Reports First Quarter 2011 Results
Irving, Texas (RBC Life Sciences: OTCBB: RBCL) - RBC Life Sciences, Inc., a provider of proprietary nutritional supplements, wound care and pain management products, today reported consolidated net sales of $6.54 million for the quarter ended March 31, 2011, compared to net sales of $6.98 million for the same period during 2010. The Company also reported net earnings of $143,000, or $0.01 per share, compared to net earnings of $211,000, or $0.01 per share, for the same quarter last year.
“Due to a variety of logistical factors, net sales in our largest revenue channel declined during the first quarter of 2011 resulting in an overall decline in consolidated net sales,” said RBC Life Sciences President and CEO, Clinton H. Howard. “However, we saw a 37% increase in Associate network sales during the quarter, and the number of individuals who joined our Associate network more than doubled. This growth is the result of a program we introduced in March 2010 that allows customers in Southeast Asia to enroll in the Associate network and purchase our Nutritional Products. Because of the very positive reception in this market, we plan to open a branch office in Taiwan later this year.”
During the first quarter of 2011, the Company also reported a 10% increase in net sales of Medical Products to $1.72 million.
About RBC Life Sciences
Through wholly owned subsidiaries, RBC Life Sciences develops, manufactures and markets high-quality nutritional supplements and personal care products under its RBC Life brand to a growing population of consumers seeking wellness and a healthy lifestyle. Through its wholly owned subsidiary, MPM Medical, the Company 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 website 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
972-893-4000
steve.brown@rbclifesciences.com
RBC Life Sciences - First Quarter 2011
Page 2
RBC Life Sciences, Inc.
Summary Results of Operations
(in thousands, except per share data)
(unaudited)
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| Quarters Ended March 31, |
| 2011 | | 2010 |
Net sales | $ | 6,538 | | | $ | 6,982 | |
Gross profit | 3,316 | | | 3,389 | |
Operating profit | 262 | | | 400 | |
Earnings before income taxes | 225 | | | 361 | |
Provision for income taxes | 82 | | | 150 | |
Net earnings | 143 | | | 211 | |
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Earnings per share - basic | $ | 0.01 | | | $ | 0.01 | |
Earnings per share - diluted | 0.01 | | | 0.01 | |
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Weighted average shares outstanding - basic | 22,229 | | | 21,922 | |
Weighted average shares outstanding - diluted | 22,541 | | | 22,270 | |
RBC Life Sciences, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
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| March 31, | | December 31, |
| 2011 | | 2010 |
Assets | | | |
Cash and cash equivalents | $ | 5,448 | | | $ | 4,220 | |
Inventories | 4,742 | | | 5,343 | |
Other current assets | 1,784 | | | 1,696 | |
Total current assets | 11,974 | | | 11,259 | |
Other assets | 7,034 | | | 7,085 | |
Total assets | $ | 19,008 | | | $ | 18,344 | |
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Liabilities and shareholders' equity | | | |
Accounts payable and accrued liabilities | $ | 2,937 | | | $ | 3,087 | |
Deferred revenue | 3,195 | | | 2,490 | |
Other current liabilities | 172 | | | 168 | |
Total current liabilities | 6,304 | | | 5,745 | |
Other liabilities | 2,678 | | | 2,723 | |
Shareholders' equity | 10,026 | | | 9,876 | |
Total liabilities and shareholders' equity | $ | 19,008 | | | $ | 18,344 | |