BOULDER, Colo., Aug. 13, 2001 (PRIMEZONE) -- Hauser, Inc. (OTCBB:HAUS) today reported its financial results for the fiscal 2002 first quarter ended June 30, 2001.
For the fiscal 2002 first quarter, net loss narrowed to $618,000, or $0.12 per share, from a net loss in the corresponding quarter a year ago of $1.9 million, or $0.40 per share. Loss from operations was $178,000, compared with loss from operations of $2.0 million in the same quarter a year ago. Total revenues were $15.8 million, compared with total revenues of $21.7 million in the quarter ended June 30, 2000.
Kenneth Cleveland, president and chief executive officer, said, "Our results reflect the excellent progress we have made reducing costs and operating more efficiently. We will continue to build upon our improving financial performance and strong science capabilities."
Hauser, a Customer Connected(SM) company headquartered in Boulder, Colorado, is a leading supplier of herbal extracts and nutritional supplements. The company also provides interdisciplinary laboratory testing services, chemical engineering services, and contract research and development. The company's products and services are principally marketed to the pharmaceutical, dietary supplement and food ingredient businesses. Hauser's business units include: Botanicals International Extracts, Hauser Laboratories, Shuster Laboratories and ZetaPharm.
HAUSER, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS - Unaudited
Three Months Three Months
Ended Ended
June 30, 2001 June 30, 2000
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REVENUES:
Dietary Supplements $ 9,411,000 $ 12,654,000
Fine chemicals 1,606,000 4,418,000
Technical services 4,733,000 4,265,000
Pharmaceuticals -- 403,000
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Total revenues 15,750,000 21,740,000
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COST OF REVENUES:
Dietary Supplements 7,400,000 11,781,000
Fine chemicals 1,331,000 4,385,000
Technical services 3,577,000 3,346,000
Pharmaceuticals -- --
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Total cost of revenues 12,308,000 19,512,000
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GROSS PROFIT 3,442,000 2,228,000
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OPERATING EXPENSES:
Research and development 671,000 533,000
Sales and marketing 761,000 848,000
General and administrative 2,188,000 2,828,000
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Total operating expenses 3,620,000 4,209,000
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LOSS FROM OPERATIONS (178,000) (1,981,000)
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OTHER INCOME (EXPENSE):
Interest and other income 5,000 17,000
Interest expense (445,000) (587,000)
Net gain from sale of assets -- 627,000
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Total other income (expense) (440,000) 57,000
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LOSS BEFORE INCOME TAX (618,000) (1,924,000)
INCOME TAX EXPENSE -- --
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NET LOSS $ (618,000) $ (1,924,000)
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LOSS PER SHARE BASIC AND DILUTED $ (0.12) $ (0.40)
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WEIGHTED AVERAGE SHARES OUTSTANDING
BASIC AND DILUTED 5,205,582 4,818,372
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HAUSER, INC.
CONSOLIDATED BALANCE SHEETS - Unaudited
June 30, March 31,
ASSETS 2001 2001
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CURRENT ASSETS:
Cash and cash equivalents $ 785,000 $ 616,000
Accounts receivable, net 12,442,000 12,272,000
Inventory, at lower of cost or market 9,719,000 9,802,000
Prepaid expenses and other 1,064,000 928,000
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Total current assets 24,010,000 23,618,000
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PROPERTY AND EQUIPMENT:
Property and equipment, net 12,149,000 12,699,000
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OTHER ASSETS:
Goodwill, net 892,000 948,000
Deposits and other 573,000 574,000
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$37,624,000 $37,839,000
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LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 2,652,000 $ 2,833,000
Current portion of long-term debt 18,742,000 18,790,000
Other current liabilities 8,409,000 8,265,000
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Total current liabilities 29,803,000 29,888,000
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LONG-TERM DEBT 19,000 36,000
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NOTE PAYABLE TO RELATED PARTY 2,734,000 2,705,000
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STOCKHOLDERS' EQUITY: 5,068,000 5,210,000
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$37,624,000 $37,839,000
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