PacificHealth Laboratories, Inc., a leading nutrition company, today reported its financial results for the quarter ended March 31, 2010.
First Quarter 2010 vs. First Quarter 2009 Financial Results
Revenue was $1,650,265 compared to $1,695,618 for the same period in 2009. Net loss for the first quarter decreased 34% to $269,230, or $0.02 per share, compared to a net loss of $405,465, or $0.03 per share, for the same period in 2009. Included in the net losses above are severance costs relating to CEO Separation Agreements of $62,040 and $73,749, respectively, for the quarters ended March 31, 2010 and 2009. Sales and marketing expenses decreased $81,023 in the quarter ended March 31, 2010 compared to the same period in 2009 primarily due to the Company initiating a public relations and marketing campaign associated with the launch of Forze GPS(TM) and also introducing a new national sales representative organization designed to increase penetration in the sports specialty retail market in the first quarter of 2009. General and administrative expenses decreased $58,332 in the quarter ended March 31, 2010 compared to the same period in 2009.
Fred Duffner, President of PacificHealth Laboratories said, "We are very pleased with the progress we have made in the first quarter. We reduced our loss for the quarter by lowering spending while maintaining revenues, which has stabilized our cash position. The slight decrease in revenues was the result of season opening orders in the sports specialty channel moving into the second quarter due to tighter management of inventory in the channel this year. In 2009 we also launched our rep group program into sports specialty that resulted in pipeline inventory orders into approximately 100 new dealers during the first quarter of last year. We have also adjusted our inventory investment into the top selling items to insure we are ready for what we feel will be a successful season starting in the second quarter."
About PacificHealth Laboratories Inc.
PacificHealth Laboratories, Inc. /quotes/comstock/11k!phli (PHLI 0.09, -0.01, -9.00%) is a leading sports nutrition company that focuses on marketing, developing and selling premium nutrition tools for exercisers and athletes seeking to improve their health and performance. We are highly active in the endurance sports arena. Our brands and patents are typically protein-based and extend to cover areas such as appetite regulation. PHLI's principle areas of focus are sports performance and recovery, including optimal weight management. To learn more, visit www.pacifichealthlabs.com.