XELR8
Company Reports Record 2007 Revenue of $4.9 Million, an Increase of 126% -
- Removal of the Going Concern Qualification by its Independent Registered Public Accountants -
- Management to Host Conference Call Today at 4:15 p.m. ET -
DENVER, March 26 /PRNewswire-FirstCall/ -- XELR8 Holdings, Inc. , a provider of functional foods, beverages and nutritional supplements, today announced its financial results for the twelve months ended December 31, 2007.
Financial and operational highlights for Fiscal 2007:
-- Revenues increased 126% over prior year period
-- Gross profit margin was 72%, up 800 basis points from 64% in 2006
-- Bazi(TM) represented 83% of revenues in 2007, major growth component
-- Working capital of $2.1 million as of December 31, 2007
Total revenue for the fiscal year ended December 31, 2007 was $4.9 million, a 126% increase compared to total revenue of $2.1 million for the fiscal year ended December 31, 2006. Gross profit grew to $3.5 million for the fiscal 2007, up 153% from $1.4 million in the prior year period. Net loss for the year ended December 31, 2007, decreased 31% to $3.2 million, or $0.23 per share, compared to a loss of $4.7 million, or $0.48 per share, in the prior year.
The Company's balance sheet continues to remain strong. As of December 31, 2007, cash and cash equivalents were $2.25 million, excluding the proceeds from the February 2008 financing. Total shareholders' equity at the end of fiscal 2007 was $2.22 million and the Company remains debt free. As a result of the improved operating performance and the additional financing, the Company's Independent Registered Public Accountants have removed the going concern qualification from their report.
"I am pleased with XELR8's performance in fiscal 2007," said John Pougnet, XELR8 CEO. "Fiscal 2007 was a pivotal year for XELR8, especially with the launch of our lead product Bazi, in January 2007, which has become a dominant part of our revenues as well as our anchor for future growth."
Mr. Pougnet continued, "During fiscal 2007 we built an excellent foundation for marketing Bazi, ending the year with 8,416 participants nationwide. We have begun leveraging our distributor base in fiscal 2008 through various means that we believe will not only assist them in building their current clientele, but also enhance our network by finding more distributors to broaden our reach. In addition to our recent distributor convention in Las Vegas, which was a resounding success, we have begun to offer new incentives and bonus features as well as incorporate regional "Go Diamond" events, to be hosted in six major cities nationwide in the coming weeks. It is events like these that enable us to keep in touch with our distributors and not only help in their growth, but also learn and grow from their success stories that we can then share network-wide."
"We are focused on attaining profitability and are getting closer to that goal daily. Fortunately, the Company is well capitalized and can undertake expenditures that will not only contribute ultimately to profitability but also strengthen our distribution network leading to broader acceptance of our products and, in particular, Bazi," concluded Mr. Pougnet.
About XELR8 Holdings, Inc.
XELR8 Holdings, Inc. is a provider of nutritional foods and beverages designed to help enhance physical health and overall performance. XELR8 has developed a comprehensive line of nutritional supplements and functional foods designed in systems that are easy to take, simple to understand, and conveniently fit within a lifestyle. These include the Company's Eat/Drink/Snack System; Peak Performance System; and its newest market entry, Bazi(TM), a powerful, concentrated, antioxidant (Vitamins A, C & E) nutritional drink packed with eight different super fruits and berries, including the Chinese jujube plus 12 vitamins and 68 minerals, providing all the daily vitamins and minerals you need in a single, convenient, one-ounce shot.
XELR8's commitment to quality, science and research has earned the Company a loyal following of over 350 world-class athletes and an elite list of endorsers, such as 3-time World Series Champion Curt Schilling, five-time Cy Young Award Winner Randy Johnson; Super Bowl Champions Mike Alstott and Lawyer Milloy; professional football star Cadillac Williams; Olympians Briana Scurry and Caroline Lalive; Stanley Cup Winner Blake Sloan; and PGA Tour Professional Tom Pernice, Jr. XELR8 products are only available through independent distributors located throughout the nation.
No comments:
Post a Comment