- Management to Host Conference Call Today at 11:30 a.m. ET -
DENVER, May 1 /PRNewswire-FirstCall/ -- XELR8 Holdings, Inc.
(AMEX:BZI), a provider of liquid nutritional, functional foods,
beverages and nutritional supplements, today announced its
financial results for three months ended March 31, 2008. Financial
and operational highlights for First Quarter of Fiscal 2008: --
Revenue increased 138% over prior year period to $1.6 million --
Gross profit was $1.2 million, an improvement of $0.6 million from
one year ago -- Cash and cash equivalents were $2.5 million as of
March 31, 2008 Total revenue for the first quarter ended March 31,
2008 was $1.6 million, an 82% increase compared to total revenue of
$0.9 million for the fiscal year ended March 31, 2007. Gross profit
grew to $1.2 million for the three months ended March 31, 2008, up
115% from $0.6 million in the prior year period. Gross margin in
the quarter was 77%, an improvement of 12%, from 65% same quarter
one year ago, due to increased sales of Bazi, which carries a
higher gross margin compared to the legacy products. Net loss for
the three months ended March 31, 2008, decreased 43% to $0.75
million, or $(0.05) per share, compared to a loss of $1.4 million,
or $(0.13) per share, in the prior year. The Company's balance
sheet continues to remain strong. As of March 31, 2008, cash and
cash equivalents were approximately $2.5 million, which includes
the proceeds from the $0.5 million financing completed during the
quarter. Total shareholders' equity at the three months ended March
31, 2008 was $2.2 million and the Company remains debt free. Mr.
John Pougnet, Chief Executive Officer of XELR8, commented, "I am
pleased to report another record revenue quarter. Bazi continues to
gain traction in the marketplace and showed major improvements
partially due to our successful gathering of distributors in
February at our national event as well as new sales aids and
incentives offered. In the first quarter sales of Bazi rose
approximately 138% from same period one year ago, to $1.4 million,
or an increase of $0.8 million. Bazi represented 89% of the
Company's total sales in the quarter versus 68% last year as
customers favor the convenience and simplicity Bazi offers them."
Mr. Pougnet continued, "The Company's main driver in the near-term
is to continue to focus our efforts on growing sales of Bazi, which
has shown tremendous growth in the last year, when it was first
launched. As of March 31, 2008, we had 9,044 participants
nationwide marketing Bazi, which was a 7.5% increase since our last
tally of 8,416 participants which was as of February 29, 2008,
partially due to the successful distributor convention in Las
Vegas. Since then, we continue to remain in close contact with our
distributors to obtain constant feedback as well as assist them in
building their business as well. Recently we have offered new
incentives and bonus features and conducted regional 'Go Diamond'
events, in six major cities nationwide." "Our operating plan for
2008 remains on target and is focused on the continued growth and
market penetration of Bazi by increasing the number of independent
distributors and customers, which will help drive revenues and
improve gross profit. Our cash burn has been diminished and the
visibility to produce positive cash flow is vivid and within reach
in the coming quarters," concluded Mr. Pougnet. Additionally, XELR8
and its liquid nutritional drink "Bazi" were featured on
TheStreet.com's video segment entitled "Direct Selling is So Money"
on Wednesday, April 30th. In the segment XELR8 distributor Emma
Stith was interviewed along with Sandy Greenberg, distributor
advocate and XELR8 founder. You can view the segment by cutting and
pasting this url into your browser:
http://www.thestreet.com/_yahoo/video/strategysession/10414473.html?cm_ven=YAH
OO&cm_cat=FREE&cm_ite=NA#10414473 There will be a
conference call today at 11:30 a.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, the 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/ConfCall050108.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: Stephen D.
