MATAWAN, N.J., May 17, 2004 (BUSINESS WIRE) -- PacificHealth Laboratories, Inc. (PHLI) , an innovative nutrition technology company, reported today a 64% increase in revenues for the quarter ended March 31, 2004 as well as its first ever profit in this quarter. Revenues increased to $2,303,597 for the quarter ended March 31, 2004 versus revenues of $1,397,779 for the same period in 2003. Net income of $7,777 or $0.00 per share, was recorded versus a net loss of ($421,103), or ($0.07) per share, for the quarters ended March 31, 2004 and 2003, respectively.
Dr. Robert Portman, President and CEO of PacificHealth Laboratories, Inc. said, "We are extremely pleased about our first quarter results since they reflect an increase in sales of our existing sports drinks as well as the launch of our first product specifically targeted to strength athletes. Traditionally our first quarter has not been profitable because of the seasonal nature of sports drink usage."
Dr. Portman added, "Although not reflected in the first quarter sales, we have had a strong response from retailers for our newest product, ACCEL GEL(R), the first carbohydrate-protein gel. We look forward to continuing the momentum of the first quarter for the remainder of this year."
Approximately $750,000 in sales of new products in the first quarter of 2004 is subject to a right of return provision if the customer does not achieve certain minimum levels of retail sales in a 12-month period of time from the date of initial sale. Management believes these minimums will be met based upon initial retail sales of the products as reported by the customer as well as the Company's past history with similar products such as ENDUROX R4(R) in similar channels of distribution.
About the Company:
PacificHealth Laboratories, Inc., Matawan, 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.strong-research.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.