ProCyte Announces 1st Quarter Results
Thursday April 15, 8:31 am Eastern Time
Company Press Release
SOURCE: ProCyte Corporation
ProCyte Announces 1st Quarter Results
Product Revenues Increase 300%
REDMOND, Wash., April 15 /PRNewswire/ -- ProCyte Corporation (OTC Bulletin
Board:
PRCY - news) today reported revenue of $1,137,000 for the quarter ended March 31,
1999
versus $263,000 for the same period in 1998. Product sales for the first quarter of 1999
were
$950,000 compared to $236,000 for the first quarter of 1998, an increase in excess of
300%.
When compared to fourth quarter 1998 product sales of $692,000, the increase for the
first
quarter is 37%.
For the 3-month period just ended, ProCyte had a net loss of $958,000 or 7 cents a
share as
compared to a loss of $1,049,000 or 8 cents a share for the first quarter of 1998.
Product sales continue to increase in all categories of skin and hair care. During the first
quarter,
ProCyte introduced its newly redesigned packaging, including a new icon and tagline --
''Healing
the Wounds of Time(TM),'' and attended several leading medical conventions, receiving
an
enthusiastic response. The sales force was expanded with the addition of four part-time
contract
sales representatives. Several major teaching institutions such as Harvard Medical Center
in Boston
and Truman Medical Center in Kansas City, have begun using the ProCyte therapeutic
skin care
products.
Sales of Tricomin® continue to grow in the medical markets as ProCyte seeks to expand
into the
consumer segment via its Neutrogena agreement or direct through the Internet. The newly
designed
www.Tricomin.com web site is now capable of handling E-commerce transactions and is
linked to
numerous other sites.
At March 31, 1999, ProCyte had $6,373,000 in cash and short-term investments versus
the
year-end position of $6,939,000.
''We continue to make good strides in growing our revenues while controlling expenses,''
said Jack
Clifford, President and CEO. ''We will launch several exciting anti-aging products in May
including
a collagen-elastin repairing moisturizer which will further expand our product offering
containing
copper peptide technology.''
ProCyte Corporation is a healthcare company that develops, manufactures and markets
products
for tissue repair, skin health and hair care. The Company's products incorporate its
patented
copper peptide technology and are marketed both directly and through distribution
partners.
This report may contain forward-looking statements. The Company's results may vary
significantly
from quarter to quarter and will depend among other factors on product launches and
market
acceptance, manufacturing contracts, and distribution agreements.
PROCYTE CORPORATION
First Quarter 1999
Selected Financial Data
Statements of Operations Data: Three months ended March 31,
1999 1998
REVENUES
Product sales $949,581 $236,460
Contract manufacturing 104,320 26,363
Licenses, royalties and other 83,397 --
Total operating revenue 1,137,298 262,823
Cost of product sales 358,121 127,543
779,177 135,280
OPERATING EXPENSES
Selling, general & administrative 1,340,610 817,859
Research & development 479,684 542,281
Total costs and expenses 1,820,294 1,360,140
OPERATING LOSS (1,041,117) (1,224,860)
INTEREST INCOME 82,978 176,253
NET LOSS $(958,139) $(1,048,607)
Net Loss per common share $(0.07) $(0.08)
Weighted average number of common shares
used in computing net loss per
common share 14,522,198 13,364,958
Balance Sheet Data: March 31, December 31,
1999 1998
Cash and short-term investments $6,372,795 $6,938,981
Accounts receivable, net 655,667 692,196
Inventories, net 2,049,409 1,982,890
Property and equipment, net 5,027,089 5,163,967
Intangibles, net 3,102,599 3,159,101
Other assets 364,911 365,243
Total Assets $17,572,470 $18,302,378
Total Liabilities $836,059 $622,828
Stockholders' equity 16,736,411 17,679,550
Total Liabilities and
Stockholders' Equity $17,572,470 $18,302,378
SOURCE: ProCyte Corporation
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