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GeneLink Reports Second Quarter 2011 Results

Stocks in this article: GNLK

ORLANDO, Fla., Aug. 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 June 30th, 2011.

Financial Highlights for the three months ended June 30, 2011 and June 30, 2010:

  • Gross profit margin improved to 65.1% from 64.3% in the prior year.
  • Net sales were $1,400,187, compared to $2,221,111 in the prior year.
  • Operating losses were $772,832 compared to $494,358 in the prior year.  

Bernard L. Kasten, M.D., GeneLink's Chairman and CEO stated, "In the first half of 2011, GeneLink refocused its business strategy on expanding our offerings and revenues through strategic business relationships.  These efforts have initially resulted in previously-announced transactions involving a direct-response marketing agreement in conjunction with a team led by Mr. Robert Trussell, the founder of Tempur-Pedic Inc., and the execution of a letter of intent with Capsalus Corp.(OTCBB: WELL) to sell the licensing rights and assets of our GeneWize Life Sciences, Inc. direct-selling subsidiary. We are working proactively to support the anticipated increased sales volume from these and additional potential relationships in the coming months.  The positive reactions to our business plan and achievements have enabled GeneLink to raise $2,843,500 since December 30, 2010 to capitalize the company for this anticipated growth. We believe that we have laid a foundation that builds on GeneLink's strong scientific and intellectual property foundations and innovative skincare and nutrition products, positioning it for improved financial results in the fourth quarter of 2011 and beyond."

About GeneLink Biosciences, Inc.:

GeneLink is a 17-year old leading biosciences company specializing in consumer genomics. GeneLink's patented technologies include proprietary DNA assessments linked to personalized nutrition, skincare and wellness applications and products.  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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