Interleukin Genetics Reports Fourth Quarter And Year End 2012 Financial Results
Fourth Quarter Results
Revenue for the quarter ended December 31, 2012 was $0.3 million, compared to $0.6 million for the same period in 2011. The decrease is primarily attributable to decreased genetic testing revenue as a result of sales through the Amway Global sales channel.
Research and development expenses were $0.3 million for the quarter ended December 31, 2012, compared to $0.4 million for the quarter ended December 31, 2011. The decrease is primarily attributable to decreased consulting costs partially offset by increased compensation expenses as compared to the year ended December 31, 2011.
Selling, general and administrative expenses were $0.8 million for the quarter ended December 31, 2012, compared to $1.1 million for the same period in 2011. The decrease is primarily attributable to decreases in sales commissions paid to Amway Global as part of our Merchant Channel and Partner Store Agreement, compensation expenses and depreciation.The Company reported a loss from continuing operations of $1.2 million, or $(0.03) per basic and diluted common share, for the fourth quarter of 2012, compared to $1.4 million or $(0.04) per basic and diluted common share for the same period in 2011. As of December 31, 2012, the Company had cash and cash equivalents of $1.2 million, compared to $1.7 million of cash and cash equivalents on December 31, 2011. As of December 31, 2012, the Company had drawn the full $14.3 million under credit facilities with Pyxis Innovations Inc., an affiliate of Alticor. This facility currently becomes due on March 31, 2014. The Company expects that its current and anticipated financial resources, including the $1.3 million available as of December 31, 2011 under the credit facility with Pyxis, are adequate to maintain current and planned operations only through April 30, 2013 and continues to work on sources of funding. The Company’s independent registered public accounting firm has included an explanatory paragraph in their opinion in connection with the 2012 audit, relating to the Company's ability to continue as a going concern.
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