PHOENIX, Mar 31, 2004 (BUSINESS WIRE) -- Vital Living Corporation, (OTCBB: VTLV), today announced its operating results for the year ending December 31, 2003.
Year End Results:
For the year ended December 31, 2003, the Company generated record operating revenue of approximately $2,855,000 compared to operating revenue of approximately $261,000 for the same period last year, an increase of approximately 1000%. The net loss for the twelve months ended December 31, 2003, was approximately ($30,621,000), or ($0.96) per share, compared to a net loss of approximately ($3,950,000), or ($0.28) per share, for the same period a year ago. Excluding non-cash charges, the net loss for the twelve months ended December 31, 2003 was approximately ($4,024,000) or ($0.13) per share compared to a loss of approximately ($3,169,000) for the year ended December 31, 2002, or ($0.22) per share. Total Stockholders'Equity at December 31, 2003 was approximately $41,805,000 or $1.31 per share, up from approximately $5,658,000 or $0.40 per share at December 31, 2002, an increase of 639%.
The increase in revenue was a result of the combination of several strategic acquisitions that have proved to be synergistic with the Company's strategy of securing proprietary brands and formulations with established distribution channels into several markets. The increase in Stockholders'Equity resulted primarily from the transaction with E-Nutraceuticals in which the Company secured the rights to utilize SKYEPharma PLC's (Nasdaq: SKYE) FDA approved Geomatrix(R) drug delivery technology with Nutraceuticals worldwide. In addition, Vital Living also has the rights to market this drug delivery technology for pharmaceuticals that would be sold in China and Taiwan.
Stuart Benson, CEO of Vital Living, stated, 'Our fourth quarter demonstrated our continued improvement in top line sales. The numbers do not yet reflect the significant sales we expect to achieve from the exploitation of the technologies we licensed from SKYEPharma PLC, as well as the roll-out of X-FAT(R), the Company's new liquid dietary supplement that helps prevent fat from entering the bloodstream. The power behind our X-Fat(R) product is Kytasorbe(R), the only patented liquid suspension of the natural fat absorber, chitosan. X-Fat(R) is free of ephedra and stimulants. We anticipate continued improvement in operating numbers for the Company.'
About Vital Living
Vital Living, http://www.vitalliving.com, develops or licenses nutraceuticals and pharmaceuticals and markets them for distribution through physicians, medical groups, chiropractic offices and other 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 provides unique, safe, and efficacious 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. The Company's initial areas of focus are cardiovascular health, through its product Essentum(R) which is currently undergoing clinical trials and being endorsed by the Arizona Heart Institute and prescribed throughout the United States, and weight loss, through its product X-Fat, the Company's patented dietary supplement that uses Kytabsorbe, a liquid form of the natural fat absorber, Chitosan. Vital Living also owns MAF BioNutritionals, Christopher's 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.