|
BioForce Nanosciences Reports Record Second Quarter Results
(Marketwire Via Acquire Media NewsEdge) AMES, IA, August 14 / MARKET WIRE/ --
BioForce Nanosciences Holdings, Inc. (OTCBB: BFNH), a producer of integrated biological and mechanical systems for life
science researchers at the micro and nano scales, today announced record
revenue and gross profit for the three and six month periods ended June 30,
2008.
Second Quarter Highlights:
-- Net revenues were $211,723 for the second quarter of 2008, the highest
second quarter revenues in the Company's history, and a 15% increase from
net revenues of $184,811 for the second quarter of 2007.
-- Gross profit was $50,315 for the second quarter of 2008, the highest
second quarter gross profit in the Company's history, and a 73% increase
from gross profit of $29,056 for the second quarter of 2007.
-- Net loss on common stock was $884,721 ($0.04 per fully diluted share)
for the second quarter of 2008, as compared to a net loss on common stock
of $1,085,558 ($0.05 per fully diluted share) for the second quarter of
2007.
Six Month Highlights:
-- Net revenues were $615,290 for the first half of 2008, the highest
first half revenues in the Company's history, and a 13% increase from net
revenues of $543,566 for the first half of 2007.
-- Gross profit was $239,657 for the first half of 2008, the highest
first half gross profit in the Company's history, and a 17% increase from
gross profit of $205,205 for the first half of 2007.
-- Net loss on common stock was $1,650,883 ($0.07 per fully diluted
share) for the first half of 2008, as compared to a net loss on common
stock of $2,008,875 ($0.08 per fully diluted share) for the first half of
2007.
Operations Review:
Kerry Frey, President and Chief Executive Officer of BioForce, said, "We
continue to make progress on multiple fronts in the effort to expand upon
our existing presence in the academic research community, and to increase
our visibility within the commercial market. During the second quarter we
initiated the relationship with our domestic product distributor,
NanoandMore USA, Inc. That relationship resulted in one Nano eNabler(TM)
system sale during the second quarter, and we anticipate that the sales
resulting from this relationship will grow as they are able to introduce
our exciting products into their customer base and to new sales prospects
in both academia and industry.
"During the third quarter our distributor in Australia placed their first
order for a Nano eNabler(TM) system. This is the sixth distributor who has
delivered revenue to BioForce, including locations in the United Kingdom,
Continental Europe, Japan, Korea, Australia and the United States. We
continue to believe that we have developed a strong international network
of distributors that will serve as an effective means of distribution for
our products.
"The scientific activity of our customers, and the developing applications
for our products in the areas of stem cell research, neural regeneration
and live cell assays, give me confidence that there are significant sales
opportunities in multiple sectors. On the scientific front, I am pleased
to announce that we have entered into scientific collaboration agreements
with two academic research institutions, with details to be disclosed at a
later date. Under these collaboration agreements we will be working
closely with biologists at both institutions to develop new applications
for our Nano
eNabler(TM) and Cyto eNabler(TM)
systems. It is our anticipation that we will enter into additional
agreements of this type in the future, and that they will lead to the
development of exciting new products and applications, and ultimately
increased revenues and profits for BioForce."
Greg Brown, BioForce's Chief Financial Officer, commented, "While our
results for the second quarter and first half of 2008 were records in terms
of revenues, gross profit and net income, we are not satisfied. Our focus
remains the achievement of profitability, and we are not yet there. The
activities that Kerry mentioned, which are focused upon increasing
revenues, will certainly move us toward that goal. In addition, we have
taken steps, including the recently announced licensing transaction with
Aspera Corp. and our move to a lower fixed cost, distributor-based domestic
sales model, to reduce our expenses. There was a slight reflection of
those cost reductions in our second quarter results, but they will be more
fully reflected in future quarters.
"We were pleased to complete a $300,000 convertible debt financing during
the second quarter, and as previously announced completed a second
convertible debt financing, also with proceeds of $300,000, in July.
Additional financing is required, and we continue to work with multiple
parties in this regard."
About BioForce Nanosciences Holdings, Inc.
BioForce Nanosciences creates products and solutions for the life sciences
by integrating biological and mechanical systems at the micro and nano
scales. BioForce's flagship product, the Nano eNabler(TM) molecular
printer, gives the Company and its customers a platform for development and
discovery by printing tiny domains of biological materials on surfaces with
nanometer spatial precision. BioForce technology is being used in areas
such as biosensor
functionalization; pattering and cell
adhesion; and the printing of
proteins to guide neural cell growth. For more information, visit
http://www.bioforcenano.com or call 515-233-8333.
This news release contains forward-looking information that may be affected
by certain risks and uncertainties, including those risks and uncertainties
described in BioForce Nanosciences' most recent filings with the Securities
and Exchange Commission. BioForce Nanosciences' actual results could differ
materially from such forward-looking statements. BioForce assumes no duty
to update these statements at any future date.
