MATAWAN, N.J., Apr 30, 2008 (BUSINESS WIRE) -- PacificHealth Laboratories, Inc. (PHLI) , a nutrition technology company, reported solid results for the first quarter 2008. Revenues were $1,719,375 compared $1,818,894 for the same period in 2007. Excluding approximately $400,000 of sales of discounted, old-labeled product that management believes would not otherwise have been sold in the first quarter 2007, first quarter 2008 results grew 21% year-over-year. In 2007, PHLI redesigned its ACCELERADE(R) packaging to make it consistent with the national launch of ACCELERADE RTD by Cadbury Schweppes. For the three months ended March 31, 2008, the Company recorded a net loss of ($271,405), or ($0.02) per share compared to a net loss of ($224,416), or ($0.02) per share, for the same period in 2007. During the three-months ended March 31, 2008, S, G, & A expenses included increased salary expenses of approximately $121,000 as compared to the same period in 2007 that was anticipated as part of our additions to senior management. Included in the net losses detailed above are non-cash equity instrument-based (options) expense of $109,262 and $60,844, respectively, for the periods ending March 31, 2008 and 2007. Excluding these non-cash items results in net losses of ($162,143) and ($163,572) (non-GAAP measure), respectively, for the periods ending March 31, 2008 and 2007.
Dr. Robert Portman, CEO of PacificHealth Laboratories said, "Contributing to this growth was the placement of high profile merchandising racks in important retail outlets. We anticipate having over 1,000 racks placed by June, which gives us a permanent piece of real estate to feature our existing and new products."
"The first quarter was also characterized by a great deal of activity regarding new products. This week we will be shipping our first line extension in our recovery line, ENDUROX(R) RESTORE(TM), a new lower calorie product specifically designed for athletes who exercise less than one hour. ENDUROX RESTORE greatly expands our potential target of users and will soon be followed by ACCELERADE HYDRO(TM), a new sports drink that has the same endurance and hydration properties of a regular sports drink but with 50% less carbohydrates and 30% less calories. In June, we plan on launching an extended line of performance supplements."
Jason Ash, President and COO, said, "This is a good start to the year with gains in gross margin despite cost pressure, the implementation of a successful price increase, and a strong top line performance against our plan."
Dr. Portman concluded, "Our balance sheet remains healthy with cash and short term investments in excess of $1.5 million. The recent additions to our senior management team, combined with new product launches and improved market focus, should result in a very exciting year for PHLI in 2008."
About the Company:
PacificHealth Laboratories, Inc. (PHLI.OB), a leading nutrition technology company, has been a pioneer in discovering, developing and commercializing patented, protein-based nutritional products that stimulate specific peptides involved in appetite regulation and that activate biochemical pathways involved in muscle performance and growth. PHLI's principle areas of focus include weight loss, management of Type 2 diabetes and sports performance. To learn more, visit www.pacifichealthlabs.com.
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