3 rd quarter is out:
FREMONT, Calif., Nov. 5 /PRNewswire/ -- Human Pheromone Sciences, Inc. (Nasdaq: EROX - news) today announced a net loss for the three months ended September 30, 1998 of ($185,915) or ($0.02) per share on sales of $2,312,805 as compared with net income of $274,191 or $0.03 per share on sales of $3,847,893. For the nine month period, the Company's loss was reduced by 32% to ($2,354,856) or ($0.23) per share as compared with a net loss of ($3,474,044) or ($0.34) per share. Net sales for the nine month period were $7,581,233 versus $12,761,724 for the year ago period.
As a result of the Company's cost reduction program, operating expenses in the current year's third quarter decreased by approximately $800,000, and more than $5,800,000 in the first nine months of 1998, as compared to the same periods of the prior year. These lower expenditures significantly mitigated the lower gross profit resulting in large part from reduced sales to U.S. department stores, resulting in the loss of $185,915 for the quarter and $2,354,856 on a year-to-date basis.
William P. Horgan, Chairman and Chief Executive Officer, indicated that the Company's previously announced market segmentation strategy, involving a refocus on its REALM(R) Men and REALM(R) Women's brands in the department store and positioning inner REALM(R) as the focal point in more price- sensitive markets, has been initiated. He continued, ''We are gratified to see that our initiatives have resulted in attention from both the investment community, as well as from potential licensees of our technology. As announced, we have been invited to present at an upcoming investment conference on November 15th in Clearwater, Florida.'' In addition, Horgan noted that the Company has been involved in additiona |
