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ChromaDex Reports Record Revenue and Quarterly Net Income as Ingredients Sales Climb 72%

-Company Records Net Income of $256,000 as Company Reports Record Revenue of $7.3 Million-

IRVINE, Calif., May 12, 2016 (GLOBE NEWSWIRE) -- ChromaDex Corp. (NASDAQ:CDXC), an innovator of proprietary health, wellness, and nutritional ingredients, that creates science-based solutions for dietary supplement, food and beverage, skin care, sports nutrition, and pharmaceutical products, announced today record revenue for the first quarter ended April 2, 2016. 

Results of operations for the three months ended April 2, 2016

For the three months ended April 2, 2016 (“Q1 2016”), ChromaDex reported record net sales of $7.3 million, an increase of 39% as compared to $5.3 million for the three months ended April 4, 2015 (“Q1 2015”).  This increase was largely due to increased sales in its ingredients business segment, driven by its lead ingredient, NIAGEN®  branded nicotinamide riboside.  The ingredients segment generated record net sales of $4.6 million for Q1 2016, an increase of 72%, compared to $2.7 million for Q1 2015. 

The core standards and services segment posted record sales of $2.6 million for Q1 2016, an increase of 12% as compared to $2.3 million for Q1 2015.  Net sales for the scientific and regulatory consulting segment were $148,000 a decrease of 47% as compared to $281,000 for Q1 2015 as this segment put a further emphasis on intercompany work supporting our ingredients segment. 

The net income attributable to common stock holders for Q1 2016 was $256,000 or $0.01 per share as compared to a net loss of ($1,026,000) or ($0.03) per share for Q1 2015.

Adjusted EBITDA for Q1 2016 was $872,000, compared to adjusted EBITDA of ($113,000) for Q1 2015.  ChromaDex defines Adjusted EBITDA as net income (loss) adjusted for income tax, interest, depreciation, amortization and non-cash stock compensation costs. The Basic and Diluted Adjusted EBITDA per share for Q1 2016 was $0.02 versus ($0.00) for Q1 2015.

Frank Jaksch, Jr., CEO and co-founder of ChromaDex, commented, “We are happy to announce record revenue and net income for Q1 as our continued improvement in the financial performance of the Company continues to pay off.”

Jaksch continued, “The successful execution of the up-listing to the NASDAQ Capital Market was a tremendous milestone for the Company. Since we began trading on the NASDAQ Capital Market we have seen an increase in daily volume and have opened doors to a broader investor base. This increase in visibility is key as we look forward to building relationships with additional institutional investors and gaining access to analyst coverage."

Recent 2016 Company highlights include:

ChromaDex management will host an investor conference call to discuss the quarterly results and provide a general business update on Monday, May 16, at 11am EDT.

Participants should call in at least 10 minutes prior to the call. The dial-in information is as follows:

U.S. Toll-Free Number: (866) 327-8118
International Dial-In Number: (678) 509-7526
Conference ID: 10239097

The webcast replay will be available after the completion of the call on the Investor Relations section of the Company website, www.chromadex.com.

The earnings press release, and its accompanying financial exhibits, will be available on the Investor Relations section of the Company website, www.chromadex.com.

About ChromaDex:

ChromaDex leverages its complementary business units to discover, acquire, develop and commercialize patented and proprietary ingredient technologies that address the dietary supplement, food, beverage, skin care and pharmaceutical markets. In addition to our ingredient technologies unit, we also have business units focused on natural product fine chemicals (known as "phytochemicals"), chemistry and analytical testing services, and product regulatory and safety consulting (known as Spherix Consulting). As a result of our relationships with leading universities and research institutions, we are able to discover and license early stage, IP-backed ingredient technologies. We then utilize our in-house chemistry, regulatory and safety consulting business units to develop commercially viable ingredients. Our ingredient portfolio is backed with clinical and scientific research, as well as extensive IP protection. Our portfolio of patented ingredient technologies includes NIAGEN® nicotinamide riboside; pTeroPure® pterostilbene; PURENERGY®, a caffeine-pTeroPure® co-crystal; ProC3G®, a natural black rice containing cyanidin-3-glucoside; IMMULINA, a spirulina extract; and Purple Corn derived from a proprietary non-GMO purple corn hybrid which contains an extraordinarily high level of anthocyanins. To learn more about ChromaDex, please visit www.ChromaDex.com.

Forward-Looking Statements:

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. Statements that are not a description of historical facts constitute forward-looking statements and may often, but not always, be identified by the use of such words as “expects”, “anticipates”, “intends”, “estimates”, “plans”, “potential”, “possible”, “probable”, “believes”, “seeks”, “may”, “will”, “should”, “could” or the negative of such terms or other similar expressions. Actual results may differ materially from those set forth in this release due to the risks and uncertainties inherent in the Company’s business. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended January 2, 2016, the Company’s Quarter Reports on Form 10-Q and other filings submitted by the Company to the SEC, copies of which may be obtained from the SEC’s website at www.sec.gov. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement and the Company undertakes no obligation to revise or update this release to reflect events or circumstances after the date hereof.

Statements in this press release have not been evaluated by the Food and Drug Administration. Products or ingredients are not intended to diagnose, treat, cure or prevent any disease.

