LOS ANGELES, Aug 22, 2001 (BUSINESS WIRE) -- Kaire Holdings Inc. (OTCBB:KAHI) today announced financial results for its second quarter ended June 30, 2001.
The company reported second quarter revenues of $3,687,328, and net income of $141,366. The company had reported a loss of $507,429 for the first quarter of 2001. For the six months ended June 30, 2001 the company had revenues of $7,223,858, an increase of 815 percent, versus the same period last year.
Kaire chief executive officer, Steven Westlund, commented: "We are beginning to see the pay off from the dramatic actions that we took earlier this year. We turned a substantial first quarter loss into a second quarter profit by maintaining revenues, despite aggressive measures designed to maximize operating efficiencies. We will continue to focus on those areas that will bring short-term as well as long-term results for our shareholders.
"Our Health Advocate Program has grown substantially because of recent marketing initiatives. We are confident that we will continue to be able to rollout this program throughout California and beyond, gaining economies of scale as we move into new areas. We intend to seek additional operating efficiencies in all of our programs as we continue to implement our aggressive expansion strategy."
Westlund is currently featured in an interview with CEOcast Inc., where he discusses the second quarter's results. The interview is accessible at www.ceocast.com.
About Kaire Holdings
Kaire Holdings provides specialized pharmacy care to bed and board facilities through its Classic Care Pharmacy and to HIV patients through its YesRx Health Advocate program. Kaire's joint venture partner Stason Biotech is engaged in the research and development of compounds and testing measures for the treatment of pathogenic viral infections as well as other clinical applications related to solid prescription drug formations.
Stason Biotech also provides quantitative laboratory analysis to research facilities engaged in regional blood flow studies under laboratory conditions.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "ACT"). In particular, when used in the preceding discussion, the words "estimated," "believe," "optimistic," "expect" and similar conditional expressions are intended to identify forward-looking statements within the meaning of the ACT, and are subject to risks and uncertainties, and actual results could differ materially from those expressed in any forward-looking statements. Such risks and uncertainties include, but are not limited to, unfavorable market conditions, increased competition, limited working capital, failure to implement business strategies, and other risks. For other company information, visit the corporate Web site at www.kaireholdingsinc.com.
Three Month Period Ended Six Month Period Ended
6/31/01 6/31/00 6/31/01 6/31/00
(Un-audited) (Un-audited) (Un-audited) (Un-audited)
Revenues
Products & Services 3,687,328 727,785 7,223,858 788,844
Lease Rentals 0 0 0 0
Total Revenues 3,687,328 727,785 7,223,858 788,844
Cost of Goods Sold 2,507,036 464,914 5,619,923 495,984
Gross Profit from
Operations 1,180,292 262,871 1,603,935 292,860
Operating Expense
Depreciation &
Amortization 123,579 0 125,884 0
SG&A 889,807 352,491 1,678,098 587,943
Total Operating
Expenses 1,023,386 352,491 1,803,982 587,943
Profit/(Loss) from
Operations 156,906 (89,620) (200,047) (295,083)
Other Income & Expense
Interest Expense 0 0 (31,533) (14,544)
Other Expenses (20,000) (50,000) (260,000) (235,000)
Other Income 4,460 11,829 7,995 11,829
Total Other
Income (Expenses) (15,540) (38,171) (283,538) (237,715)
Loss Before Provision
for Tax 141,366 (127,791) (483,585) (532,798)
Provision for Tax 0 400 0 800
Net Profit (Loss) 141,366 (128,191) (483,585) (533,598)
CONTACT: CEOcast Inc., New York
Mathew Henderson, 212/732-4300
www.KaireHoldingsInc.com
www.CEOcast.com
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