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November 26, 2007 |
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EUGENE SCIENCE: Incurs US$450,326 Loss in Qtr. Ended Sept. 30 Eugene Science disclosed its financial results for the three- month and nine-month periods ended September 30, 2007. For the three months ended September 30, 2007, the company posted US$316,461 in net sales, higher compared to the US$314,726 in net sales recorded for the same period last year. The company posted a net loss of US$450,326 for the three months ended September 30, 2007, lower compared to the US$966,751 net loss recorded for the same period in 2006. The company posted US$8,366 in gross loss, compared to a gross income of US$50,255 for the same period last year. For the nine months ended September 30, 2007, the company recorded US$626,036 in net sales, compared to the US$657,566 in net sales for the corresponding period in 2006. The company posted a net loss of US$3.92 million for the nine- month period, higher compared to last year's US$725,136 net loss. The company posted US$140,338in gross profit, lower compared to a gross profit of US$228,025 for the nine-month period in 2006. As of September 30, 2007, the company's balance sheet showed strained liquidity with total current assets of US$1.78 million available to pay total current liabilities of US$16.41 million coming due within the next 12 months. The company's balance sheet as of end-September 2007 also showed total assets of US$3.24 million and total liabilities of US$19.10 million, resulting to a shareholder's deficit of US$15.86 million. About Eugene Science, Inc. Based in Kyonggi Do, South Korea, Eugene Science Inc. is a global biotechnology company that develops, manufactures and markets nutraceuticals, or functional foods that offer health- promoting advantages beyond that of nutrition. Plant sterols are the company's primary products, which include CZTM Series of food additives and CholZero(TM) branded beverages and capsules. In June 2005, the company received regulatory approval for certain health claims associated with the company's products from government agencies in the Republic of Korea. As reported by the Troubled Company Reporter-Asia Pacific on Oct. 30, 2007, the independent auditors for Eugene Science, Inc., after auditing the company's financial statements for the year ended Dec. 31, 2006, raised substantial doubt on the company's ability to continue as a going concern, citing its recurring losses from operations and working capital deficiencies. In a regulatory filing with the United States Securities and Exchange Commission, the company stated that it has experienced recurring losses since 2000 and has negative cash flows from operations. Eugene Science's net losses were US$2,007,212 and US$6,343,733 for the years ended December 31, 2006 and 2005, respectively. The Company admits that its ability to continue as a going concern is contingent upon its ability to secure additional financing, initiating sale of its product and attaining profitable operations. |
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