Market Snapshot
  • U.S.
  • Europe
  • Asia
Ticker Volume Price Price Delta
DJIA 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 2.54 0.14%
NASDAQ 4,095.52 9.29 0.23%
Ticker Volume Price Price Delta
STOXX 50 3,155.81 16.55 0.53%
FTSE 100 6,625.25 41.08 0.62%
DAX 9,409.71 91.89 0.99%
Ticker Volume Price Price Delta
NIKKEI 14,516.27 98.74 0.68%
TOPIX 1,173.37 6.78 0.58%
HANG SENG 22,760.24 64.23 0.28%

PURE Bioscience Reports Third Quarter Results



  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
dmarkley@lhai.com
Sponsored Links
Advertisement
Advertisements
Sponsored Links
Advertisement