PHOENIX, Nov 20, 2003 /PRNewswire-FirstCall via Comtex/ -- Vital Living Corporation, (OTC Bulletin Board: VTLV), the Physician Nutraceutical Company, today announced its operating results for the third quarter ending September 30, 2003.
Second Quarter Results
For the quarter ending September 30, 2003, the Company generated record gross operating revenue of $861,649 compared to gross operating revenue of $67,712 for the same period last year. The net loss for the three months ended September 30, 2003, was $(11,906,650), or $(0.36) per share, compared to a net loss of $(1,065,663), or $(0.14) per share, for the same period a year ago. The majority of the loss is attributed to non-cash charges in excess of $9,000,000, indirectly associated with the Company's merger with Enhanced Nutriceuticals during the quarter.
Brad Edson, CEO of Vital Living, stated, "Our third quarter demonstrates our continued improvement in top line sales, and we anticipate continued improvement in upcoming future quarters. The recent acquisition of Doctors for Nutrition, which we completed in mid October, should contribute to operating revenues in future quarters. Additionally, we plan to launch our new diet product, X-Fat(TM), in the first quarter of 2004, along with other sales initiatives that are anticipated to reward the Company with continually increasing sales going forward. The Company is awaiting the results of several clinical and usage trials for its cardiovascular supplement Essentum(TM) and Essentum NP(TM), the results of which are anticipated to dramatically assist in the further acceptance of the products into the medical community. These results are anticipated to be received in the second quarter of 2004."
About Vital Living
Vital Living, http://www.vitalliving.com, provides unique, safe, and efficacious naturally derived nutritional products, utilizing advanced drug-delivery technologies, including the Geomatrix(TM) technology through its affiliation with SkyePharma PLC. Vital Living utilizes, physician-recommended marketing, and pharmaceutical standards. The Company also develops and markets evidence-based nutraceuticals, designed to be incorporated by physicians into a standard physician/patient program, and supported by a specially designed compliance regimen. The Company's initial area of focus was cardiovascular health, the leading health concern in America affecting 60 million consumers. Essentum(TM), currently undergoing clinical trials, is already being endorsed by the Arizona Heart Institute and prescribed throughout the United States. Vital Living also owns MAF Bionutritionals, Christopher's Herb line of over 300 products, and Doctors for Nutrition.
Except for any historical information, the matters discussed in this press release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements involve risks and uncertainties, including activities, events or developments that the Company expects, believes or anticipates will or may occur in the future. A number of factors could cause actual results to differ from those indicated in the forward-looking statements, including the Company's ability to continue to successfully market and provide its products and services and maintain their effectiveness, the continuation of the arrangements with the Company's product development partners, the ability of the Company to meet its financial projections, and general economic conditions. Such statements are subject to a number of assumptions, risks and uncertainties. Readers are cautioned that such statements are not guarantees of future performance and that actual results or developments may differ materially from those set forth in the forward-looking statements. The Company undertakes no obligation to publicly update or revise forward-looking statements, whether as a result of new information or otherwise.