OraLabs Announces Earnings for 2000

Apr 02, 2001, 01:00 ET from OraLabs Holding Corp.

    ENGLEWOOD, Colo., April 2 /PRNewswire/ -- OraLabs Holding Corp.
 (Nasdaq: OLAB) today announced that year end revenues were $13,885,423 with
 earnings of $.15 per share, or $1,359,570.  This compares to 1999 reported
 revenues of $9,161,034 with earnings of $.06 per share, or $546,097.
     The Company's 2000 earnings absorbed increased expenses of Engineering,
 $91,434, Selling and Marketing, $353,761 and General and Administrative of
 $650,300.  The Company's earnings increased by approximately 149%.  The
 $13,885,423 in revenue represents a record level for the Company.
     Gary Schlatter, OraLabs President stated, "We are very pleased with the
 outcome for the year 2000.  It was a year that proved the tenacity and
 commitment of the Company's employees.  Achievement of 52 % growth in revenue
 is a challenge that our employees accepted, accomplished and should be proud
 of. Our goal of serving our customers better than our competitors will
 hopefully allow us to continue to grow."
     OraLabs, Inc. manufactures Ice Drops(R) brand oral care products, Lip
 Rageous(TM), Lip Naturals(TM), Chap Ice(TM), Ice Drops(R), Lip Ice(TM),
 Essential Lip Moisturizer(TM), and brands of lip balm.  The product line
 includes breath drops, breath sprays, mouthwash, lip balms and a variety of
 private label products.  OraLabs products are sold through more than
 50,000 retail outlets in the United States and in over 35 foreign markets.
 Additionally, OraLabs supplies products to various Airlines.
     OraLabs dietary supplement products include Glucosamine + MSM (for joint
 health), MSM, Healthy Bears(TM) (Vitamin-ized Gummy Bears), 5-HTP (for
 insomnia, mood enhancement and weight loss), Breast Plus(TM) (for natural
 breast augmentation), Drenalean(TM) and Cheat & Lean(TM) (both for weight
 loss).
 
     FOR ADDITIONAL INFORMATION (303) 783-9499
     Gary Schlatter, President, gschlatter@oralabs.com
 
     Forward-Looking and Cautionary Statements
     Except for historical information and discussions contained herein,
 statements included in this release may constitute "forward-looking
 statements" within the meaning of the Private Securities Litigation Reform Act
 of 1995.  Reference is made in particular to statements regarding anticipated
 sales growth, expectations regarding financial results for the quarter and
 expectations regarding future outcomes.  These statements are based on the
 company's current beliefs and expectations as to such future outcomes.  These
 statements involve a number of risks, uncertainties, and other factors that
 could cause results to differ materially, as discussed in the Company's
 filings with the Securities and Exchange Commission.
 
 
                       ORALABS HOLDING CORP. AND SUBSIDIARIES
 
                             Consolidated Balance Sheet
                                 December 31, 2000
 
                                       Assets
 
     Current assets
       Cash and cash equivalents                                  $2,098,872
       Accounts receivable, net of allowance for doubtful          2,467,214
        accounts of $131,867
       Inventory                                                   1,775,231
       Deferred income taxes                                         205,906
       Prepaid expenses                                              224,656
       Deposits                                                      130,999
         Total current assets                                      6,902,878
 
     Property and equipment at cost, net                             915,185
     Deferred income taxes                                             3,610
 
     Total assets                                                 $7,821,673
 
                        Liabilities and Stockholders' Equity
 
     Current liabilities
       Accounts payable - trade                                   $1,655,844
       Accrued liabilities                                           423,382
       Reserve for returns                                           473,739
       Income taxes payable                                          454,472
         Total current liabilities                                 3,007,437
 
     Commitments and contingencies
 
     Stockholders' equity
       Preferred stock, $.001 par value,
        1,000,000 shares authorized;
        none issued and outstanding                                       --
       Common stock, $.001 par value;
        100,000,000 shares authorized;
        9,160,755 issued and outstanding                               9,160
       Additional paid-in capital                                  1,216,905
       Retained earnings                                           3,588,171
         Total stockholders' equity                                4,814,236
 
     Total liabilities and stockholders' equity                   $7,821,673
 
 
 
                       ORALABS HOLDING CORP. AND SUBSIDIARIES
 
                       Consolidated Statements of Operations
 
                                                        For the Year Ended
                                                           December 31,
                                                         2000         1999
     Revenue
       Product sales                                $13,885,423   $9,048,548
       Services income - related party                       --      112,486
       Cost of sales                                  8,144,531    6,114,216
         Gross profit                                 5,740,892    3,046,818
 
     Operating expenses
       Engineering                                      271,450      180,016
       Selling and marketing                          1,619,530    1,265,769
       General and administrative                     1,652,303    1,002,003
       Other                                             24,412       51,233
         Total operating expenses                     3,567,695    2,499,021
 
     Net operating income                             2,173,197      547,797
 
     Other income
       Interest and other income                        140,908      336,974
         Total other income                             140,908      336,974
 
     Net income before provision for income taxes     2,314,105      884,771
 
     Provision for income taxes
       Current                                        1,043,881      418,726
       Deferred                                        (89,346)      (80,052)
                                                        954,535      338,674
 
     Net income                                      $1,359,570   $  546,097
 
     Basic income per common share                   $     0.15   $     0.06
 
     Weighted average shares outstanding              9,160,755    9,158,245
 
     Diluted income per share                        $     0.15   $     0.06
 
     Diluted weighted average shares outstanding      9,227,555    9,395,997
 
 

