MATAWAN, N.J.--(BUSINESS WIRE)--Aug. 7, 2003--PacificHealth Laboratories, Inc. (Nasdaq:PHLIC), an innovative nutrition technology company, reported today revenues of $1,520,552 for the quarter ended June 30, 2003 versus revenues of $1,818,096 for the same period in 2002. The Company reported a net loss of ($305,973), or ($0.05) per share, for the quarter ended June 30, 2003, as compared to a net loss of ($44,526), or ($0.01) per share, for the same period in 2002. For the six-month period ended June 30, 2003, revenues were $2,918,331 compared to revenues of $2,975,026 for the same period in 2002. The Company reported a net loss of ($727,076), or ($0.12) per share, for the six-months ended June 30, 2003 as compared to a net loss of ($295,850), or ($0.05) per share, for the same period in 2002. The Company believes revenues and net loss for the second quarter of 2003 were partially impacted by the seasonally poor weather experienced throughout the United States during this period.
Significant accomplishments and highlights during the second quarter included:
-- Secured a $750,000 asset-based credit facility with USA
Funding Ltd. of Dallas, TX. At June 30, 2003, approximately
$173,000 of this facility was outstanding.
-- Increased ACCELERADE(R) powdered sports drink revenues
year-to-date by 22%.
-- Joined forces with the National Multiple Sclerosis Society to
"Accelerade The Fight To End MS." ACCELERADE Sports Drink will
serve as a supporting partner to the MS Walk(R), MS Challenge
Walk(R) and MS Bike Tour(R).
Dr. Robert Portman, President and CEO of PacificHealth Laboratories, Inc. said, "Although total revenues did not meet management's expectations, ACCELERADE powdered sports drink continues to grow with revenues up 22% year-to-date."
Dr. Portman added, "The asset-based financing was significant this quarter and is part of our growth strategy for PHLI. This credit facility will help us fund the marketing of our sports drink products and help fund our SATIETROL(R) weight loss research program. Also significant this quarter, we had a successful re-launch of our ready-to-drink form of ACCELERADE in the test market of Colorado Springs."
Dr. Portman concluded, "PHLI will continue to broaden the markets for our products. We are enthusiastic about the potential of our powdered sports drink products and weight loss technology. We remain confident that our shareholders will see significant growth from our products and technology in the future."
About the Company:
PacificHealth Laboratories, Inc., Woodbridge, NJ, was founded in 1995 to develop and commercialize functionally unique nutritional products for sports nutrition, weight loss and Type 2 diabetes. To learn more about PacificHealth Laboratories, Inc., visit: www.pacifichealthlabs.com; www.accelerade.com; www.satietrol.com.
Notice: This news release and oral statements made from time to time by Company representatives concerning the same subject matter may contain so-called "forward-looking statements." These statements can be identified by introductory words such as "expects," "plans," "will," "estimates," "forecasts," "projects" or words of similar meaning and by the fact they do not relate strictly to historical or current facts. Forward-looking statements frequently are used in discussing new products and their potential. Many factors may cause actual results to differ from forward-looking statements, including inaccurate assumptions and a broad variety of risks and uncertainties, some of which are known, such general economic conditions, consumer product acceptance and competitive products, and others of which are not. No forward-looking statements are a guarantee of future results or events, and one should avoid placing undue reliance on such statements.