ProPhase Labs Reports Financial Results for the Three Months Ended March 31, 2020
May 12 2020 - 8:00AM
ProPhase Labs, Inc. (NASDAQ: PRPH, www.ProPhaseLabs.com) today
announced net sales of $1.9 million for the three months ended
March 31, 2020, compared to net sales of $2.3 million for the three
months ended March 31, 2019.
The Company incurred a net loss for the three
months ended March 31, 2020 of $809,000, or ($0.07) per share,
compared to a net loss of $1.0 million or ($0.09) per share, for
the three months ended March 31, 2019.
The financial results for the first quarter of
2020 compared to the first quarter of 2019 principally reflect the
net effect of a decrease in net sales of $430,000 due to a decrease
in demand of third party customer orders, offset by (i) a decrease
in administrative costs of $206,000 due principally to a decrease
in professional fees, (ii) a decrease in sales and marketing
expenses of $96,000 as a consequence of a reduction in marketing
initiatives and (iii) a decrease in research and development
expenditures of $35,000.
In addition on May 4, 2020, the Company resolved
the final pending claim against the Company’s escrow account with
Mylan and as a result the remaining funds, totaling $4.8 million,
were released from the escrow account to the Company on May 7,
2020.
About the Company
We are a manufacturing and marketing company
with deep experience with OTC consumer healthcare products and
dietary supplements. We are engaged in the research, development,
manufacture, distribution, marketing and sale of OTC consumer
healthcare products and dietary supplements in the United States.
This includes the development and marketing of dietary supplements
under the TK Supplements® brand.
In addition, the Company also continues to
actively pursue acquisition opportunities for other companies,
technologies and products inside and outside the consumer products
industry. For more information visit us at
www.ProPhaseLabs.com.
Investor Contact
Ted Karkus, Chairman and CEOProPhase Labs,
Inc.(267) 880-1111
ProPhase Labs, Inc. and
SubsidiariesCondensed Consolidated Statements of
Operations(in thousands, except per share
amounts)(unaudited)
|
|
For the Three Months Ended |
|
|
|
March 31, 2020 |
|
|
March 31, 2019 |
|
Net sales |
|
$ |
1,888 |
|
|
$ |
2,318 |
|
Cost of sales |
|
$ |
1,473 |
|
|
$ |
1,798 |
|
Gross profit |
|
|
415 |
|
|
|
520 |
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
Sales and marketing |
|
|
170 |
|
|
|
266 |
|
Administration |
|
|
998 |
|
|
|
1,204 |
|
Research and development |
|
|
59 |
|
|
|
94 |
|
Total operating expenses |
|
|
1,227 |
|
|
|
1,564 |
|
Loss from operations |
|
|
(812 |
) |
|
|
(1,044 |
) |
|
|
|
|
|
|
|
|
|
Interest income, net |
|
|
3 |
|
|
|
31 |
|
Net loss |
|
$ |
(809 |
) |
|
$ |
(1,013 |
) |
|
|
|
|
|
|
|
|
|
Other comprehensive
income: |
|
|
|
|
|
|
|
|
Unrealized gain on marketable
debt securities |
|
|
11 |
|
|
|
15 |
|
Total comprehensive loss |
|
$ |
(798 |
) |
|
$ |
(998 |
) |
|
|
|
|
|
|
|
|
|
Basic and diluted loss
per share: |
|
$ |
(0.07 |
) |
|
$ |
(0.09 |
) |
|
|
|
|
|
|
|
|
|
Weighted average common shares
outstanding: |
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
11,582 |
|
|
|
11,557 |
|
ProPhase Labs, Inc. and
SubsidiariesCondensed Consolidated Balance
Sheets (in
thousands)(unaudited)
|
|
March 31, 2020 |
|
|
December 31, 2019 |
|
|
|
|
|
|
(audited) |
|
Cash and cash equivalents |
|
$ |
697 |
|
|
$ |
434 |
|
Marketable debt securities,
available for sale |
|
$ |
840 |
|
|
$ |
926 |
|
Accounts receivable, net |
|
$ |
1,213 |
|
|
$ |
2,010 |
|
Inventory |
|
$ |
1,703 |
|
|
$ |
1,459 |
|
Total current assets |
|
$ |
9,505 |
|
|
$ |
9,945 |
|
Total assets |
|
$ |
11,868 |
|
|
$ |
12,274 |
|
|
|
|
|
|
|
|
|
|
Total current liabilities |
|
$ |
1,125 |
|
|
$ |
933 |
|
Total non-current
liabilities |
|
$ |
112 |
|
|
$ |
110 |
|
Total stockholders'
equity |
|
$ |
10,631 |
|
|
$ |
11,231 |
|
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