MATAWAN, N.J.--(BUSINESS WIRE)--Nov. 5, 2003--PacificHealth Laboratories, Inc. (OTCBB:PHLI), an innovative nutrition technology company, reported today revenues of $1,475,408 for the quarter ended September 30, 2003 versus revenues of $1,401,981 for the same period in 2002, a 5% increase. The Company reported a net loss of ($209,209), or ($0.03) per share, for the quarter ended September 30, 2003, as compared to a net loss of ($1,676,450), or ($0.27) per share, for the same period in 2002. For the nine-month period ended September 30, 2003, revenues were $4,393,739 compared to revenues of $4,377,007 for the same period in 2002. The Company reported a net loss of ($936,285), or ($0.15) per share, for the nine months ended September 30, 2003 as compared to a net loss of ($1,972,300), or ($0.32) per share, for the same period in 2002. Both the three- and nine- month periods in 2002 included a $1,297,485 write-off of excess SATIETROL(R) inventory.
Significant accomplishments and highlights during the third quarter included:
-- Completed a $1,500,000 private placement of common stock and warrants.
-- Increased ACCELERADE(R) powdered sports drink revenues for the quarter by 15% and year-to-date by 19%.
-- Expanded the test market of ACCELERADE ready-to-drink throughout the entire state of Colorado.
-- Announced that a new study showed that ACCELERADE improved endurance 36% over a conventional carbohydrate/electrolyte drink containing the same number of calories.
-- Elected Gregory Horn to the Board of Directors. Mr. Horn previously held numerous positions at General Nutrition Centers, Inc. including the CEO position.
-- Announced a new study showed that a new and improved form of SATIETROL, in both a beverage and tablet form, reduces caloric intake by 10-14%.
Dr. Robert Portman, President and CEO of PacificHealth Laboratories, Inc. said, "In addition to continued growth with ACCELERADE powdered sports drink, we expanded our market test for the ACCELERADE Ready-To-Drink product. ACCELERADE Ready-To-Drink is now available at all 7-Eleven stores throughout the state of Colorado. This expanded market test is being supported by an aggressive advertising, promotional and public relations campaign."
Dr. Portman continued, "We are also extremely enthusiastic about the results of new clinical trials with an improved form of SATIETROL. We have developed a chewable tablet and are in the process of fielding additional trials. Depending on these results, an improved form of SATIETROL in either a chewable tablet or a beverage could be marketed within 12-18 months. We have great confidence that SATIETROL can be an important tool for the 60 million Americans deemed overweight by government statistics."
Dr. Robert Portman added, "The completed $1.5 million financing not only improves our balance sheet, but will also enable us to expand our research efforts for SATIETROL."
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.