Q3: Divine Skin Announces Record Quarterly Net Revenue Of $1.52 Million And Third Quarterly Net Income
MIAMI BEACH, Fla., Nov. 15, 2010 /PRNewswire-FirstCall/ -- Today biotech pioneer Divine Skin Inc. (OTC Bulletin Board: DSKX), which went public less than a year ago, announced its third consecutive quarterly net income.
- Q3 net revenue grew to $1.52 million — up 17 percent from last quarter and up 59 percent from the same quarter of 2009.
- For the first nine months of 2010, net revenue increased to $3.82 million — up $1.17 million or 44 percent from the $2.65 million of the first nine months of 2009.
- Q3 profit increased to $85,656 — up $218,669 or 164 percent from the loss of $133,013 in the same quarter of 2009.
- For the first nine months of 2010, net income increased to $345,268 — up $422,896 or 544 percent from the $77,628 loss of the first nine months of 2009.
CEO Daniel Khesin attributed much of the growth to expanding demand for the company's consumer products. "We continue to face difficulties meeting demand from our customers, which places a strain on our supply chain and operations. Resolving these challenges is now our top priority and will lead to significant increases in revenue once we are successful. There was a lot of frustration in Q3 from our customers, who were receiving orders late due to product shortages."
Divine Skin defied the recent economic slowdown, growing quickly and without investment capital until 2009, when the developer of dermatological treatments conducted a private placement. The company began trading publicly on May 20, 2010.
Divine Skin's strategy has been to formulate effective new products by combining active ingredients already approved in existing monographs at the US Food and Drug Administration. The company thus avoids lengthy approval processes while achieving maximum efficacy and delivering new high-performance products quickly.
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