ChromaDex Reports Financial Results for the Fourth Quarter and Year Ended 2010

Highlights include increased revenues by 31% over prior year, the launch of first novel ingredient, expansion of executive team and over $2 million cash on hand

Mar 16, 2011, 08:40 ET from ChromaDex Corporation

IRVINE, Calif., March 16, 2011 /PRNewswire/ -- ChromaDex Corporation, (OTC Bulletin Board: CDXC) an innovative natural products company that provides proprietary, science-based solutions and ingredients to the dietary supplement, food & beverage, cosmetic and pharmaceutical industries, today announced financial results of its Fiscal Year ending January 1, 2011. On a reported basis and calculated in accordance with U.S. Generally Accepted Accounting Principles (U.S. GAAP), ChromaDex announced total revenues of approximately $7.6 million and a net loss attributable to common stockholders of $0.04 per share for the one year period ended January 1, 2011. As of January 1, 2011, cash, cash equivalents, and marketable securities totaled over $2.2 million.

"2010 was a landmark year for ChromaDex as we launched our new pterostilbene ingredient, pTeroPure, into the market in September and strengthened our senior management team in several ways, including the hiring of Bill Spengler as President," said Frank Jaksch, CEO and co-founder of ChromaDex. "Going into 2011, we are now poised to leverage our unique product and service offerings and at the same time capture rapidly growing revenues related to pTeroPure and other novel ingredients. We expect this combination to further solidify ChromaDex as a leader in the natural products industry."

Additional Financial Results & Notes

On a reported basis, ChromaDex recorded revenue during 2010 of $7,566,370 as compared to $5,777,865 in 2009, representing year on year growth in excess of 31%. The net loss attributable to common stockholders for the year January 1, 2011, was $2,051,676 as compared to a net loss of $907,568 in 2009. The increased net loss in 2010 as compared to the same period in 2009 was largely due to share-based compensation expense related to the stock options that were granted following the May 20, 2010 Private Placement. When the net loss is adjusted to exclude the effects of non-cash charges associated with share-based compensation expense, a "non-GAAP" presentation, the net loss for 2010 is $789,605 and the loss per share for 2010 is $0.02.

About ChromaDex

ChromaDex is a leader in the development of phytochemical and botanical reference standards, as well as analytical tools and services to meet product regulatory, quality, efficacy and safety standards. ChromaDex discovers, develops and markets novel, natural ingredients that fill unmet needs in the dietary supplement, food and beverage, cosmetic or pharmaceutical markets.  Through a combination of licensed technology and its own R&D, ChromaDex utilizes plants and natural products to develop innovative ingredients. The company has an impressive pipeline of new ingredients, including its pTeroPure™ pterostilbene on which it has worldwide, exclusive patent rights. ChromaDex has initiated a clinical study on this new product, pTeroPure™ pterostilbene (http://www.pteropure.com/). For more information, visit www.ChromaDex.com or follow ChromaDex on Twitter @ChromaDex.

ChromaDex Forward-Looking Statements

Any statements that are not historical facts contained in this release are forward-looking statements. Actual results may differ materially from those projected or implied in any forward-looking statements. Such statements involve risks and uncertainties, including but not limited to those relating to product and customer demand, market acceptance of our products, the effect of economic conditions both nationally and internationally, ability to protect our intellectual property rights, impact of any litigation or infringement actions brought against us, competition from other providers and products, risks in product development, our ability to raise capital to fund continuing operations, the ability to complete transactions, and other factors discussed from time to time in the Company's Securities and Exchange Commission filings. The Company undertakes no obligation to update or revise any forward-looking statement for events or circumstances after the date on which such statement is made except as required by law.

Investor Inquiries:

Liviakis Financial Communications, Inc.

John M. Liviakis, President

415-389-4670

John@Liviakis.com

ChromaDex Contact:

Jenny Robles

Administrative Assistant to the CEO and the President

10005 Muirlands Blvd, Suite G, Irvine, CA 92618

949-419-0288

jennyr@chromadex.com

Media Inquiries:

Megan Lavine

Canale Communications

4010 Goldfinch St., San Diego, CA, 92103

619-849-5388

megan@canalecomm.com

ChromaDex Corporation and Subsidiaries

Consolidated Statements of Operations

Years Ended January 1, 2011 and January 2, 2010

2010

2009

Sales

$         7,566,370

$       5,777,865

Cost of sales

4,621,525

3,736,435

Gross profit

2,944,845

2,041,430

Operating expenses:

Sales and marketing

1,085,510

829,969

General and administrative

3,876,488

2,104,193

4,961,998

2,934,162

Operating loss

(2,017,153)

(892,732)

Nonoperating (income) expenses:

Interest expense

36,068

17,090

Interest income

(1,545)

(2,254)

34,523

14,836

Net loss

$       (2,051,676)

$         (907,568)

Basic and Diluted loss per common share

$                 (0.04)

$                (0.03)

Basic and Diluted average common shares outstanding

48,251,930

28,838,216

Quantitative Reconciliation of the differences between the non-GAAP measure and the associated comparable GAAP measure

Consolidated Statements of Operations (US GAAP)

Effects of Non-cash Charges associated with

Consolidated Statements of Operations

Share-based Compensation Expense

Excluding Share-based Compensation (Non-GAAP Presentation)

Years Ended January 1, 2011 and January 2, 2010

Years Ended January 1, 2011 and January 2, 2010

Years Ended January 1, 2011 and January 2, 2010

2010

2009

2010

2009

2010

2009

Sales

$          7,566,370

$          5,777,865

Sales

$                      -

$                   -

Sales

$         7,566,370

$      5,777,865

Cost of sales

4,621,525

3,736,435

Cost of sales

-

-

Cost of sales

4,621,525

3,736,435

Gross profit

2,944,845

2,041,430

Gross profit

-

-

Gross profit

2,944,845

2,041,430

Operating expenses:

Operating expenses:

Operating expenses:

Sales and marketing

1,085,510

829,969

Sales and marketing

-

-

Sales and marketing

1,085,510

829,969

General and administrative

3,876,488

2,104,193

General and administrative

(1,262,071)

(205,858)

General and administrative

2,614,417

1,898,335

4,961,998

2,934,162

(1,262,071)

(205,858)

3,699,927

2,728,304

Operating loss

(2,017,153)

(892,732)

Operating income

1,262,071

205,858

Operating loss

(755,082)

(686,874)

Nonoperating (income) expenses:

Nonoperating (income) expenses:

Nonoperating (income) expenses:

Interest expense

36,068

17,090

Interest expense

-

-

Interest expense

36,068

17,090

Interest income

(1,545)

(2,254)

Interest income

-

-

Interest income

(1,545)

(2,254)

34,523

14,836

-

-

34,523

14,836

Net loss

$         (2,051,676)

$           (907,568)

Net income

$         1,262,071

$         205,858

Net loss

$           (789,605)

$       (701,710)

Basic and Diluted loss per common share

$                 (0.04)

$                (0.03)

Basic and Diluted income per common share

$                 0.03

$              0.01

Basic and Diluted loss per common share

$                (0.02)

$            (0.02)

Basic and Diluted

Basic and Diluted

Basic and Diluted

 average common shares outstanding

48,251,930

28,838,216

 average common shares outstanding

48,251,930

28,838,216

 average common shares outstanding

48,251,930

28,838,216

SOURCE ChromaDex Corporation



RELATED LINKS

http://www.chromadex.com