BIOFORCE NANOSCIENCES HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
For the Three Months Ended For the Six Months Ended
June 30, June 30,
2008 2007 2008 2007
------------ ------------ ------------ ------------
REVENUES $ 211,723 $ 184,811 $ 615,290 $ 543,566
COST OF GOODS SOLD 161,408 155,755 375,633 338,361
------------ ------------ ------------ ------------
Gross margin 50,315 29,056 239,657 205,205
OPERATING EXPENSES
Research and
development 306,309 292,048 604,799 570,848
Sales and
marketing 295,311 323,397 585,006 629,405
General and
administrative 352,721 673,513 795,696 1,332,221
Reimbursement of
grant expenses (65,352) (165,297) (165,247) (290,220)
------------ ------------ ------------ ------------
Total operating
expenses 888,989 1,123,661 1,820,254 2,242,254
------------ ------------ ------------ ------------
Loss from
operations
before other
income
(expense) (838,674) (1,094,605) (1,580,597) (2,037,049)
OTHER INCOME
(EXPENSE)
Interest and
other income 6,488 12,838 8,028 34,974
Interest expense (52,535) (3,791) (58,314) (6,800)
------------ ------------ ------------ ------------
Total other
income
(expense) (46,047) 9,047 (50,286) 28,174
------------ ------------ ------------ ------------
Loss before
income tax (884,721) (1,085,558) (1,630,883) (2,008,875)
INCOME TAX EXPENSE - - - -
------------ ------------ ------------ ------------
Net loss (884,721) (1,085,558) (1,630,883) (2,008,875)
DIVIDENDS ON
PREFERRED STOCK 10,000 - 20,000 -
------------ ------------ ------------ ------------
Net loss on
common stock $ (894,721) $ (1,085,558) $ (1,650,883) $ (2,008,875)
============ ============ ============ ============
BASIC AND DILUTED
LOSS PER SHARE $ (0.04) $ (0.05) $ (0.07) $ (0.08)
============ ============ ============ ============
WEIGHTED AVERAGE
NUMBER OF SHARES
OUTSTANDING 25,116,401 24,099,950 25,115,226 24,075,088
============ ============ ============ ============
BIOFORCE NANOSCIENCES HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
ASSETS
06/30/08 12/31/07
----------- -----------
(unaudited)
CURRENT ASSETS
Cash and cash equivalents $ 55,804 $ 268,930
Accounts receivable - trade, net 93,667 313,756
Account receivable - invoice factoring 34,112 -
Inventory 818,861 1,046,683
Prepaid expenses and other assets 55,287 146,007
----------- -----------
Total current assets 1,057,731 1,775,376
----------- -----------
PROPERTY AND EQUIPMENT
Computer equipment 89,826 113,963
Leasehold improvements 380,000 380,000
Scientific and laboratory equipment 897,882 889,368
Office furniture and fixtures 89,760 89,760
----------- -----------
Total 1,457,468 1,473,091
Less accumulated depreciation 991,997 889,469
----------- -----------
Net property and equipment 465,471 583,622
----------- -----------
INTANGIBLE ASSETS
Patent costs, net of accumulated amortization
of $93,900 and $78,502, respectively 681,582 641,017
Trademark costs, net of accumulated
amortization of $19,705 and $15,471,
respectively 101,372 90,908
----------- -----------
Total intangible assets 782,954 731,925
----------- -----------
TOTAL ASSETS $ 2,306,156 $ 3,090,923
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
06/30/08 12/31/07
----------- -----------
(unaudited)
CURRENT LIABILITIES
Accounts payable $ 542,802 $ 305,314
Accrued expenses 305,522 241,650
Deferred revenue 44,067 53,754
Recourse obligation - invoice factoring 5,002 -
Accrued dividends on Series A Convertible
Preferred Stock 20,000 13,333
8% convertible secured promissory notes 218,383 -
Current portion of notes payable 57,250 89,180
----------- -----------
Total current liabilities 1,193,026 703,231
LONG-TERM DEBT, NET 137,933 154,860
----------- -----------
Total liabilities 1,330,959 858,091
----------- -----------
COMMITMENTS and CONTINGENCIES
STOCKHOLDERS' EQUITY
Preferred stock - 2008 and 2007: $0.001 par
value, 10,000,000 shares authorized to be
issued in various classes Series A Convertible
Preferred Stock - 2008 and 2007: $0.001 par
value, 1,100,000 shares authorized, 1,000,000
shares issued and outstanding; 2008:
liquidation value $520,000; 2007: liquidation
value $513,333 1,000 1,000
Common stock - 2008 and 2007: $0.001 par value,
100,000,000 shares authorized; 2008:
25,116,401 shares issued and outstanding;
2007: 25,099,950 shares issued and
outstanding 25,116 25,100
Deferred revenue
Additional paid-in capital 16,784,083 16,341,714
Deferred stock offering costs (20,000) -
Accumulated deficit (15,815,002) (14,134,982)
----------- -----------
Total stockholders' equity 975,197 2,232,832
----------- -----------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 2,306,156 $ 3,090,923
=========== ===========
Contact:
Gregory D. Brown
Chief Financial Officer
515-233-8333 ext# 118Email Contact
Copyright ? 2008 Marketwire
[ Back To Smart Product Home's Homepage ]
|