RBC Life Sciences Reports 2012 Results
IRVING, Texas, March 29, 2013 /PRNewswire/ — RBC Life Sciences, Inc. (OTCQB: RBCL), a provider of proprietary nutritional supplements, and wound care and pain management products, today reported consolidated net sales of $25.2 million for the year ended December 31, 2012, a 12% decrease over 2011 consolidated net sales of $28.5 million. For the year ended December 31, 2012, the Company reported a net loss of $361,000, or $0.02 per diluted share, compared to a net loss of $71,000, or $0.00 per diluted share, during 2011.
“During 2012, sales of our Nutritional Products decreased by $2.8 million, primarily due to a reduction in sales to our international licensees, as well as a decrease in sales to our Associate network in North America. Our Medical Products sales decreased $0.5 million, largely as a result of the Chapter 11 filing by our largest customer in this segment while it seeks to settle a reimbursement dispute with Medicare,” said RBC Life Sciences CEO, Clinton H. Howard. “The net loss for the year resulted primarily from lower operating margins as a result of the sales decline, as well as increased operating costs related to the first full year of branch office operations in Taiwan and higher product testing costs for compliance with GMP regulations. Our higher operating costs were partially offset by a casualty gain recognized in connection with the replacement of the roof of our facility in Irving, Texas and reimbursement for a related claim under a replacement cost insurance policy. While we were disappointed with our financial performance, the higher level of product testing costs are largely behind us and we are encouraged by recent developments, including the launch of nutritional supplement sales in Australia, and the granting of a U.S. Patent for one of our nutritional supplements, NeuroBright(®), a unique formulation that nutritionally supports cognitive function, learning and remembering. We are also particularly pleased with the continuing success of our largest selling product Stem-Kine(TM), which has been shown in human studies to enable an increase in the production of stem cells.”
About RBC Life Sciences
Through wholly owned subsidiaries, RBC Life Sciences develops, markets and distributes high-quality nutritional supplements and personal care products under its RBC Life brand to a growing population of consumers seeking wellness and a healthy lifestyle. Through its wholly owned subsidiary, MPM Medical, the Company also develops and markets to health care professionals in the United States proprietary prescription and nonprescription products for advanced wound care and pain management. All products are tested for quality assurance in-house, and by outside independent laboratories, to comply with regulations in the U.S. and in more than thirty countries in which the products are distributed. For more information, visit the company’s website at www.rbclifesciences.com.
The statements above, other than statements of historical fact, may be forward-looking. Actual events will be dependent upon a number of factors and risks including, but not limited to, changes in plans by the Company’s management, delays or problems in production, changes in the regulatory process, changes in market trends, and a number of other factors and risks described from time to time in the Company’s filings with the Securities and Exchange Commission.
RBC Life Sciences, Inc. Summary Results of Operations (in thousands, except per share data) (unaudited) Years Ended December 31, ------------------------ 2012 2011 ---- ---- Net sales $25,160 $28,448 Gross profit 12,632 14,316 Operating loss (464) (71) Loss before income taxes (590) (211) Benefit for income taxes (229) (140) Net loss (361) (71) Loss per share - basic $(0.02) $(0.00) Loss per share - diluted (0.02) (0.00) Weighted average shares outstanding -basic 22,229 22,229 Weighted average shares outstanding -diluted 22,229 22,229
RBC Life Sciences, Inc. Condensed Consolidated Balance Sheets (in thousands) (unaudited) December 31, ------------ 2012 2011 ---- ---- Assets Cash and cash equivalents $3,896 $3,859 Inventories 5,085 6,449 Other current assets 2,173 1,669 ----- ----- Total current assets 11,154 11,977 ------ ------ Other assets 6,860 6,849 ----- ----- Total assets $18,014 $18,826 ======= ======= Liabilities and shareholders' equity Accounts payable and accrued liabilities $2,606 $3,237 Deferred revenue 3,231 2,990 Other current liabilities 197 182 --- --- Total current liabilities 6,034 6,409 ----- ----- Other liabilities 2,465 2,554 Shareholders' equity 9,515 9,863 ----- ----- Total liabilities and shareholders' equity $18,014 $18,826 ======= =======
For Further Information:
Richard S. Jablonski, VP-Finance and CFO
SOURCE RBC Life Sciences, Inc.