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The company reported net sales of $30.4 million for the year ended December 31, 2008, compared to $27 million during the same period in 2007. It also reported net earnings of $1.62 million, or $0.07 per diluted share, in 2008 compared to net earnings of $1.69 million, or $0.08 per diluted share, in 2007.
"In 2008, RBC Life Sciences continued the surge in growth that the company witnessed in 2007, when the firm produced record-setting earnings," said President and CEO John W. Price. "Sales generated by our international licensees grew 18 percent year over year while sales generated by our medical products brand, MPM Medical, Inc., grew 41 percent during that time. This growth is occurring at the same time that we are beginning to see good gains in our domestic, independent sales force."
Mr. Price, who was promoted to CEO last month, began laying the framework in early 2008 for increased domestic and international growth across the company's nutritional supplements and medical products brands. In addition to hiring a sales director, communications director, science and technology director and a new vice president of marketing, Mr. Price recruited a strategic-growth veteran to the board of directors.
With international sales running strongly, Mr. Price redoubled the company's focus on rebuilding the independent Associate base responsible for driving domestic sales of nutritional supplements. Since launching the first phase of this effort on November 1, more than 1,100 new Associates have joined RBC Life Sciences. The second phase of the rebuilding effort will include revising the Associate compensation system to make it one of the industry's most-rewarding commission plans.
Mr. Price said that 2008 net earnings were affected by improvements to RBC Life Sciences headquarters' facility and upgrades to its operational infrastructure.
About RBC Life SciencesRBC Life Sciences develops, manufactures and markets high-quality nutritional supplements and personal care products to a growing population of consumers seeking wellness and a healthy lifestyle. Under its MPM Medical brand, RBC Life Sciences also develops and markets to health care professionals in the United States proprietary prescription and nonprescription products for advanced wound care and pain management. All products are tested for quality assurance in-house, and by outside independent laboratories, to comply with regulations in the U.S. and in more than thirty countries in which the products are distributed. For more information, visit the Company's Web site at www.rbclifesciences.com.
The statements above, other than statements of historical fact, may be forward-looking. Actual events will be dependent upon a number of factors and risks including, but not limited to, changes in plans by the Company's management, delays or problems in production, changes in the regulatory process, changes in market trends, and a number of other factors and risks described from time to time in the Company's filings with the Securities and Exchange
RBC Life Sciences, Inc.
Summary Results of Operations
(in thousands, except per share data)
(unaudited)
Years Ended December 31,
2008 2007
Net sales $ 30,409 $ 27,029
Gross profit 15,494 14,899
Operating profit 2,852 2,899
Earnings before income taxes 2,677 2,689
Provision for income taxes 1,061 997
Net earnings 1,616 1,692
Earnings per share - basic $ 0.08 $ 0.08
Earnings per share - diluted 0.07 0.08
Weighted average shares outstanding -
basic 21,465 20,396
Weighted average shares outstanding -
diluted 22,839 22,206
RBC Life Sciences, Inc.
Condensed Balance Sheets
(in thousands)
(unaudited)
December 31, December 31,
2008 2007
Assets
Cash and cash equivalents $ 4,973 $ 6,369
Inventories 5,707 4,725
Other current assets 2,245 1,334
Total current assets 12,925 12,428
Other assets 6,841 6,730
Total assets $19,766 $ 19,158
Liabilities and shareholders' equity
Accounts payable and accrued liabilities $ 3,228 $ 4,431
Deferred revenue 4,279 4,323
Other current liabilities 144 136
Total current liabilities 7,651 8,890
Other liabilities 2,728 2,690
Shareholders' equity 9,387 7,578
Total liabilities and shareholders'
equity $ 19,766 $ 19,158
SOURCE RBC Life Sciences, Inc.
http://www.rbclifescience.com
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