ChromaDex Corporation, a leader in phytochemical reference standards and contract research, today announced financial results for the third quarter of 2008. 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 $0.02 per share for the three months ended September 27, 2008.
As of September 27, 2008, cash and cash equivalents totaled approximately $2.4 million.
"Even with the significant economic downturn in the third quarter, we are continuing to make the necessary investments to ensure growth. We will continue to invest in marketing, advertising, new products and services, and intellectual property as these areas will give us the edge we need as the natural products market continues to grow," said Frank Jaksch, CEO and co- founder of ChromaDex. "ChromaDex is positioned to take advantage of a number of opportunities we have invested in going forward. We should see significant involvement in the stevia based sweetener market as it develops in 2009, as well as continued progress related to our anthocyanins technology licensed from SUNY-Buffalo."
Additional Financial Results & Notes
On a reported basis, ChromaDex recorded revenue during the third quarter of 2008 of $1,069,003 as compared to $1,194,575 for the same period in 2007. The net loss attributable to common stockholders for the three months ended June 28, 2008, was $710,347 as compared to a net gain of $3,969 for the same period in 2007. 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 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.