SOURCE OraLabs Holding Corp.
    ENGLEWOOD, Colo., April 2 /PRNewswire/ -- OraLabs Holding Corp.
 (Nasdaq: OLAB) today announced that year end revenues were $13,885,423 with
 earnings of $.15 per share, or $1,359,570.  This compares to 1999 reported
 revenues of $9,161,034 with earnings of $.06 per share, or $546,097.
     The Company's 2000 earnings absorbed increased expenses of Engineering,
 $91,434, Selling and Marketing, $353,761 and General and Administrative of
 $650,300.  The Company's earnings increased by approximately 149%.  The
 $13,885,423 in revenue represents a record level for the Company.
     Gary Schlatter, OraLabs President stated, "We are very pleased with the
 outcome for the year 2000.  It was a year that proved the tenacity and
 commitment of the Company's employees.  Achievement of 52 % growth in revenue
 is a challenge that our employees accepted, accomplished and should be proud
 of. Our goal of serving our customers better than our competitors will
 hopefully allow us to continue to grow."
     OraLabs, Inc. manufactures Ice Drops(R) brand oral care products, Lip
 Rageous(TM), Lip Naturals(TM), Chap Ice(TM), Ice Drops(R), Lip Ice(TM),
 Essential Lip Moisturizer(TM), and brands of lip balm.  The product line
 includes breath drops, breath sprays, mouthwash, lip balms and a variety of
 private label products.  OraLabs products are sold through more than
 50,000 retail outlets in the United States and in over 35 foreign markets.
 Additionally, OraLabs supplies products to various Airlines.
     OraLabs dietary supplement products include Glucosamine + MSM (for joint
 health), MSM, Healthy Bears(TM) (Vitamin-ized Gummy Bears), 5-HTP (for
 insomnia, mood enhancement and weight loss), Breast Plus(TM) (for natural
 breast augmentation), Drenalean(TM) and Cheat & Lean(TM) (both for weight
 loss).
 
     FOR ADDITIONAL INFORMATION (303) 783-9499
     Gary Schlatter, President, gschlatter@oralabs.com
 
     Forward-Looking and Cautionary Statements
     Except for historical information and discussions contained herein,
 statements included in this release may constitute "forward-looking
 statements" within the meaning of the Private Securities Litigation Reform Act
 of 1995.  Reference is made in particular to statements regarding anticipated
 sales growth, expectations regarding financial results for the quarter and
 expectations regarding future outcomes.  These statements are based on the
 company's current beliefs and expectations as to such future outcomes.  These
 statements involve a number of risks, uncertainties, and other factors that
 could cause results to differ materially, as discussed in the Company's
 filings with the Securities and Exchange Commission.
 
 
                       ORALABS HOLDING CORP. AND SUBSIDIARIES
 
                             Consolidated Balance Sheet
                                 December 31, 2000
 
                                       Assets
 
     Current assets
       Cash and cash equivalents                                  $2,098,872
       Accounts receivable, net of allowance for doubtful          2,467,214
        accounts of $131,867
       Inventory                                                   1,775,231
       Deferred income taxes                                         205,906
       Prepaid expenses                                              224,656
       Deposits                                                      130,999
         Total current assets                                      6,902,878
 
     Property and equipment at cost, net                             915,185
     Deferred income taxes                                             3,610
 
     Total assets                                                 $7,821,673
 
                        Liabilities and Stockholders' Equity
 
     Current liabilities
       Accounts payable - trade                                   $1,655,844
       Accrued liabilities                                           423,382
       Reserve for returns                                           473,739
       Income taxes payable                                          454,472
         Total current liabilities                                 3,007,437
 
     Commitments and contingencies
 
     Stockholders' equity
       Preferred stock, $.001 par value,
        1,000,000 shares authorized;
        none issued and outstanding                                       --
       Common stock, $.001 par value;
        100,000,000 shares authorized;
        9,160,755 issued and outstanding                               9,160
       Additional paid-in capital                                  1,216,905
       Retained earnings                                           3,588,171
         Total stockholders' equity                                4,814,236
 
     Total liabilities and stockholders' equity                   $7,821,673
 
 
 
                       ORALABS HOLDING CORP. AND SUBSIDIARIES
 
                       Consolidated Statements of Operations
 
                                                        For the Year Ended
                                                           December 31,
                                                         2000         1999
     Revenue
       Product sales                                $13,885,423   $9,048,548
       Services income - related party                       --      112,486
       Cost of sales                                  8,144,531    6,114,216
         Gross profit                                 5,740,892    3,046,818
 
     Operating expenses
       Engineering                                      271,450      180,016
       Selling and marketing                          1,619,530    1,265,769
       General and administrative                     1,652,303    1,002,003
       Other                                             24,412       51,233
         Total operating expenses                     3,567,695    2,499,021
 
     Net operating income                             2,173,197      547,797
 
     Other income
       Interest and other income                        140,908      336,974
         Total other income                             140,908      336,974
 
     Net income before provision for income taxes     2,314,105      884,771
 
     Provision for income taxes
       Current                                        1,043,881      418,726
       Deferred                                        (89,346)      (80,052)
                                                        954,535      338,674
 
     Net income                                      $1,359,570   $  546,097
 
     Basic income per common share                   $     0.15   $     0.06
 
     Weighted average shares outstanding              9,160,755    9,158,245
 
     Diluted income per share                        $     0.15   $     0.06
 
     Diluted weighted average shares outstanding      9,227,555    9,395,997
 
 SOURCE  OraLabs Holding Corp.