SCOTTSDALE, Ariz., May 20, 2008 (BUSINESS WIRE) -- Baywood International, Inc. (BAYW) ("Baywood" or the "Company"), a leading nutraceutical company, today announced financial results for the first quarter ended March 31, 2008.
Revenues for the first quarter were $3.3 million, compared to $0.2 million for the same period last year, an increase of approximately 1,488%. The increase in net sales for the quarter and year is attributable to our acquisition of Nutritional Specialties, Inc., d/b/a LifeTime(R) ("LifeTime").
On an operating basis, Baywood reported operating income of $0.1 million for the first quarter compared to an operating loss of $0.1 million for the same period last year. For the period ended March 31, 2008, operating income resulted from increased sales on a consolidated basis resulting from the acquisition of LifeTime. In addition, operating income for the three month period ended March 31, 2008 included certain non-cash option and stock compensation expenses as well as depreciation and amortization expense totaling approximately $0.1 million.
Net loss for the first quarter ended March 31, 2008 was $0.1 million, or $(.02) per share based on weighted average shares outstanding of 6,609,970. This compares to a net loss of $0.2 million, or $(0.11) per share based on weighted average shares outstanding of 2,133,364, for the same period last year. The net loss for the year included interest expense and amortization of debt discount and acquisition costs totaling approximately $0.3 million.
"We continue to see a compelling growth opportunity with our unique, liquid-based products, and we expect to aggressively develop more products in this area. In addition, we are increasing our sales force to expand our natural health food presence by targeting our distribution opportunities in the Northeast, Southeast and Upper Midwest," stated Neil Reithinger, President & C.E.O. of Baywood. "Furthermore, we have new product introductions in the very near term that contain the latest 'in-demand' ingredients as we continue to expand our reach into the functional beverage category."
Baywood International, Inc. (BAYW) ("Baywood") is a nutritional company that develops, markets and sells nutraceutical and nutritionally enhanced products and new age beverages under its own brands. Baywood merges its expertise in nutritional formulation with its leverage in sales and distribution to deliver the most effective and progressive products to market. Currently, Baywood's products are sold under three brands that are distributed into retail markets nationwide and internationally as follows:
-- LifeTime(R) - Available in independent and chain health food stores, natural grocery stores, and other direct-to-consumer channels both internationally and domestically ( www.lifetimevitamins.com)
-- Baywood PURECHOICE(R), Baywood SOLUTIONS(R) and Complete La Femme(R) - Available in independent and chain health food stores, natural grocery stores, and other direct-to-consumer channels both internationally and domestically ( www.baywoodproducts.com)
-- Mamajuana Energy(TM) - Available in select convenience stores and chain stores nationwide ( www.mamajuanaenergy.com)
For more information, call (888) 350-0799, or for more information, visit Baywood's corporate website at www.bywd.com.
This press release may contain forward-looking statements, made in reliance upon Section 21D of the Exchange Act of 1934, which involve known and unknown risks, uncertainties or other factors that could cause actual results to differ materially from the results, performance, or expectations implied by these forward-looking statements. The Company's expectations, among other things, are dependent upon general economic conditions, continued demand for its products, the availability of raw materials, retention of its key management and operating personnel, its ability to integrate the business of Lifetime, need for and availability of additional capital as well as other uncontrollable or unknown factors which are more fully disclosed in the Company's Form 10-Ks and 10-Qs on file with the United States Securities and Exchange Commission.