Jun 21 2010
Imagenetix, Inc. (OTC Bulletin Board: IAGX) announced today results for its fiscal year ended March 31, 2010. Net sales decreased 12% for the year to $6,596,000 from the $7,461,000 reported for the same period last year.
Gross profit as a percentage of sales decreased to 43% from 46% percent for the prior fiscal year. This decrease was primarily due to the sales mix, which included increased percentages for advertising allowances for the Company's branded retail products.
Net loss for the year was $697,000 or $.06 per share compared to a net profit of $430,000 or $.04 per share in the prior fiscal year.
Commenting on the results of the year, Mr. William Spencer, Imagenetix Chief Executive Officer said, "We continued to make progress in the mass market segment of our business by expanding the number of stores in which Celadrin® can be purchased. Activity in wholesale and distribution revenue came in lower which resulted in a year over year reduction in sales and a loss for the current year. We have already started shipment of Celadrin© to the nation's number one retailer at the start of the new fiscal year and are anticipating solid growth for fiscal 2011. Sales and profit growth are expected to primarily stem from our mass market related sales."