Gum Tech International Reports Third Quarter 2000 Results
PHOENIX, Oct. 26 /PRNewswire/ -- Gum Tech International Inc., (Nasdaq: GUMM - news) today announced third quarter 2000 net sales of $1.8 million as compared to $2.3 million in third quarter 1999. The Company reported a net loss to common shareholders for the quarter of $1.3 million, or $0.14 per share. For the nine months ended September 30, 2000, the Company reported net sales of $8.4 million, a 25% increase over the comparable time period in 1999. The net loss to common shareholders for the nine-month period was $4.9 million, or $0.55 per share.
William Hemelt, Gum Tech's Chief Financial Officer, stated, ``Gum Tech gum sales declined for the quarter, which was expected. We are diligently working to add new customers and are optimistic that our R&D work on a variety of gum products with major customers will come to fruition very soon.''
The Company said sales of Zicam(TM) products, including Zicam(TM) Cold Remedy and Zicam(TM) Allergy Relief, totaled $1.2 million for the quarter, up slightly from the year-earlier period. ``As the cold season begins, our focus has been on the fourth quarter and on designing a comprehensive national marketing campaign to increase consumer awareness of Zicam(TM) Cold Remedy,'' said Mr. Hemelt. ``Our advertising campaign began recently and includes network, cable, and promotional television spots; radio advertising during the Howard Stern show; print ads in high-profile consumer magazines such as People and TV Guide; and a variety of in-store media vehicles to build awareness at point-of-purchase.''
Mr. Gary Kehoe, President and Chief Operating Officer added, ``We were very pleased to announce recently that Dr. Michael Hirt's study on Zicam(TM) Cold Remedy has been published in the October 2000 issue of the ENT - Ear Nose & Throat Journal (ENT Journal). According to this independent scientific study, Zicam(TM) reduced the duration of the common cold by an average of 75% when taken at the onset of symptoms. This announcement has received ongoing national and local press coverage and continues to generate interest from the media and consumers. In addition, acceptance of this study in a prominent medical journal is a major step in establishing Zicam(TM)'s credibility in the medical community.''
``Research continues to confirm the unique therapeutic aspects of Zicam(TM) Cold Remedy,'' said Mr. Kehoe. ``We are continuing research on the preventative aspect of Zicam(TM) but expect that research sufficient to evaluate the efficacy of the product in this area could take a year or more to complete.''
Gum Tech International, Inc. is an innovative nutrient and drug delivery technology company engaged in the development, manufacture and marketing of delivery systems for bioactive compounds. Gum Tech is the majority owner of Gel Tech LLC which markets Zicam(TM) Cold Remedy, a patented, revolutionary homeopathic remedy that significantly reduces the duration and severity of the common cold, and Zicam(TM) Allergy Relief, a homeopathic remedy designed to provide relief to allergy sufferers.
For additional information, please contact Lynn Romero, Manager of Investor Relations, 602-252-1617, ext. 320, lromero@gum-tech.com. Gum Tech is located at 246 East Watkins Street, Phoenix, Arizona 85004. |
