- Company Reports Record 2007 Revenue of $4.9 Million, an Increase
of 126% - DENVER, March 26 /PRNewswire-FirstCall/ -- XELR8
Holdings, Inc. (AMEX:BZI), a provider of functional foods,
beverages and nutritional supplements, today announced its
financial results for the twelve months ended December 31, 2007.
Financial and operational highlights for Fiscal 2007: -- Revenues
increased 126% over prior year period -- Gross profit margin was
72%, up 800 basis points from 64% in 2006 -- Bazi(TM) represented
83% of revenues in 2007, major growth component -- Working capital
of $2.1 million as of December 31, 2007 Total revenue for the
fiscal year ended December 31, 2007 was $4.9 million, a 126%
increase compared to total revenue of $2.1 million for the fiscal
year ended December 31, 2006. Gross profit grew to $3.5 million for
the fiscal 2007, up 153% from $1.4 million in the prior year
period. Net loss for the year ended December 31, 2007, decreased
31% to $3.2 million, or $0.23 per share, compared to a loss of $4.7
million, or $0.48 per share, in the prior year. The Company's
balance sheet continues to remain strong. As of December 31, 2007,
cash and cash equivalents were $2.25 million, excluding the
proceeds from the February 2008 financing. Total shareholders'
equity at the end of fiscal 2007 was $2.22 million and the Company
remains debt free. As a result of the improved operating
performance and the additional financing, the Company's Independent
Registered Public Accountants have removed the going concern
qualification from their report. "I am pleased with XELR8's
performance in fiscal 2007," said John Pougnet, XELR8 CEO. "Fiscal
2007 was a pivotal year for XELR8, especially with the launch of
our lead product Bazi, in January 2007, which has become a dominant
part of our revenues as well as our anchor for future growth." Mr.
Pougnet continued, "During fiscal 2007 we built an excellent
foundation for marketing Bazi, ending the year with 8,416
participants nationwide. We have begun leveraging our distributor
base in fiscal 2008 through various means that we believe will not
only assist them in building their current clientele, but also
enhance our network by finding more distributors to broaden our
reach. In addition to our recent distributor convention in Las
Vegas, which was a resounding success, we have begun to offer new
incentives and bonus features as well as incorporate regional "Go
Diamond" events, to be hosted in six major cities nationwide in the
coming weeks. It is events like these that enable us to keep in
touch with our distributors and not only help in their growth, but
also learn and grow from their success stories that we can then
share network-wide." "We are focused on attaining profitability and
are getting closer to that goal daily. Fortunately, the Company is
well capitalized and can undertake expenditures that will not only
contribute ultimately to profitability but also strengthen our
distribution network leading to broader acceptance of our products
and, in particular, Bazi," concluded Mr. Pougnet. There will be a
conference call today at 4:15 p.m. ET with the investment
community, featuring John Pougnet, Chief Executive Officer of XELR8
Holdings, Inc. Interested parties may participate in the call by
dialing 877-407-8293; international callers dial 201-689-8349. In
addition, a replay of the conference call will be available
approximately two hours after the call has ended. The replay can be
accessed at: http://www.xelr8tools.com/Media/ConfCall032608.mp3 and
will be archived for 30 days. About XELR8 Holdings, Inc. XELR8
Holdings, Inc. is a provider of nutritional foods and beverages
designed to help enhance physical health and overall performance.
XELR8 has developed a comprehensive line of nutritional supplements
and functional foods designed in systems that are easy to take,
simple to understand, and conveniently fit within a lifestyle.
These include the Company's Eat/Drink/Snack System; Peak
Performance System; and its newest market entry, Bazi(TM), a
powerful, concentrated, antioxidant (Vitamins A, C & E)
nutritional drink packed with eight different super fruits and
berries, including the Chinese jujube plus 12 vitamins and 68
minerals, providing all the daily vitamins and minerals you need in
a single, convenient, one-ounce shot. XELR8's commitment to
quality, science and research has earned the Company a loyal
following of over 350 world-class athletes and an elite list of
endorsers, such as 3-time World Series Champion Curt Schilling,
five-time Cy Young Award Winner Randy Johnson; Super Bowl Champions
Mike Alstott and Lawyer Milloy; professional football star Cadillac
Williams; Olympians Briana Scurry and Caroline Lalive; Stanley Cup
Winner Blake Sloan; and PGA Tour Professional Tom Pernice, Jr.
XELR8 products are only available through independent distributors
located throughout the nation. For more information about XELR8,
please visit http://www.xelr8.com/ or http://www.drinkbazi.com/ .
