(COMTEX) B: PROCYTE REPORTS RECORD REVENUES FOR QUARTER AND YEAR ENDE
B: PROCYTE REPORTS RECORD REVENUES FOR QUARTER AND YEAR ENDED DECEMBER 31, 1999
REDMOND, Wash., Jan 18, 2000 /PRNewswire via COMTEX/ -- ProCyte
Corporation (OTC Bulletin Board: PRCY), a leading skin care and tissue
repair company, today announced preliminary revenue for the fourth
quarter and year ended December 31, 1999.
Preliminary revenue for the fourth quarter of 1999 totaled $1,426,639,
a 49% increase compared to the fourth quarter of 1998 setting a Company
record for quarterly revenue.
Product sales during the quarter amounted to $911,462, up 10% from the
third quarter of 1999 and up 32% from the fourth quarter of 1998.
Revenue from contract manufacturing amounted to $354,590 during the
fourth quarter of 1999, which is almost double the revenue from that
activity during the fourth quarter of the prior year. Other revenue
included royalties and payments related to an option agreement.
Preliminary total revenue for the year ended December 31, 1999 was $4,
694,966, an increase of 73% compared to revenue for the year ended
December 31, 1998. Product sales for the year were $3,657,646, up 68%
from 1998. A comparison of quarterly and annual revenue items for 1999
and 1998 follows:
Three months ended Twelve months ended
December 31, December 31,
1999 1998 1999 1998
Product sales $911,462 $691,857 $3,657,646 $2,177,784
Contract
manufacturing 354,590 180,900 762,320 436,167
Licenses, royalties
and other 160,587 86,247 275,000 106,493
Total operating
revenue $1,426,639 $959,004 $4,694,966 $2,720,444
John F. Clifford, ProCyte's Chairman and CEO, commented that much of
the increase in product sales was attributable to new products
introduced in 1999, especially the Neova(TM) Therapy line of anti-aging
products, and the continued expansion of the direct sales force during
the fourth quarter.
ProCyte's results of operations for the quarter and for the year will
be released in late February, after the completion of the audit of its
year-end financial statements.
About ProCyte: ProCyte Corporation is a healthcare products company
that develops, manufactures and markets products for tissue repair,
wound care, skin health and hair care. The Company's product portfolio
includes comprehensive skin care lines for therapeutic care, anti-aging
products and products for thinning hair. ProCyte's products incorporate
its patented technology and are marketed both directly and through
distribution partners.
This report may contain forward-looking statements and should be read
in conjunction with the Company's annual report on Form 10-K and its
quarterly reports on Form 10-Q. 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.
SOURCE ProCyte Corporation
(C) 2000 PR Newswire. All rights reserved.
prnewswire.com
-0-
CONTACT: Jack Clifford, Chairman/CEO of ProCyte Corporation,
425-869-1239; or Michael S. Manahan, Principal of Magnum
Financial Group, LLC,
213-488-0443
WEB PAGE: procyte.com
GEOGRAPHY: Washington
INDUSTRY CODE: BIO
MTC
SUBJECT CODE: ERN
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