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     117  0 Kommentare ProPhase Labs Reports Financial Results for the Year Ended December 31, 2019

    DOYLESTOWN, Pennsylvania, March 25, 2020 (GLOBE NEWSWIRE) -- ProPhase Labs, Inc. (NASDAQ: PRPH, www.ProPhaseLabs.com) today announced its net sales were $9.9 million for the year ended December 31, 2019, as compared to net sales of $13.1 million for the year ended December 31, 2018.

    The Company incurred a net loss from continuing operations for the year ended December 31, 2019 of $3.1 million, or ($0.27) per share, as compared to a loss of $1.6 million, or ($0.14) per share, for the year ended December 31, 2018. The Company incurred loss from discontinued operations for the year ended December 31, 2019 of $40,000, or ($0.00) per share, as compared to loss of $170,000, or ($0.01) per share, for the year ended December 31, 2018. The Company incurred net loss for the year ended December 31, 2019, of $3.1 million, or ($0.27) per share, as compared to a loss of $1.7 million, or ($0.15) per share, for the year ended December 31, 2018.

    The financial results for the year ended December 31, 2019 as compared to the year ended December 31, 2018 principally reflect the net effect of (i) a decrease in net sales of $3.2 million principally due to a decrease in demand of third party customer orders, (ii) a decrease in administration costs of $430,000 due principally to a decrease in professional and legal costs, (iii) a decrease in sales and marketing expenses of $65,000 as a consequence of a reduction in marketing initiatives and (iv) a decrease in research and development expenditures of $66,000.

    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.

    Forward Looking Statements

    Except for the historical information contained herein, this document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to potential acquisition opportunities. Management believes that these forward-looking statements are reasonable as and when made. However, such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those projected in the forward-looking statements. These risks and uncertainties include, but are not limited to: the difficulty of predicting the acceptance and demand for our products, the impact of competitive products and pricing, costs involved in the manufacture and marketing of products, the timely development and launch of new products, and the risk factors listed from time to time in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and any subsequent SEC filings.

    Investor Contact

    Ted Karkus, Chairman and CEO
    ProPhase Labs, Inc.
    (267) 880-1111

    ProPhase Labs, Inc. and Subsidiaries

    Condensed Consolidated Statements of Operations

    (in thousands, except per share amounts)

        For the Years Ended  
        December 31, 2019     December 31, 2018  
    Net sales   $ 9,876     $ 13,126  
    Cost of sales     7,261       8,345  
    Gross profit     2,615       4,781  
                     
    Operating expenses:                
    Sales and marketing     1,042       1,107  
    Administration     4,480       4,910  
    Research and development     332       398  
    Total operating expenses     5,854       6,415  
    Loss from operations     (3,239 )     (1,634 )
                     
    Interest income, net     133       167  
    Loss from continuing operations before income taxes     (3,106 )     (1,467 )
    Income tax liability from continuing operations     -       (103 )
    Loss from continuing operations     (3,106 )     (1,570 )
                     
    Discontinued operations:                
    Loss on discontinued operations, net of taxes     (40 )     (170 )
    Loss from discontinued operations     (40 )     (170 )
    Net loss   $ (3,146 )   $ (1,740 )
                     
    Other comprehensive income (loss):                
    Unrealized gain on marketable debt securities     22       54  
    Total comprehensive loss   $ (3,124 )   $ (1,686 )
                     
    Basic and diluted loss per share:                
    Loss from continuing operations   $ (0.27 )   $ (0.14 )
    Loss from discontinued operations     -       (0.01 )
    Net loss   $ (0.27 )   $ (0.15 )
                     
    Weighted average common shares outstanding:                
    Basic and diluted     11,564       11,396  

    ProPhase Labs, Inc. and Subsidiaries

    Condensed Consolidated Balance Sheets

    (in thousands)

        December 31 2019     December 31 2018  
                 
    Cash and cash equivalents   $ 434     $ 1,554  
    Marketable debt securites, available for sale   $ 926     $ 6,687  
    Accounts receivable, net   $ 2,010     $ 2,968  
    Inventory   $ 1,459     $ 1,903  
    Total current assets   $ 9,945     $ 18,238  
    Total assets   $ 12,274     $ 20,737  
                     
    Total current liabilities   $ 933     $ 4,233  
    Total non-current liabilities   $ 110     $ -  
    Total stockholders’ equity   $ 11,231     $ 16,504  


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    ProPhase Labs Reports Financial Results for the Year Ended December 31, 2019 DOYLESTOWN, Pennsylvania, March 25, 2020 (GLOBE NEWSWIRE) - ProPhase Labs, Inc. (NASDAQ: PRPH, www.ProPhaseLabs.com) today announced its net sales were $9.9 million for the year ended December 31, 2019, as compared to net sales of $13.1 million …