PURE Bioscience Reports Third Quarter Results Conference Call to be Scheduled at Later Date Business Wire SAN DIEGO -- June 13, 2012 PURE Bioscience, Inc. (NASDAQ: PURE), creator of the patented silver dihydrogen citrate (SDC) antimicrobial, today reported financial results for its third fiscal quarter ended April 30, 2012. Revenue for the quarter was $207,000, compared with revenue of $128,000 for the same quarter of the prior year. The net loss for the quarter was $1.8 million, or $0.04 per share, compared with a net loss of $1.8 million, or $0.05 per share, in the third quarter last year. Revenue for the nine months ended April 30, 2012 was $685,000, compared with revenue of $220,000 for the nine months ended April 30, 2011. The net loss for the nine months ended April 30, 2012 was $6.4 million, or $0.15 per share, compared with a net loss of $6.3 million, or $0.17 per share, for the nine months ended April 30, 2011. As of April 30, 2012, the Company had cash and cash equivalents of approximately $289,000. Michael L. Krall, President and CEO of PURE Bioscience, stated, “During the quarter we continued to make significant headway with the technical sales cycle required to elicit a change from entrenched competitor products to our PURE products. This process often includes additional or confirmatory testing, introductory trials and intense education and guidance. In addition, the long evaluation process is generally followed by a complex approval process. We believe we strengthened the market position of PURE Hard Surface disinfectant and food contact surface sanitizer by adding the PURE Multi-Purpose Cleaner Concentrate and PURE Floor Cleaner Concentrate to create the PURE Complete Cleaning, Sanitizing and Disinfecting System. We are pleased to now offer a comprehensive, cost-effective and user-friendly product line to end-users, janitorial service providers and their distributors.” Krall continued, “Also during the quarter, we secured AHI as a strategic customer in the facilities services market. AHI provides integrated facilities services in seven states for commercial, institutional, food processing, technology, retail, educational and medical clients, including several Fortune 500 companies into which AHI has implemented PURE’s products. “In addition, we partnered with Intercon Chemical Company for distribution of the PURE Complete System in conjunction with Intercon’s Clearly Better Solutions product line. Intercon plans to introduce PURE’s products into its established network of more than 200 distributors that service approximately 250,000 end-use customers. Subsequent to quarter end, we signed five additional distributors and have already received opening orders. “After taking back direct control of our sales and market process for the past months, we are just now nearing the point at which we expected to be in late 2010: our sales team has developed a comprehensive and accelerated awareness and educational strategy and is executing it through multiple channels. Our programs are now beginning to convert to meaningful sales, and we look forward to a bright future for PURE. I look forward to discussing our progress and other important developments in a conference call later this month,” concluded Krall. Conference Call The Company expects to host a conference call and webcast at a later date in June 2012 to review the quarter and nine-month results and to discuss recent developments concerning financing, business operations and corporate governance. A news release announcing the conference call/webcast and providing all access details will be issued approximately one week prior to the event. About PURE Bioscience, Inc. PURE Bioscience, Inc. develops and markets technology-based bioscience products that provide solutions to numerous global health challenges, including Staph (MRSA). PURE’s proprietary high efficacy/low toxicity bioscience technologies, including its silver dihydrogen citrate-based antimicrobials, represent innovative advances in diverse markets and lead today’s global trend toward industry and consumer use of “green” products while providing competitive advantages in efficacy and safety. Patented SDC is an electrolytically generated source of stabilized ionic silver, which formulates well with other compounds. As a platform technology, SDC is distinguished from competitors in the marketplace because of its superior efficacy, reduced toxicity and the inability of bacteria to form a resistance to it. PURE is headquartered in El Cajon, California (San Diego metropolitan area). Additional information on PURE is available at www.purebio.com. This press release includes statements that may constitute "forward-looking" statements, usually containing the words "believe," "estimate," "project,” "expect" or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, the Company’s cash position and liquidity requirements, the Company’s failure to implement or otherwise achieve the benefits of its strategic initiatives, acceptance of the Company's current and future products and services in the marketplace, the ability of the Company to develop effective new products and receive regulatory approvals of such products, competitive factors, dependence upon third-party vendors, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release. Pure Bioscience, Inc. Consolidated Statements of Operations (Unaudited) Nine months ended Three months ended April 30, April 30, 2012 2011 2012 2011 Revenue Net product $ 685,000 $ 210,000 $ 207,000 $ 128,000 sales License fees - 10,000 - - Total revenue 685,000 220,000 207,000 128,000 Operating costs and expenses Cost of goods 206,000 62,000 37,000 37,000 sold Selling, general and 5,439,000 4,847,000 1,557,000 1,437,000 administrative Research and 1,421,000 1,647,000 439,000 473,000 development Total operating 7,066,000 6,556,000 2,033,000 1,947,000 costs and expenses Loss from (6,381,000 ) (6,336,000 ) (1,826,000 ) (1,819,000 ) operations Other income (expense) Interest 1,000 6,000 - 1,000 income Other income, (3,000 ) 12,000 (3,000 ) - net Total other income (2,000 ) 18,000 (3,000 ) 1,000 (expense) Net loss $ (6,383,000 ) $ (6,318,000 ) $ (1,829,000 ) $ (1,818,000 ) Basic and diluted net $ (0.15 ) $ (0.17 ) $ (0.04 ) $ (0.05 ) loss per share Shares used in computing basic and diluted net loss per 43,209,474 36,662,054 46,708,185 37,276,199 share Pure Bioscience, Inc. Consolidated Balance Sheets April 30, July 31, 2012 2011 (Unaudited) Assets Current assets Cash and cash equivalents $ 289,000 $ 1,794,000 Accounts receivable, net 193,000 50,000 Inventories, net 901,000 861,000 Prepaid expenses 432,000 100,000 Total current assets 1,815,000 2,805,000 Property, plant and equipment, net 291,000 426,000 Patents, net 1,951,000 1,917,000 Total assets $ 4,057,000 $ 5,148,000 Liabilities and stockholders' equity Current liabilities Accounts payable $ 1,875,000 $ 677,000 Accrued liabilities 409,000 258,000 Total current liabilities 2,284,000 935,000 Deferred rent 3,000 6,000 Total liabilities 2,287,000 941,000 Commitments and contingencies Stockholders' equity Preferred stock, $0.01 par value: 5,000,000 shares authorized, no shares - - issued Common stock, $0.01 par value: 100,000,000 shares authorized 48,057,074 issued and outstanding at April 30, 2012, and 40,034,659 issued and outstanding at 480,000 400,000 July 31, 2011. Additional paid-in capital 61,283,000 57,417,000 Accumulated deficit (59,993,000 ) (53,610,000 ) Total stockholders' equity 1,770,000 4,207,000 Total liabilities and stockholders' $ 4,057,000 $ 5,148,000 equity Contact: PURE Bioscience Investor Contact: LHA Don Markley, Senior Vice President (310) 691-7100 firstname.lastname@example.org
PURE Bioscience Reports Third Quarter Results
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