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|ChromaDex Announces Financial Results for Third Quarter 2011|
IRVINE, Calif., Nov. 10, 2011 /PRNewswire via COMTEX/ --
ChromaDex Corporation, (OTCBB: CDXC), an innovative natural products company that provides proprietary, science-based solutions and ingredients to the dietary supplement, food & beverage, cosmetic and pharmaceutical industries, today announced financial results for the Third quarter of 2011. On a reported basis and calculated in accordance with U.S. Generally Accepted Accounting Principles (U.S. GAAP), ChromaDex announced total revenues of approximately $1.8 million representing an 17% growth over prior year quarter and a net loss attributable to common stockholders of $0.03 per share for the three-month period ended October 1, 2011. As of October 1, 2011, cash, cash equivalents, and marketable securities totaled over $2.0 million.
"The third quarter was very exciting for us with the launch of our BluScience(TM) retail line in GNC stores," stated Bill Spengler, President of ChromaDex. "In addition, the company recently received purchase orders from a tier one national Drug Chain which represents the first step in our 2012 launch of BluScience into additional mass market channels."
Additional Financial Results & Notes
On a reported basis, ChromaDex recorded revenue of $1,827,568 during the third quarter of 2011 as compared to $1,562,352 for the same period in 2010. The net loss attributable to common stockholders for the quarter ended October 1, 2011 was $2,404,912 as compared to a net loss of $883,223 for the same period in 2010. The net loss in the third quarter of 2011 was significantly impacted by an increase in non-cash, share-based compensation expense related to the stock options that were granted following the May 20, 2010 private placement and other non-cash compensation. The effect of this, which is a "non-GAAP" presentation, is to decrease the net loss for the third quarter of 2011 by $964,104 and to decrease the loss per share for the quarter of 2011 by $0.01.
ChromaDex is an innovative natural products company that provides proprietary, science-based solutions and ingredients to the dietary supplement, food & beverage, cosmetic and pharmaceutical industries. The company has an impressive pipeline of new ingredients, including its pTeroPure brand on which it has worldwide, exclusive patent rights
ChromaDex Forward-Looking Statements
Any statements that are not historical facts contained in this release are forward-looking statements. Actual results may differ materially from those projected or implied in any forward-looking statements. Such statements involve risks and uncertainties, including but not limited to those relating to product and customer demand, market acceptance of our products, the effect of economic conditions both nationally and internationally, ability to protect our intellectual property rights, impact of any litigation or infringement actions brought against us, competition from other providers and products, risks in product development, our ability to raise capital to fund continuing operations, the ability to complete transactions, and other factors discussed from time to time in the Company's Securities and Exchange Commission filings. The Company undertakes no obligation to update or revise any forward-looking statement for events or circumstances after the date on which such statement is made except as required by law.
Investor Inquiries: Liviakis Financial Communications, Inc. John M. Liviakis, President 415-389-4670 John@Liviakis.com
ChromaDex Contact Laura Carney Executive Assistant to the CEO, President, and CFO 10005 Muirlands Blvd, Suite G, Irvine, CA 92618 949-419-0288 LauraC@chromadex.com
SOURCE ChromaDex Corporation