 

ChromaDex Corporation and Subsidiaries         
               
Condensed Consolidated Statements of Operations (Unaudited)
       
For the Three-Month Periods Ended April 2, 2016 and April 4, 2015
       
               
    April 2, 2016 April 4, 2015        
               
Sales, net   $    7,331,945   $   5,260,971          
Cost of sales       3,880,526       3,333,347          
               
Gross profit       3,451,419       1,927,624          
               
Operating expenses:              
Sales and marketing       544,722       585,777          
Research and development       464,072       121,095          
General and administrative       1,988,559       2,126,836          
Operating expenses       2,997,353       2,833,708          
               
Operating income (loss)       454,066       (906,084 )        
               
Nonoperating income (expense):              
Interest income       794       718          
Interest expense       (188,495 )     (120,149 )        
Nonoperating expenses       (187,701 )     (119,431 )        
               
Income (loss) before taxes       266,365       (1,025,515 )        
Provision for taxes       (10,740 )     -          
               
Net income (loss)   $    255,625   $   (1,025,515 )        
               
Basic earnings (loss) per common share   $    0.01   $   (0.03 )        
               
Diluted earnings (loss) per common share   $    0.01   $   (0.03 )        
               
Basic weighted average common shares outstanding       36,414,041       35,732,866          
               
Diluted weighted average common shares outstanding       37,472,579       35,732,866          
               
See Notes to Condensed Consolidated Financial Statements.              
               

 

 

                             
  Consolidated Statements of Operations    Effects of Charges associated with Interest, Tax, Depreciation, 
  Consolidated Statements of Operations, Adjusted EBITDA
   (US GAAP)    Amortization and Share-based Compensation Expense
  Excluding Interest, Tax, Depreciation, Amortization and 
                      Share-based Compensation (Non-GAAP Presentation) 
  For the Three-Month Periods Ended April 2, 2016 and April 4, 2015   For the Three-Month Periods Ended April 2, 2016 and April 4, 2015   For the Three-Month Periods Ended April 2, 2016 and April 4, 2015
                             
      April 2, 2016 April 4, 2015       April 2, 2016 April 4, 2015       April 2, 2016 April 4, 2015
                             
  Sales   $   7,331,945   $ 5,260,971     Sales   $ -   $ -     Sales   $ 7,331,945   $ 5,260,971  
  Cost of sales       3,880,526     3,333,347     Cost of sales       (73,703 )   (59,635 )   Cost of sales       3,806,823     3,273,712  
                             
  Gross profit       3,451,419     1,927,624     Gross profit       73,703     59,635     Gross profit       3,525,122     1,987,259  
                             
  Operating expenses:         Operating expenses:         Operating expenses:      
  Sales and marketing       544,722     585,777     Sales and marketing       -     -     Sales and marketing       544,722     585,777  
  Research and development       464,072     121,095     Research and development       -     -     Research and development       464,072     121,095  
  General and administrative       1,988,559     2,126,836     General and administrative       (344,149 )   (733,300 )   General and administrative       1,644,410     1,393,536  
  Operating expenses       2,997,353     2,833,708     Operating expenses       (344,149 )   (733,300 )   Operating expenses       2,653,204     2,100,408  
                             
  Operating income (loss)      454,066     (906,084 )   Operating income     417,852     792,935     Operating income (loss)      871,918     (113,149 )
                             
  Nonoperating income (expense):         Nonoperating income:         Nonoperating income (expense):      
  Interest income       794     718     Interest income       (794 )   (718 )   Interest income       -     -  
  Interest expense       (188,495 )   (120,149 )   Interest expense       188,495     120,149     Interest expense       -     -  
  Nonoperating expense       (187,701 )   (119,431 )   Nonoperating income       187,701     119,431     Nonoperating expense       -     -  
                             
  Income (loss) before taxes       266,365     (1,025,515 )   Income before taxes       605,553     912,366     Income (loss) before taxes       871,918     (113,149 )
  Provision for taxes       (10,740 )   -     Provision for taxes       10,740     -     Provision for taxes       -     -  
                             
  Net income (loss)   $    255,625   $ (1,025,515 )   Effects of adjusted EBITDA   $    616,293   $ 912,366     Adjusted EBITDA   $    871,918   $ (113,149 )
                             
  Basic earnings (loss) per common share   $    0.01    $ (0.03 )   Basic effects of adjusted EBITDA per common share   $    0.02    $ 0.03     Basic adjusted EBITDA per common share   $    0.02   $ (0.00 )
  Diluted earnings (loss) per common share   $ 0.01    $ (0.03 )   Diluted effects of adjusted EBITDA per common share   $ 0.02    $ 0.03     Diluted adjusted EBITDA per common share   $    0.02   $ (0.00 )
                             
  Weighted average common shares outstanding         Weighted average common shares outstanding         Weighted average common shares outstanding      
  Basic     36,414,041      35,732,866     Basic     36,414,041      35,732,866     Basic     36,414,041     35,732,866  
  Diluted     37,472,579      35,732,866     Diluted     37,472,579      35,732,866     Diluted     37,472,579     35,732,866  
                             
                             
ChromaDex Company Contact:

Andrew Johnson
Director of Investor Relations
949-419-0288
andrewj@chromadex.com

ChromaDex Investor Contacts:

The Del Mar Consulting Group, Inc.
Robert B. Prag, President
858-794-9500
bprag@delmarconsulting.com

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ChromaDex, Inc.