MIAMI BEACH, Fla., May 16, 2012 /PRNewswire/ -- Divine Skin Inc. (OTCBB: DSKX), a leading developer of personal-care products, announced results for its quarter ending March 31, 2012. Net revenue was $1.98 million, compared to $2.25 million in the same quarter of 2011. Gross margin improved significantly, to more than 50 percent or $1.05 million, comparable to last year's quarterly result of $1.10 million. Net loss for the quarter was $428,000, compared to $192,000 for the first quarter of 2011.
Highlights from the first quarter include
- Introduction of API System 9 to physicians
- Two new compounds identified that trigger processes for improved hair growth
- Spectral.F7 study was completed with 15 volunteers showing a significant global improvement in hair counts and density
- A new scalable $1.5 million line of credit
- New distribution by United Natural Foods for the NutraOrigin brand
- Extensive regulatory compliance in preparation for launch in various overseas markets.
- Reformulation of the popular Revita shampoo for superior cosmetic benefits while retaining the well-established therapeutic results.
Divine Skin CEO Daniel Khesin stated, "We are on track to see the kind of explosive growth this year that we have witnessed for last year," he concluded. "In 2012, we are projecting $15 million in revenue. That's more than 50 percent growth over 2011."
"So far this year we have closed new deals for more high-margin products, and we have added several new distribution outlets for all items. Such rapid expansion demands greater marketing and inventory expenditures, but we fully expect these investments to bear fruit in the next few quarters.