IRVINE, Calif., Aug 18, 2009 /PRNewswire-FirstCall via COMTEX/ -- ChromaDex Corporation, (CDXC) a leader in phytochemical reference standards and contract research, today announced financial results for the second quarter of 2009. On a reported basis calculated in accordance with U.S. Generally Accepted Accounting Principles (U.S. GAAP), ChromaDex announced a net loss attributable to common stockholders of $0.01 per share for the thirteen week period ended July 4, 2009.
As of July 4, 2009, cash, cash equivalents, and marketable securities totaled $606,575.
"ChromaDex continues to grow its business even in these difficult economic times," said Frank Jaksch, CEO and co-founder of ChromaDex. "We have positioned the company to be the partner of choice for dietary supplement, food, beverage, personal care and sports nutrition companies who need guidance on determining the safety, quality and potency of their products, especially now that the FDA has increased regulatory activity in the areas of dietary supplement and food safety."
Additional Financial Results & Notes
On a reported basis, ChromaDex recorded revenue during the second quarter of 2009 of $1,342,716 as compared to $1,198,885 for the same period in 2008. The net loss attributable to common stockholders for the thirteen weeks ended July 4, 2009, was $291,100 as compared to a net loss of $621,676 for the same period in 2008. The lower net loss in the second quarter of 2009 as compared to the same period in 2008 was primarily attributable to non-recurring expenses in 2008 related to the reverse merger acquisition of Cody Resources, Inc. coupled with an increase in revenues. The Company notes that as a result of its closing of the reverse merger acquisition of Cody Resources, Inc. on June 20, 2008, investors are cautioned that the Company's historical performance for that year is not directly comparable.
ChromaDex is a leader in the development of Phytochemical and Botanical Reference Standards and the creation of associated intellectual property. ChromaDex is committed to sustainable "Green chemistry" and provides the dietary supplement, food, beverage, nutraceutical and cosmetic industries with the analytical tools and services to meet product regulatory, quality, efficacy and safety standards.
Any statements that are not historical facts contained in this release are forward-looking statements. Actual results may differ materially from those projected or implied in any forward-looking statements. Such statements involve risks and uncertainties, including but not limited to: the ability to market, produce and sell the referenced ingredients; risks relating to product and customer demand, market acceptance of our products; the effect of economic conditions both nationally and internationally; the ability to protect our intellectual property rights; the impact of any litigation or infringement actions brought against us; competition from other providers and products; risks in product development; our ability to raise capital to fund continuing operations; the ability to complete transactions; and other factors discussed from time to time in the Company's Securities and Exchange Commission filings. The Company undertakes no obligation to update or revise any forward-looking statement for events or circumstances after the date on which such statement is made except as required by law.