Conference Call begins Today at 4:30 p.m. Eastern time
SAN DIEGO--(BUSINESS WIRE)-- PURE Bioscience (NASDAQ: PURE), creator of the patented silver dihydrogen citrate (SDC) antimicrobial, today reported financial results for the fourth quarter and fiscal year ended July 31, 2011 (“fiscal 2011”).
Revenue for fiscal 2011 was $464,000, compared with revenue of $1,436,000 for the year ended July 31, 2010 (“fiscal 2010”). The net loss for fiscal 2011 was $8,349,000, or $0.22 per share, compared with a net loss of $6,760,000, or $0.20 per share, in fiscal 2010.
For the fourth quarter of fiscal 2011, revenue was $244,000, compared with revenue of $324,000 for the fourth quarter of fiscal 2010. The net loss for the fourth quarter of fiscal 2011 was $2,031,000, or $0.05 per share, compared with a net loss of $1,673,000, or $0.05 per share, for the fourth quarter of fiscal 2010.
As of July 31, 2011, the Company had cash and cash equivalents of approximately $1.8 million.
Michael L. Krall, President and CEO, stated, “In the fiscal fourth quarter and recent weeks, we focused on initiatives in three important areas, namely 1) gaining regulatory approvals, 2) introducing PURE-branded products, and 3) developing business in key vertical markets. While much work remains to be done, I’m pleased with the progress in each of these areas. For example, Health Canada approved PURE™ Hard Surface for use in food premises and healthcare facilities; and we received an expanded EPA registration adding additional pathogens, including Hepatitis B, Hepatitis C and multiple drug-resistant bacteria, as well as reducing virus kill times to as quick as 30 seconds. We obtained NSF International registration for use of PURE Hard Surface as a no-rinse sanitizer in food processing areas, and we secured GRAS designation for SDC when used on food processing equipment. Each of these regulatory milestones expands and accelerates our market opportunities in the healthcare, institution and food markets.
“Following the introduction of PURE Hard Surface, during the fourth quarter we took direct control of SDC-based product sales through a restructuring of our sales, marketing and distribution strategy and operation. During the quarter we made valuable inroads for PURE Hard Surface in key new markets, including the food processing industry, which has been plagued with landmark safety issues this year. Because of its zero toxicity profile and impressive efficacy against so many dangerous pathogens, the application of SDC in this market is truly unique,” continued Krall.
“We’ve also bolstered our management team with the addition of key executives in finance and sales. In short, we are executing our strategy from a focused position of strength with new regulatory approvals, products, market awareness and experienced management that we believe will yield timely and significant results in the coming quarters,” added Krall.
The Company will host a conference call today beginning at 4:30 p.m. Eastern time to review and discuss the financial results and its business outlook, and answer questions. Shareholders and other interested parties may participate in the conference call by dialing 877-407-8033 (domestic) or 201-689-8033 (international) a few minutes before the call start time. The call is being webcast and can be accessed at www.purebio.com. Investors can also access the webcast at www.InvestorCalendar.com. The webcast will be available for replay through October 31, 2012. A replay of the conference call will be accessible until midnight December 31, 2011 by dialing 877-660-6853 or (International) 201-612-7415, and entering the Account #: 286 and the Conference ID #: 381842.
About PURE Bioscience, Inc.
PURE Bioscience, Inc. develops and markets technology-based bioscience products that provide solutions to numerous global health challenges, including Staph (MRSA). PURE’s proprietary high efficacy/low toxicity bioscience technologies, including its silver dihydrogen citrate-based antimicrobials, represent innovative advances in diverse markets and lead today’s global trend toward industry and consumer use of “green” products while providing competitive advantages in efficacy and safety. Patented SDC is an electrolytically generated source of stabilized ionic silver, which formulates well with other compounds. As a platform technology, SDC is distinguished from competitors in the marketplace because of its superior efficacy, reduced toxicity and the inability of bacteria to form a resistance to it. PURE is headquartered in El Cajon, California (San Diego metropolitan area). Additional information on PURE is available at www.purebio.com.
This press release includes statements that may constitute "forward-looking" statements, usually containing the words "believe," "estimate," "project,” "expect" or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, the Company’s cash position and liquidity requirements, acceptance of the Company's current and future products and services in the marketplace, the ability of the Company to develop effective new products and receive regulatory approvals of such products, competitive factors, dependence upon third-party vendors, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.
-Financial tables follow-
PURE Bioscience, Inc.
|Consolidated Statements of Operations|
|Net product sales||$||454,180||$||1,416,137|
|Operating costs and expenses|
|Cost of goods sold||131,390||465,094|
|Selling, general and administrative||6,520,160||5,861,976|
|Research and development||2,179,508||1,927,183|
|Impairment of capitalized assets||-||92,745|
|Total operating costs and expenses||8,831,058||8,346,998|
|Loss from operations||(8,366,878||)||(6,910,861||)|
|Other income (expense)|
|Other income, net||10,000||117,265|
|Total other income (expense)||17,768||150,577|
|Basic and diluted net loss per share||$||(0.22||)||$||(0.20||)|
|Shares used in computing basic|
|and diluted net loss per share||37,323,434||34,547,943|
PURE Bioscience, Inc.
|Consolidated Balance Sheets|
|Cash and cash equivalents||$||1,793,629||$||2,192,543|
|Accounts receivable, net||50,235||332,493|
|Total current assets||2,804,405||3,423,781|
|Property, plant and equipment, net||426,382||696,974|
|Liabilities and stockholders' equity|
|Total current liabilities||934,174||583,179|
|Commitments and contingencies|
|Preferred stock, $0.01 par value:|
|5,000,000 shares authorized, no shares issued||-||-|
|Common stock, $0.01 par value:|
|100,000,000 shares authorized|
|40,034,659 issued and outstanding at July 31, 2011, and|
|35,488,317 issued and outstanding at July 31, 2010||400,347||354,883|
|Additional paid-in capital||57,417,337||50,299,989|
|Total stockholders' equity||4,208,115||5,394,413|
|Total liabilities and stockholders' equity||$||5,147,897||$||5,993,637|
PURE Bioscience Investor Contact:
Don Markley, Senior Vice President
PURE Bioscience Media Contact:
KEYWORDS: United States North America California
INDUSTRY KEYWORDS: Health Biotechnology Infectious Diseases Manufacturing Chemicals/Plastics