PHOENIX--(BUSINESS WIRE)--Aug. 15, 2003--Vital Living Corporation, (OTCBB:VTLV), the Physician Nutraceutical company, today announced the operating results for its second quarter ending June 30, 2003.
Second Quarter Results
For the quarter ending June 30, 2003, the Company generated gross operating revenue of $408,006 compared to gross operating revenue of $16,889 for the same period last year. The increased operating revenue is largely attributable to our acquisition of MAF during November 2002. The net loss for the three months ended June 30, 2003, was ($1,988,022), or ($0.11) per share, compared to a net loss of ($994,582), or ($0.07) per share, for the same period a year ago. Included within the net loss for the quarter ended June 30, 2003, is a one-time non-cash charge for deferred compensation expense of $1,380,400. Excluding this one time non-cash charge our net loss would have been ($608,022), or ($0.03) per share, compared to a net loss of ($994,582), or ($0.07) per share, for the same period a year ago.
Brad Edson, CEO of Vital Living, stated, "Our second quarter demonstrates our continued improvement in operating results and we anticipate continued improvement in upcoming future quarters. The recent acquisition of Christopher's Original Formulas, which closed in early July 2003, should contribute significant operating revenues in future quarters. Additionally, we have several distribution initiatives that are anticipated to reward the Company with increasing operating revenue going forward. The Company is awaiting the results of several 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."
About Vital Living
Vital Living develops and markets evidence-based nutraceuticals formulated by physicians for distribution through physicians. The Company is developing and testing nutraceuticals in collaboration with leading medical experts based on the best available scientific evidence.
Vital Living's nutraceuticals are designed to be incorporated by physicians into a standard physician/patient program, supported by a specially designed compliance regimen. The Company's initial area of focus is cardiovascular health, the leading health concern in America affecting 60 million consumers. Essentum(TM) is currently being endorsed and prescribed at the Arizona Heart Institute as part of a comprehensive cardiovascular health program in addition to other medical and practitioner offices throughout the United States. Vital Living also owns and operates MAF Bionutritionals, which markets and sells, a variety of impact nutritional products, including Boulder Bar, Phils Bars, Alma Bars, and Nature's Dose. Vital Living also owns and operates Nature's Systems Inc., which owns and operates the Christopher Herb line of products. Christophers, which has been operating for over 50 years, markets its line of over 300 products, through various channels, including traditional and mass retail, direct to consumers and practitioners.
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.