Axelrod, CFA John Pougnet, CEO Alisa Steinberg (Media) XELR8
Holdings, Inc. Wolfe Axelrod Weinberger Assoc. LLC (303) 316-8577
(212) 370-4500 XELR8 HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE
SHEETS (Unaudited) For the Quarters Ended March 31 December 31 2008
2007 ASSETS Current assets: Cash and cash equivalents $2,469,361
$2,245,858 Accounts receivable, net of allowance for doubtful
accounts of $14,079 and $12,231, respectively 1,220 7,460
Inventory, net of allowance for obsolescence of $174,687 and
$189,403, respectively 290,823 370,843 Prepaid expenses and other
current assets 325,207 329,015 Total current assets 3,086,611
2,953,176 Intangible assets, net 17,652 17,959 Property and
equipment, net 68,738 81,405 Total assets $3,173,001 $3,052,540
LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts
payable and accrued expenses $974,172 $832,697 Total Liabilities
974,172 832,697 Commitments and Contingencies SHAREHOLDERS' EQUITY
(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, 15,697,170 and 15,197,170
shares issued and outstanding respectively 15,697 15,197 Additional
paid in capital 23,424,505 22,696,657 Accumulated (deficit)
(21,241,373) (20,492,011) Total shareholders' equity 2,198,829
2,219,843 Total liabilities and shareholders' equity $3,173,001
$3,052,540 XELR8 HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS
OF OPERATIONS (Unaudited) Three Months Ended March 31, 2008 and
2007 For the Three For the Three Months Ended Months Ended March
31, 2008 March 31, 2007 Net sales $1,577,784 $869,075 Cost of goods
sold 359,578 305,593 Gross profit 1,218,206 563,482 Operating
expenses: Selling and marketing expenses 1,090,792 629,266 General
and administrative expenses 868,886 849,521 Research and
development expenses 424 614 Depreciation and amortization 11,844
11,779 Total operating expenses 1,971,946 1,491,180 Net (loss) from
operations (753,740) (927,698) Other income (expense) Interest
income 19,278 3,126 Other expense (13,770) - (Loss) on disposal of
asset (1,130) Interest (expense) - (439,537) Total other income
(expense) 4,378 (436,411) Net (loss) $(749,362) $(1,364,109) Net
(loss) per common share Basic and diluted net (loss) per share
$(0.05) $(0.13) Weighted average common shares outstanding, basic
and diluted 15,334,533 10,753,350 XELR8 HOLDINGS, INC. CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Three Months
Ended March 31, 2008 and 2007 2008 2007 Cash flows from operating
activities: Net income (loss) $(749,362) $(1,364,109) Adjustments
to reconcile Depreciation and amortization 11,844 11,779 Stock and
stock options issued for services 275,375 474,912 Expense related
to anti-dilution of warrants 13,770 - Loss on asset disposal 1,130
- Interest expense and amortization related to bridge loan
financing - 428,889 Change in allowance for doubtful accounts 1,848
2,368 Change in allowance for inventory obsolescence (14,716)
81,450 Change in allowance for product returns 10,092 30,866
Changes in assets and liabilities: Accounts receivable 4,392
(4,052) Inventory 94,736 (40,488) Other current assets 3,808 79,511
Accounts payable and accrued expenses 131,383 122,355 Net cash
(used) by operating activities (215,700) (176,519) Cash flows from
financing activities: Proceeds from bridge loan financing - 250,000
Repayments of bridge financing - (500,000) Issuance of common
stock, net 439,203 1,806,404 Net cash provided by financing
activities 439,203 1,556,404 NET INCREASE (DECREASE) IN CASH
223,503 1,379,885 CASH AND CASH EQUIVALENTS, BEGINNING OF THE
PERIOD 2,245,858 76,147 CASH AND CASH EQUIVALENTS, END OF THE
PERIOD $2,469,361 $1,456,032 DATASOURCE: XELR8 Holdings, Inc.
CONTACT: John Pougnet, CEO, XELR8 Holdings, Inc., +1-303-316-8577,
; or Stephen D. Axelrod, CFA, , or 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/
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