SAN JOSE, Calif., Nov. 14, 2011 /PRNewswire/ -- Human Pheromone Sciences, Inc. (OTC Bulletin Board: EROX) ("HPS" or "the Company") today announced results for the three and nine month periods ended September 30, 2011. For the three months ending September 30, 2011, net revenues of $113,000 represented a 46% decrease from the revenues of $210,000 in the prior year period; the resultant net loss of $30,000 ($0.01 per share) represented a 45% reduction from the $55,000 loss ($.01 per share) incurred in the same period of 2010. For the nine month period ending September 30, 2011, net revenues of $423,000 were 27% lower than the previous year's $581,000, resulting in a net loss of $56,000 ($0.01 per share) as compared with a net loss of $215,000 ($0.05 per share) in the first nine months of 2010, a 74% decline.
According to a Company spokesperson, "The $97,000 decrease in revenues for the current year quarter is attributable to several factors, including timing of purchases by a domestic customer (in an earlier quarter this year) and an international client (scheduled for the fourth quarter of this year). In addition, there was a $29,000 reduction in amortization of fees (non-cash revenues) previously received under the Company's agreement with Johnson & Johnson entered into in January 2006. The lower gross profit in the current quarter was more than mitigated by a $92,000 reduction in operating expenses, principally by lower spending for employee compensation and benefits, insurance and legal fees, under a program pro-actively adopted by the Company in late 2010 to address expected weaknesses in potential licensees investment in new technologies in both the domestic and international consumer markets."
Human Pheromone Sciences, Inc. is a technology-based company, whose proof-of concept products included prestige-priced fragrances and toiletries and environmental products sold under the Natural Attraction®, REALM®, innerREALM® and EROX® trademarks. These products contain mood-enhancing compounds, whose efficacy has been validated at leading universities around the world, and whose use is covered under United States and foreign patents. The Company is also involved in research and product development efforts on new compounds that have been previously identified as stimulating the emotional centers of the human brain. Further information is available on line at www.erox.com.
The statements in this news release may contain forward-looking statements that involve risks and uncertainties that could cause results to differ from predicted results. Further information on factors that could affect the Company's results is detailed in the Company's annual report to shareholders on Form 10-K for the year ended December 31, 2010, and Form 10-Q for the three and nine months ended September 30, 2011, as filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements.
HUMAN PHEROMONE SCIENCES, INC.
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SOURCE Human Pheromone Sciences, Inc.