XELR8 Announces 2005 Year End Results
DENVER, April 3 /PRNewswire-FirstCall/ -- VitaCube Systems Holdings, Inc., d/b/a/ XELR8 Holdings, Inc. PRH, a provider of functional foods, beverages and nutritional supplements, today announced results for fiscal year 2005, ended December 31, 2005.
Year end 2005 and Fourth Quarter 2005 Financial and Operational Highlights:
- Net sales for 2005 increased 53% to $1.23 million when compared to $804,000 recorded in 2004. - Net sales for the three months ended December 31, 2005 rose 84% to $445,000, up from $242,000 in the comparable three month period in 2004; on a sequential quarter over quarter basis, net sales in the fourth quarter grew 38% compared to net sales of $323,000 reported for the third quarter reporting period, ended September 30, 2005. - 2005 net losses increased to $5 million, or $0.57 basic and diluted loss per share, up from $2.5 million, or $0.44 basic and diluted loss per share, in 2004. The rise in net losses was primarily due to increased expenses associated with the development and market launch of the Company's new Eat/Drink/Snack product line, as well as related sales and marketing expenses associated with expanding its national distributor network. - For the three months ended December 31, 2005, net losses increased to $1.5 million, a 190% increase over net losses of $533,000 recorded in the fourth quarter of 2004. The growth in losses is due to the aforementioned reasons. - As of December 31, 2005, the Company had approximately $2.9 million in cash and investments and total stockholders' equity of approximately $3.4 million.
- Available working capital was $3.3 million, up from $95,000 in 2004. - The number of distributors in the Company's direct selling network reflected annual growth of 86% in 2005, increasing to 1,826 as of December 31, 2005 from 981 at the end of 2004. As of the end of February, distributors numbered 2,038.
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