Senetek PLC Announces 11.3% Increase in Revenues in 2002; Earnings Per Share Increase to $0.03 From $0.01 in 2001
Friday March 28, 9:15 am ET
NAPA, Calif., March 28 /PRNewswire-FirstCall/ -- Senetek PLC (Nasdaq: SNTK - News), www.senetekplc.com , a healthcare technologies company focused on developing and co-marketing products applicable to the anti-aging markets in key skin care/dermatologicals and sexual functions categories worldwide, today announced net income for Fiscal Year 2002 was $1,541,000 or $0.03 per share, on approximately 59 million shares outstanding, compared to net income of $385,000, or $0.01 per share, on approximately 59 million shares outstanding for Fiscal Year 2001.
Revenues from continuing operations for 2002 were $9.4 million, an 11.3% increase compared to revenues of $8.5 million in 2001. Royalties and Licensing fees were especially strong for the Company's skincare segment, increasing approximately $3.3 million from 2001 to 2002.
Gross Profit for 2002 was $8.4 million, a $1.4 million increase over 2001. The increased gross profit was due to higher revenues and a higher percentage of our revenues being derived from royalty and licensing fee which have minimal costs associated with them.
The Company's current ratio (current assets divided by current liabilities) was 3.18 at December 31, 2002, an improvement of 164% from its current ratio of 1.94 at December 31, 2001. Cash has increased to $3,572,000 at December 31, 2002, a $1.7 million increase from the prior year. "We are very pleased by our significantly improved balance sheet and we expect our financial position will continue to improve during 2003" said Brad Holsworth, CFO.
The company will conduct its year-end teleconference call for investors on Tuesday, April 1, at 7 a.m. Pacific, 10 a.m. Eastern. The domestic dial-in number is 800/289-0569, confirmation code 341180. Mr. Frank J. Massino, Chairman & CEO, and Mr. Holsworth will detail Senetek's 2002 accomplishments and discuss the outlook for 2003.
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Visit Senetek PLC's web site: senetekplc.com .
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Senetek PLC Investor Relations Contact:
1-707-226-3900 ext. 102
E-Mail: Pknopick@eandecommunications.com
Safe Harbor Statement:
This news release contains statements that may be considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act, including the Company's expectation that the Company's financial position will continue to improve during 2003. Forward-looking statements by their nature involve substantial uncertainty, and actual results may differ materially from those expressed in such statements. Important factors identified by the Company that it believes could result in such material differences are described in the Company's Annual Report on Form 10-K for the year 2002. However, the Company necessarily can give no assurance that it has identified all of the factors that may result in any particular forward-looking statement materially differing from actual results, and the Company assumes no obligation to correct or update any forward-looking statements which may prove to be inaccurate, whether as a result of new information, future events or otherwise.
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Source: Senetek PLC |
