PHOENIX, Nov 22, 2004 (BUSINESS WIRE) -- Vital Living Inc. (VTLV) today reported its financial results for the three and nine months, ended Sept. 30, 2004.
Commenting on the results, Stuart A. Benson, chief executive officer of the company, stated, "We believe that the significant improvement in Vital Living's financial performance during the third quarter justifies our prior decision to focus the company only on the development and marketing of our proprietary product mix. By disposing of those business interests that were not centered on this premise, we have eliminated, to a large degree, the monthly expenses that compromised us in the past and we feel we have begun to redirect the company toward achieving a profitable future. We also hope that the national rollout of our X-Fat product over this holiday season will help the company gain even greater footing in the competitive nutraceutical industry."
For the Three-Month Period Ended Sept. 30, 2004 Compared to Same Three-Month Period Ended Sept. 30, 2003:
-- Revenue from continuing operations increased 2,513% to
$1,061,025 from $40,600;
-- Net losses before discontinued operations decreased 76.2% to
$2,719,949 from $11,437,637;
-- Losses from discontinued operations of $61,886 were offset by
a gain on disposals of $663,126. This compared to losses from
discontinued operations of $469,013 in the same period in
-- Net losses available to common stockholders decreased 82.8% to
$2,118,709, or $.03 loss per basic and diluted share, from net
losses of $12,366,650, or $.36 loss per basic and diluted
share, reported for the three months ended Sept. 30, 2003.
For the Nine-Month Period Ended Sept. 30, 2004 Compared to Same Nine-Month Period Ended Sept. 30, 2003:
-- Revenues from continuing operations increased 2,444% to
$2,715,876 from $106,747;
-- Net losses before discontinued operations increased 35% to
$19,507,912 from $14,446,601;
-- Losses from discontinued operations of $2,829,284 were offset
by a gain on disposals of $663,126, which compared to losses
from discontinued operations for the nine-month period in 2003
of $589,546; and
-- Net losses available to common stockholders rose 32.5% to
$22,050,669 from $16,642,800 reported for the same nine month
reporting period in the prior year.
About Vital Living Inc.
Headquartered in Phoenix, Vital Living develops or licenses nutraceuticals and markets them for distribution through physicians, medical groups, chiropractic offices and retail outlets. Vital Living develops and tests its nutraceuticals in collaboration with leading medical experts in the nutraceuticals field and has designed them to be incorporated by physicians into a standard physician-patient program in which patients supplement doctor-prescribed pharmaceuticals with its nutraceuticals.
Vital Living is developing unique, safe and naturally derived nutritional products, utilizing advanced drug-delivery technologies, including the Geomatrix(R) technology through its affiliation with SkyePharma PLC. The Geomatrix(R) technology has been provided exclusively for Vital Living's pharmaceutical development in China, and the development of nutraceuticals on a global basis.
For more information on the company, please visit www.vitalliving.com.
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.