IRVINE, Calif., Aug. 12 /PRNewswire-FirstCall/ -- ChromaDex Corporation, (OTC Bulletin Board: CDXC) a leader in phytochemical reference standards and contract research, today announced financial results for the second quarter of 2008. On a reported basis calculated in accordance with U.S. Generally Accepted Accounting Principles (GAAP), ChromaDex announced a net loss attributable to common stockholders of $0.03 per share for the three months ended June 28, 2008.
As of June 28, 2008, cash, cash equivalents, and marketable securities totaled approximately $2.4 million. Balance sheet cash, cash equivalents and marketable securities includes all but approximately $1.1 million in proceeds from the final closings of the $4.6 million private placement the Company and its subsidiary just concluded.
"The second quarter of 2008 was significant for ChromaDex," said Frank Jaksch (http://www.chromadex.com/AboutCDX/fjaksch.html), CEO and co-founder of ChromaDex. "We successfully completed a reverse merger acquisition of Cody Resources, Inc. a publicly quoted company on the OTCBB. We did this in order to reap the benefits of public ownership including the ability to enhance our visibility with customers and prospective customers and access to potential new avenues for capital formation. Collectively, we believe this better positions ChromaDex to help us grow and expand to meet the significant and growing needs of customers. In the second half of 2008, we will be focused on expanding our range of products and services to the market."
Additional Financial Results & Notes
On a reported basis, ChromaDex recorded revenue during the second quarter of 2008 of $1,198,885 as compared to $997,087 for the same period in 2007. The net loss attributable to common stockholders for the three months ended June 28, 2008, was $621,676 as compared to $113,926 for the same period in 2007. The Company notes that as a result of the closing of the reverse merger acquisition of Cody Resources, Inc. on June 20, 2008, investors are cautioned that the Company's historical performance is not directly comparable.
ChromaDex is a leader in the development of Phytochemical and Botanical Reference Standards and the creation of associated intellectual property. ChromaDex is committed to sustainable "Green chemistry" and provides the dietary supplement, food, beverage, nutraceutical and cosmetic industries with the analytical tools and services to meet product regulatory, quality, efficacy and safety standards.
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
ability to market, produce and sell the referenced ingredients, risks
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.
ChromaDex Corporation and Subsidaries
Condensed Consolidated Statements of Operations (Unaudited)
Three Months ending
June 28, 2008 June 30, 2007
Sales $1,198,885 $997,087
Cost of goods sold 832,905 741,227
Gross profit 365,980 255,860
Selling 159,558 74,015
General and administrative 832,374 304,897
Operating loss (625,952) (123,052)
Nonoperating (income) expenses:
Interest expense 7,052 7,156
Interest income (11,550) (16,253)
Other 222 (830)
Income taxes - 800
Net loss $(621,676) $(113,926)
Basic and Diluted loss per common share $(0.03) (0.01)
Basic and Diluted average common
shares outstanding 24,755,583 22,011,549
See Notes to Condensed Consolidated
|SOURCE ChromaDex Corporation|
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