jeff...CFCC looks good...just bot more GORX...i like their cash flow, earnings...should be a good year...got off to a good start:
(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
SAFE HARBOR PROVISIONS
Certain oral statements made by management from time to time and certain
statements contained in press releases and periodic reports issued by
Go2Pharmacy, Inc. (the "Company"), as well as those contained herein, that are
not historical facts are "forward-looking statements" within the meaning of
Section 21E of the Securities and Exchange Act of 1934 and, because such
statements involve risks and uncertainties, actual results may differ materially
from those expressed or implied by such forward-looking statements.
Forward-looking statements, including those in Management's Discussion and
Analysis, are statements regarding the intent, belief or current expectations,
estimates or projections of the Company, its Directors or its Officers about the
Company and the industry in which it operates, and are based on assumptions made
by management. Forward looking statements include without limitation statements
regarding: (a) the Company's growth and business expansion, including future
acquisitions; (b) the Company's financing plans; (c) trends affecting the
Company's financial condition or results of operations; (d) the Company's
ability to continue to control costs and to meet its liquidity and other
financing needs; (e) the declaration and payment of dividends; (f) the Company's
use of proceeds from their initial public offering, and (g) the Company's
ability to respond to changes in customer demand and regulations. Although the
Company believes that its expectations are based on reasonable assumptions, it
can give no assurance that the anticipated results will occur. When issued in
this report, the words "expects," "anticipates," "intends," "plans," "believes,"
"seeks," "estimates," and similar expressions are generally intended to identify
forward-looking statements.
Important factors that could cause the actual results to differ materially from
those in the forward-looking statements include, among other items, (i) changes
in the regulatory and general economic environment related to the health care
and nutraceutical industry; (ii) conditions in the capital markets, including
the interest rate environment and the availability of capital; (iii) changes in
the competitive marketplace that could affect the Company's revenue and/or cost
and expenses, such as increased competition, lack of qualified marketing,
management or other personnel, and increased labor and inventory costs; (iv)
changes in technology or customer requirements, which could render the Company's
technologies noncompetitive or obsolete; (v) new product introductions, product
sales mix and the geographic mix of sales and (vi) its customers' willingness to
accept its Internet platform in the future. Further information relating to
factors that could cause actual results to differ from those anticipated is
included but not limited to information under the headings "Business," and
"Management's Discussion and Analysis of Financial Conditions and Results of
Operations" in this Form 10-KSB as of and for the year ended March 31, 2002. The
Company disclaims any intention or obligation to update or revise
forward-looking statements, whether as a result of new information, future
events or otherwise.
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SOURCE Go2Pharamacy, Inc.
CONTACT: Carol Dore-Falcone, Go2Pharmacy, Inc, +1-727-544-8866
(GORX)
prnewswire.com
Copyright (C) 2002 PR Newswire. All rights reserved.
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KEYWORD: Florida
INDUSTRY KEYWORD: HEA
MTC
SPM
SUBJECT CODE: ERN
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