MIAMI BEACH, Fla., Aug. 16 /PRNewswire-FirstCall/ -- Executives at biotech developer Divine Skin Inc. (OTC Bulletin Board: DSKX) were pleased to announce their Second Quarter numbers — up 30 percent over Q1 of this year and 78 percent over Q2 of last year, while net income was up nearly 380% over Q1 and Q2 last year.
Gross revenue for the quarter was $1.33 million — a new record and a second consecutive quarterly gain — which compared with $1.07 million for Q1 and $760,000 for Q2 of 2009. Net income for the quarter was $232,000 while posting a loss of $215,000 in the same period last year.
The company develops, manufactures, and distributes advanced technologies for topical preparations, OTC drugs and prescription drugs within the personal care space. The company aims to capitalize on its research and development expertise to establish new treatments that lead to improved quality of life for many of its customers.
"Despite that this performance fell short of our target," said Divine Skin CEO Daniel Khesin. "We are very much on track with our distribution and product development strategy implementation. DS Laboratories brand has been adding new salons at a tremendous pace. Our Sigma Skin brand has just completed an agreement with Neiman Marcus – one of the highest end Department store in the US. We have so much new business in the pipeline, shareholders will be very pleased. Our main obstacle at the present moment is meeting the huge demand due to complex manufacturing requirements for our technologically driven formulations. We can easily deliver significantly more sales volume if we simply improve the efficiency of our supply chain."Khesin reaffirmed that the company is on track to supply Fantastic Sams, a chain of 1,300 franchised salons throughout the United States, by the end of Q3. The company expects that distribution agreement to be worth $4.6 million per year when fully implemented. About Divine Skin Divine Skin Inc. develops, markets, and distributes technologically advanced personal-care products through a diverse network of wholesalers, online retailers, specialty outlets, spas, salons, and medical offices in more than 20 countries. Its brands include DS Laboratories, Sigma Skin, and Polaris Research.