took a position in GORX:
(COMTEX) B: Go2Pharmacy, Inc. Reports Record Sales and Profits for the F
B: Go2Pharmacy, Inc. Reports Record Sales and Profits for the First Quarter
Ended June 30, 2002
LARGO, Fla., Jul 24, 2002 /PRNewswire-FirstCall via COMTEX/ -- Go2Pharmacy,
Inc. (Nasdaq: GORX) today announced record revenues for the three months ended
June 30, 2002 increasing approximately 146% to approximately $4,411,000 as
compared to approximately $1,789,000 for the same three month period in 2001.
Net income for the three months ended June 30, 2002 was approximately $376,000
or $0.05 per share as compared to a loss of $(403,000) or $(0.06) per share for
the same period in 2001.
"We are very optimistic about our continued improvements in our Company's
financial performance. These results from the first fiscal quarter reaffirm our
ability to effectively capitalize on the growing demand for natural products.
Our focus continues to be on increasing sales revenues, reducing costs and
enhancing our market share through the launching of new products for ourselves
and our customers," stated Carol Dore-Falcone, Vice President and Chief
Financial Officer.
Go2Pharmacy, Inc. manufactures, packages and distributes high quality, private
label dietary supplements, over-the-counter drugs, and health and beauty care
products for companies worldwide. In addition, we develop and manufacture our
own branded dietary supplements, health and beauty care products and long-term
care nutritional products for distribution through various outlets.
Go2Pharmacy's subsidiary, Breakthrough Engineered Nutrition, Inc., has
introduced its high protein, zero carbohydrate product line, Lean Protein.
Through this product line, the Company will continue to add a wide variety of
high protein, zero and low carbohydrate products. For more about Go2Pharmacy, go
to our website at www.ihp-inc.com and www.leanprotein.com.
Historical financial results of operations are condensed and should not be
considered a complete disclosure of the Company's results. Financial results are
prepared in accordance with U.S. generally accepted accounting principles.
GO2PHARMACY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three months ended June 30,
2001 2002
Total Revenues $1,788,962 $4,411,133
Cost of Sales 1,428,929 3,147,858
------------- -------------
Gross Profit $360,033 $1,262,733
Selling, General,
Administrative
Expense 725,092 838,587
Other income/
(expense), net (835) (11,383)
Income taxes -- --
Preferred
Dividends 37,500 37,500
Net income (loss) available to common
shareholders $(403,394) $375,805
Basic and diluted weighted average
common shares outstanding 7,025,000 7,025,000
Basic and diluted income (loss) per share $(0.06) $0.05
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