PARKER, Colo., Nov 16, 2004 (BUSINESS WIRE) -- OraLabs Holding Corp. (NASDAQ: OLAB) today announced that third quarter revenues were $2,831,826 with a loss of $.08 per share, or $360,205. The same period in 2003 reported revenues of $2,948,328 with earnings of $.00 (less than .01 per share), or $33,431.
Expenses associated with the Company move have been higher than expected, and as a result there was a reduction in gross profit, which has substantially contributed to the reported loss. However, if the Company can maintain its levels of sales, the CEO of the Company, Gary Schlatter, indicated that the Company should be in a position to have a positive impact on its earnings. Then Schlatter said, "The Company is going into its busy season and we are hopeful that our expansion investments will pay off."
OraLabs, Inc. manufactures Ice Drops (R) brands of breath drops and sprays, Sour Zone(TM) brands of sour liquid candies, Lip Rageous(R), Lip Naturals(TM), Chap Ice(R), Essential Lip Moisturizer(TM), Chap Grip(R), Soothe & Shine(TM) brands of lip balm and promotional products under the brand name, Leashables(TM).
The product line includes breath drops and sprays, sour drops and sprays, lip balms and a variety of private label products. The Company's products are currently sold in the USA nationally as well as numerous foreign countries. The products are sold through wholesale distributors as well as by direct sale to mass retailers, grocery stores, convenience stores and drug stores.
The Company's dietary supplement products include 5-HTP and Cheat & Lean(TM).
Forward-Looking and Cautionary Statements
Except for historical information and discussions contained herein, statements included in this release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Reference is made in particular to statements regarding anticipated sales growth, expectations regarding financial results for the quarter and expectations regarding future outcomes. These statements are based on the company's current beliefs and expectations as to such future outcomes. These statements involve a number of risks, uncertainties, and other factors that could cause results to differ materially, as discussed in the Company's filings with the Securities and Exchange Commission.