Forward-looking Statements This press release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including prospects for
XELR8's distribution network. Actual results may differ from those
discussed in such forward-looking statements. These forward-looking
statements include risks and uncertainties that include the
Company's ability to attract and retain distributors; changes in
demand for the Company's products; changes in the level of
operating expenses; changes in general economic conditions that
impact consumer behavior and spending; product supply; the
availability, amount, and cost of capital for the Company; and the
Company's use of such capital. More information about factors that
potentially could affect the Company's financial results is
included in the Company's filings with the Securities and Exchange
Commission, including its Annual Report on Form 10-KSB for the year
ended December 31, 2006 and all subsequent filings. Certain
statements in this release regarding the Company's agreements are
in accordance with the guidelines established by the Federal Trade
Commission for endorsements in advertising. Contacts: John Pougnet,
CEO Stephen D. Axelrod, CFA XELR8 Holdings, Inc. Alisa Steinberg
(Media) (303) 316-8577 Wolfe Axelrod Weinberger Assoc. LLC (212)
370-4500 XELR8 HOLDINGS, INC. CONSOLIDATED BALANCE SHEETS For the
Years Ended December 31, 2007 and 2006 2007 2006 ASSETS Current
assets: Cash and cash equivalents $2,245,858 $76,147 Accounts
receivable, net of allowance for doubtful accounts of $12,231 and
$10,706, respectively 7,460 4,785 Inventory, net of allowance for
obsolescence of $189,403 and $41,655, respectively 370,843 411,364
Prepaid expenses and other current assets 329,015 259,292 Total
current assets 2,953,176 751,588 Intangible assets, net 17,959
11,212 Property and equipment, net 81,405 123,943 Deferred offering
and loan costs - 133,889 Total assets $3,052,540 $1,020,632
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) Current liabilities:
Accounts payable and accrued expenses $832,697 $1,160,916
Short-term note payable - 250,000 Total Liabilities 832,697
1,410,916 Commitments and Contingencies (Note 7) SHAREHOLDERS'
EQUITY (DEFICIT) (Note 2): Preferred stock, authorized 5,000,000
shares, $.001 par value, none issued or outstanding - - Common
stock, authorized 50,000,000 shares, $.001 par value, 15,197,170
and 10,097,170 shares issued and outstanding, respectively 15,197
10,097 Additional paid in capital 22,696,657 16,849,900 Accumulated
(deficit) (20,492,011) (17,250,281) Total shareholders' equity
(deficit) 2,219,843 (390,284) Total liabilities and shareholders'
equity $3,052,540 $1,020,632 XELR8 HOLDINGS, INC. CONSOLIDATED
STATEMENTS OF OPERATIONS For the Years Ended December 31, 2007 and
2006 2007 2006 Net revenue $4,853,046 $2,148,420 Cost of goods sold
1,380,663 775,762 Gross profit 3,472,383 1,372,658 Operating
expenses: Selling and marketing expenses 3,180,392 2,626,613
General and administrative expenses 3,107,469 3,275,689 Research
and development expenses 17,828 73,921 Depreciation and
amortization 58,033 66,333 Total operating expenses 6,363,722
6,042,556 Net (loss) from operations (2,891,339) (4,669,898) Other
income (expense) Interest income 87,646 34,337 Gain on disposal of
asset 1,500 - Interest (expense) (439,537) (33,888) Total other
income (expense) (350,391) 449 Net (loss) $(3,241,730) $(4,669,449)
Net (loss) per common share Basic and diluted net (loss) per share
$(0.23) $(0.48) Weighted average common shares outstanding, basic
and diluted 13,951,691 9,714,021 XELR8 HOLDINGS, INC. CONSOLIDATED
STATEMENTS OF CASH FLOWS For the Years Ended December 31, 2007 and
2006 2007 2006 Cash flows from operating activities: Net income
(loss) $(3,241,730) $(4,669,449) Adjustments to reconcile
Depreciation and amortization 58,033 66,333 (Gain) on sale of
equipment (1,500) - Stock and stock options issued for services
1,372,408 859,489 Interest expense and amortization related to
bridge loan financing 428,889 - Change in allowance for doubtful
accounts 1,525 5,243 Change in allowance for inventory obsolescence
147,748 24,776 Change in allowance for product returns 30,866
25,013 Changes in assets and liabilities: Accounts receivable
(4,200) (1,270) Inventory (107,227) 106,609 Other current assets
(69,723) (88,679) Accounts payable and accrued expenses 205,915
679,907 Net cash (used) by operating activities (1,178,996)
(2,992,028) Cash flows from investing activities: Proceeds from
maturity of investments - 110,000 Proceeds from sale of equipment
1,500 - Capital expenditures (22,242) (71,846) Net cash (used)
provided by investing activities (20,742) 38,154 Cash flow from
financing activities: Proceeds from bridge loan financing 250,000
250,000 Repayments of bridge financing (500,000) - Issuance of
common stock, net of offering costs 3,619,449 - Deferred offering
costs - (25,000) Net cash provided by financing activities
3,369,449 225,000 NET INCREASE (DECREASE) IN CASH 2,169,711
(2,728,874) CASH AND CASH EQUIVALENTS, BEGINNING OF THE PERIOD
76,147 2,805,021 CASH AND CASH EQUIVALENTS, END OF THE PERIOD
$2,245,858 $76,147 SUPPLEMENTAL CASH FLOW DISCLOSURE Cash paid for
interest $13,425 $- Stock issued for satisfaction of accrued
compensation expense $540,000 $- Deferred offering costs applied
against proceeds from offering $25,000 $- DATASOURCE: XELR8
Holdings, Inc. CONTACT: John Pougnet, CEO of XELR8 Holdings, Inc.,
+1-303-316-8577, ; or Stephen D. Axelrod, CFA, , Media, Alisa
Steinberg, , both of Wolfe Axelrod Weinberger Assoc. LLC,
+1-212-370-4500, for XELR8 Holdings, Inc. Web site:
http://www.xelr8.com/ http://www.drinkbazi.com/
http://www.xelr8tools.com/Media/ConfCall032608.mp3
Copyright
Xelr8 Holdings (AMEX:BZI)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Xelr8 Holdings (AMEX:BZI)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024