IAGX 1.30...numbers getting better...esp rev growth:
(COMTEX) B: Imagenetix Reports 31% Increase in Quarterly Sales and Fourth
onsecutive Quarter of Profitability
B: Imagenetix Reports 31% Increase in Quarterly Sales and Fourth Consecutive Qua
ter of Profitability
SAN DIEGO, Feb 17, 2004 (BUSINESS WIRE) -- Imagenetix, Inc. (OTCBB:IAGX),
www.imagenetix.net, an innovator of scientifically tested, natural based,
proprietary bioceutical products developed to enhance human and animal health on
a global basis, today announced results for the third fiscal quarter ended
December 31, 2003.
For the third fiscal quarter ended December 31, 2003, the company reported
revenue of $1,066,399, an increase of 31% compared to $813,875 reported in the
same quarter of the prior fiscal year. For the third quarter, the company
reported net income of $152,158 or $.02 per share compared to a loss of $ 7,192
or ($.00) per share reported for the same quarter of the prior fiscal year.
For the nine months ended December 31, 2003, the company reported revenue of
$2,923,065 compared to $2,382,955 reported for the first nine months of the
prior fiscal year. For the first nine months, the company reported net income of
$242,311 or $.03 per share compared to a loss of $823,877 or ($.10) per share
reported for the first nine months of the prior fiscal year (included in the
prior nine months net loss was a non-cash expense of $408,327 or ($.05) per
share associated with the issuance of common stock purchase warrants).
"I am pleased to report increases in both sales and earnings to our
shareholders," reported Bill Spencer, CEO. "Our nine-month sales have increased
22% over the same nine-month period last year, our most recent quarter saw sales
increase 31% over the same quarter last year, and we have shed last year's
losses by posting four consecutive profitable quarters. I am also happy to
report that backlog remains at comparatively high levels which should bode well
for the company's near term future. Our sales initiatives are working. They are
translating into top line growth and bottom line earnings for our shareholders."
About Imagenetix, Inc.
San Diego-based Imagenetix, Inc., is an innovator of scientifically tested,
natural-based, proprietary bioceutical products developed to enhance human and
animal health on a global basis. The Company develops, formulates, and
private-labels proprietary, leading edge, over-the-counter topical creams, skin
care products, and nutritional supplements to be marketed globally through
multiple channels of distribution. Imagenetix also develops and formulates
proprietary patentable products with the intention of entering into licensing
agreements with pharmaceutical partners.
Imagenetix does not market products directly to consumers; rather the Company
markets products to business organizations who in turn market the products to
consumers through their own private labels. Imagenetix has developed a "turnkey"
approach to assist these organizations with product distribution to consumers.
Distribution of products by these organizations is currently underway through
direct selling, mass marketing, medical and nutritional professionals and
newsletters, direct response radio, direct response television, and other
channels of distribution.
Safe Harbor Statement
This document contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. Such statements are subject to risks and
uncertainties that could cause actual results to vary materially from those
projected in the forward-looking statements. The company may experience
significant fluctuations in future operating results due to a number of
economic, competitive, and other factors, including, among other things, the
size and timing of customer contracts, new or increased competition, changes in
market demand, and seasonality of purchases of the company's products and
services. These factors and others could cause operating results to vary
significantly from those in prior periods and those projected in forward-looking
statements. Additional information with respect to these and other factors,
which could materially affect the company and its operations, are included in
certain forms the company expects to file with the Securities Exchange
Commission.
SOURCE: Imagenetix, Inc.
CONTACT: Imagenetix, Inc., San Diego
Bill Spencer, 858-674-8455
www.imagenetix.net
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KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: MEDICAL
PHARMACEUTICAL
BIOTECHNOLOGY
EARNINGS
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