Human Pheromone Sciences, Inc. (OTC Bulletin Board: EROX) today announced results for the three and six months ended June 30, 2009.
For the three month period ending June 30, 2009, net revenues of $224,000 represented a 5% decrease from the revenues of $236,000 in the prior year period, and resulted in a net loss of $84,000 ($0.02 per share) as compared with a net loss of $88,000 ($0.02 per share) for the same period of 2008. For the six month period ending June 30, 2009, net revenues of $389,000 were 23% lower than the previous year's $502,000, resulting in a net loss of $265,000 ($0.06 per share) as compared with a net loss of $151,000 ($0.04 per share) in the first six months of 2008. At June 30, 2009, the Company reflected cash balance of $542,000 compared with $907,000 at December 31, 2008. The cash use was within the expectations of the Company. There was no bank indebtedness at either date.
According to a Company spokesperson, "the slight decrease in revenues for the quarter is attributable to reduced revenue recognition from a previously signed license agreement, slightly offset by increases in U.S. and International sales of pheromones. The growth in pheromone sales is a result of a new licensing agreement signed for the use of our patented technology in Taiwan, and the expansion of our agreement with an additional U.S. subsidiary of the international chemical and consumer giant Schwarzkopf and Henkel, Dial Corporation." A slight increase in research expense in the quarter was offset by an 8% reduction in other operating expenses, resulting in a $4,000 lower loss in the current year's quarter.
Human Pheromone Sciences, Inc. is a technology-based company, whose proof-of concept products included prestige-priced fragrances and toiletries and environmental products sold under the Natural Attraction(R), REALM(R), innerREALM(R) and EROX(R) trademarks. These products contain mood-enhancing compounds, whose efficacy has been validated at leading universities around the world, and whose use is covered under United States and foreign patents. The Company is also involved in research and product development efforts on new compounds that have been previously identified as stimulating the emotional centers of the human brain.