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For Immediate Release
ChromaDex™ Announces 2008 Year End Financial Results
IRVINE, CALIF., April 3rd, 2009 – ChromaDex Corporation, (OTCBB: CDXC) a leader in phytochemical reference standards and contract research, today announced financial results for the 2008 Fiscal Year. On a reported basis calculated in accordance with U.S. Generally Accepted Accounting Principles (U.S. GAAP), ChromaDex announced a net loss attributable to common stockholders of $0.07 per share for the twelve months ended January 3, 2009
As of January 3, 2009, cash, cash equivalents, and marketable securities totaled approximately $1.1 million.
“The third quarter of 2008 was significant for ChromaDex,” said Frank Jaksch, CEO and co-founder of ChromaDex. “Even with the significant economic downturn in the third quarter, we are continuing to make the necessary investments to ensure growth. We will continue to invest in marketing, advertising, new products and services, and intellectual property as these areas will give us the edge we need as the natural products market continues to grow.”
Additional Financial Results & Notes
On a reported basis, ChromaDex recorded revenue during 2008 of $4,506,301 as compared to $4,754,073 for the same period in 2007. The net loss attributable to common stockholders for the twelve months ended January 3, 2009, was $2,104,476 as compared to a net loss of $189,875 for the same period in 2007. The Company notes that as a result of its closing of the reverse merger acquisition of Cody Resources, Inc. on June 20, 2008, investors are cautioned that the Company’s historical performance is not directly comparable.
About ChromaDex
ChromaDex is a leader in the development of Phytochemical and Botanical Reference Standards and the creation of associated intellectual property. ChromaDex is committed to sustainable “Green chemistry” and provides the dietary supplement, food, beverage, nutraceutical and cosmetic industries with the analytical tools and services to meet product regulatory, quality, efficacy and safety standards.
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: the ability to market, produce and sell the referenced ingredients; risks relating to product and customer demand, market acceptance of our products; the effect of economic conditions both nationally and internationally; the ability to protect our intellectual property rights; the 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.
ChromaDex Corporation and Subsidiaries
Consolidated Statements of Operations
Years Ended January 3, 2009 and December 29, 2007
2008 2007
Sales $4,506,301 $4,754,073
Cost of goods sold 3,274,800 3,122,461
Gross profit 1,231,501 1,631,612
Operating expenses:
Selling 720,519 387,816
General and administrative 2,579,015 1,421,516
3,299,534 1,809,332
Operating loss (2,068,033) (177,720)
Nonoperating (income) expenses:
Interest expense 70,079 31,815
Interest and other income (33,636) (19,660)
36,443 12,155
Net loss $(2,104,476) $(189,875)
Basic and Diluted loss per common share $(0.07) $(0.01)
Basic and Diluted average common shares
outstanding 28,312,934 26,514,481
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ChromaDex Corporation
10005 Muirlands Blvd, Suite G
Irvine, CA 92618
Phone 949-419-0288
Fax 949-419-0294
Email info@chromadex.com
www.chromadex.com
Investor Inquiries: Media Inquiries:
Parag Dave Megan Lavine
Porter Novelli Life Sciences Porter Novelli Life Sciences
212-601-8186 619-849-5388
pdave@pnlifesciences.com mlavine@pnlifesciences.com |
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