ProCyte Announces $489,000 Earnings in First Quarter 2002
REDMOND, Wash.--(BW HealthWire)--April 18, 2002--ProCyte Corporation, (OTCBB:PRCY - news), a skin care and tissue repair company based on its patented Copper Peptide technology, reported its financial results for the first quarter ended March 31, 2002.
The Company reported the first net earnings in its history for the quarter ended March 31, 2002 of $489,000 or $0.03 per share (fully diluted) as compared to a net loss of ($502,000) or ($0.03) per share for the same quarter of 2001.
Revenues for the quarter increased by 19.7% to $3,042,000 as compared to $2,542,000 for the same period a year ago. The year ago figure also included $91,000 from the divested contract manufacturing operation. Product revenues increased to $2,753,000 or 18.9% in the quarter from $2,317,000 in 2001. Sales of physician and distributor products increased by 26% and GHK and AHK Copper Peptide to licensees increased by 6%. Royalty revenue increased by 115% to $289,000 from $134,000 in the first quarter of 2001.
Revenues included the initial order for the Simple Solution(TM) products being launched into the salon and spa market. There were also the first shipments of the NextDerm(TM) products available in selected consumer markets through physicians. The royalties included a minor amount for the American Crew introduction of its Revitalize(TM) products containing AHK Copper Peptide into the hair salon market plus the Neutrogena royalty.
Gross profit increased due to a favorable mix between product sales and Copper Peptide compound. The gross profit percentage increased to 76.8% from 58.8%. Gross Profit comparisons will continue to fluctuate over the next several quarters based on product mix and licensee purchases of Copper Peptide for their product introductions.
Expenses for the first quarter 2002 declined as expected by 12% to $ 1,674,000 from $1,902,000 reflecting reductions due to selling the contract manufacturing operation.
``We are extremely happy with net earnings of $489,000, the first quarter with earnings in the Company's 16 year history,'' said Jack Clifford, Chairman and CEO. ``There has been a tremendous amount of hard work by all of our employees over many years to get ProCyte to this position. The customer's acceptance of our patented Copper Peptide products continues to be outstanding and recent clinical studies confirm the strength of our GHK Copper Peptide technology. One of our next goals is to become listed on the AMEX or Nasdaq Exchange in 2002.''
ProCyte Corporation develops and markets products based on its patented, clinically proven Copper Peptide technology for skin health, hair care and wound care. The Company sells directly to Dermatologists and Plastic Surgeons and through licenses with strategic partners into the consumer market. Its products include Neova® Anti-Aging skin care, Complex Cu3® and GraftCyte® Post Procedure Treatments and Tricomin® for thinning hair. |
