Aug 18 2010
SANImagenetix, Inc. (OTC Bulletin Board: IAGX) announced today results for the three months ended June 30, 2010. Net sales decreased 36% for the first quarter of fiscal year 2011 to $1,085,000 from $1,702,000 for the same period of last year. Net loss for the first quarter was $604,000 or $.05 per share compared to a loss of $415,000 or $.04 per share for the same period of the prior fiscal year.
Commenting on the results of the first quarter, Mr. William Spencer, Imagenetix Chief Executive Officer said: "Sales and earnings were negatively impacted from the company's investment and transition to our mass retail branded products – Celadrin softgels, Celadrin cream and BioGuard, our novel healthy immune system innovation. Forward looking, Imagenetix expects to reflect the benefits of its retail strategy in the form of sequentially and significantly stronger quarterly sales. Branded product shipments combined with favorable in-store turnover, gives us the confidence in our retail brand strategy and building both short and long term value for our shareholders."