GeneLink Reports First Quarter 2011 Results
ORLANDO, Fla., May 16, 2011 /PRNewswire/ -- GeneLink, Inc. ( OTCBB: GNLK, "the Company," or "GeneLink"), a leading consumer genomics biotech company, today reported financial results for the quarter ended March 31, 2011.
- Gross profit margin increased to 64.26% from 61.6% for the three months ended March 31, 2010
- Net sales were $1,400,187, compared to $2,221,111 for the three months ended March 31, 2010, a decrease of 37%
- Operating losses were $488,051 compared to $446,517 for the three months ended March 31, 2010. Excluding non-cash charges relating to the granting of stock, options and warrants, operating losses decreased $22,789 for 2011 as compared to 2010
Dr. Bernard Kasten, GeneLink's Chairman and CEO stated, "Despite the drop in revenues from 2010, we closed the quarter with an enthusiastic March 12th marketing event and soft-launch of new weight management and skin care products. This initial major effort to expand our overall product offering provides a greater variety of price points for consumers and complements our cornerstone offerings of genetically customized nutritional supplements and skin serum. Our product line expansion, improving margins and cost controls have us ready for the upcoming launch of our previously announced direct response efforts with Robert Trussell and his organization. In addition, GeneLink continues to pursue additional marketing partners who can help us leverage our science and existing distribution channels. We are hopeful that the results of these efforts have GeneLink poised for financial success in the second half of 2011."
About GeneLink Biosciences, Inc.:GeneLink is a 17-year old leading biosciences company specializing in consumer genomics. GeneLink's patented technologies include proprietary DNA test assessments linked to personalized health, beauty and wellness applications and products. Its DNA assessments provide information that enables the customization of nutritional and skincare products designed and manufactured to fulfill each individual consumer's wellness needs. For more information visit www.genelinkbio.com. This release contains certain forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. With the exception of historical information contained herein, the matters discussed in the press release involve risk and uncertainties. Actual results could differ materially from those expressed in any forward-looking statement. GeneLink disclaims any intention or obligation to revise any forward-looking statements, whether as a result of new information, future developments or otherwise.
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