Nutraceutix Inc. Reports Third Quarter Profit
REDMOND, Wash.--(BW HealthWire)--Nov. 15, 2000--Nutraceutix Inc. (OTC BB: NUTX - news) reports third quarter net revenues of $2,229,065 with net earnings of $442,035.
This compares to revenues of $3,460,522 with a profit of $244,900 for the three months ending Sept. 30, 1999.
For the nine months ended Sept. 30, 2000, net revenues totaled $6,232,536 with a profit of $98,894 compared to the net loss of $33,591 on total revenues of $7,782,963 for the corresponding period in 1999.
The decreased revenues during the third quarter of 2000 reflect the loss of the CDT(TM)/MDT(TM) androstiene business of MET-Rx USA / Rexall Sundown as a result of their cancellation of all in-house orders for products containing androstiene in response to the Food and Drug Administration review of the regulations surrounding the sale of androstiene products.
``We believe the company has substantially realized the adverse effects of the decision by MET-Rx USA / Rexall Sundown to cancel the androstiene orders during the first half of 2000,'' said David Howard, chief executive officer and president of Nutraceutix Inc.
According to Howard, ``A third quarter settlement agreement with MET-Rx USA / Rexall Sundown, for the discontinued business and cancelled orders, was comprised of a one-time cash payment to satisfy their obligations under the exclusive sublicense agreement for CDT(TM) and MDT(TM) delivery technologies and forgiveness of certain accounts payable.
``The settlement agreement along with corrective actions and expense controls initiated late in the second quarter have mitigated the unfavorable effects of the lost MET-Rx USA sales.''
Nutraceutix Inc.(RN) (http://www.nutraceutix.com/) possesses proven technologies and products for the nutraceutical, OTC and pharmaceutical industries.
In addition to patented ingredients like Calcium D-Glucarate(TM), Nutraceutix provides patented and proprietary technologies including CDT(TM) Controlled Delivery Technology, MDT(TM) Molecular Dispersion Technology, SET(TM) Emulsifying Technology and LiveBac® Probiotics.
Nutraceutix technologies provide distinctive supplements with competitive commercial advantages and tangible benefits for the consumer.
Except for any historical information, the matters discussed in this press release contain forward-looking statements, including activities, events or developments that the company expects, believes or anticipates will or may occur in the future. Such statements are subject to a number of assumptions, risks and uncertainties.
Readers are cautioned that such statements are not guarantees of future performance and that actual results or developments may differ materially from those set forth in the forward-looking statement.
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Contact:
Nutraceutix Inc.
David H. Howard, 800/548-3222
www.nutraceutix.com
or
ignite marketing group
Margaret Anderson, 480/785-5252
Margaret@ignitemg.com |
