rbc life sciences inc (RBCL) Key Developments
RBC Life Sciences Inc. Announces Executive Changes
Jan 6 15
RBC Life Sciences Inc. announced that effective January 1, 2015, the board of directors of the company appointed Mr. Steven E. Brown, to serve as the company's chief executive officer and president. Prior to this appointment, Mr. Brown served as the company's president. In his capacity as CEO, Mr. Brown replaces Clinton H. Howard, whose resignation as CEO became effective January 1, 2015. Mr. Howard will continue to serve as the company's chairman of the board.
RBC Life Sciences Inc. Announces Executive Changes
Oct 1 14
Effective September 26, 2014, Mr. Kevin B. Young resigned his position as Vice President - Sales of RBC Life Sciences Inc. to participate in the Company's network marketing distribution system as an independent Associate. Mr. Young's duties will be assumed by Mr. Barton R. Dangerfield, Vice President - Marketing, until a replacement for Mr. Young is found. On September 26, 2014, the Board of Directors of the company appointed Ms. Daley L. Seeker, to serve as the company's Vice president - Finance, Chief Financial Officer, Treasurer and Secretary effective October 6, 2014. Ms. Seeker will join the Company on October 6, 2014 having held various positions, most recently as an Assurance Supervisor, in the Assurance Practice of McGladrey LLP, from 2011 to present. From 2010 until 2011, Ms. Seeker served as a Staff Auditor for the accounting firm of Gindler, Chappell, Morrison & Co., PC, and from 2008 to 2010, as an Audit Associate with McGladrey.
RBC Life Sciences Inc. Enters into Two-Year Exclusive Distributorship Agreement with Coral Club International, Inc
Aug 28 14
On August 22, 2014, RBC Life Sciences Inc. entered into a two-year exclusive distributorship agreement effective as of August 1, 2014 with Coral Club International, Inc. This Agreement replaces a ten-year exclusive distributorship agreement between the parties that automatically renewed for a one-year term following expiration of the initial term on July 1, 2014. CCI is the company's principal licensee and accounted for virtually all of the company's licensees' net sales in the six months ended June 30, 2014 and 2013, respectively. Pursuant to the Agreement, CCI's exclusive territory includes Russia and other countries located primarily in Europe and Central Asia, which represents an expansion of the territory set out in the Former Agreement. In consideration of the rights granted to CCI under the Agreement, CCI is required to purchase certain minimum amounts of products from the Company each year, which minimum amounts are consistent with the Former Agreement. Under the Former Agreement, CCI was required to pay the company a monthly royalty calculated as a percentage of its sales of the company's products. Under the Agreement, in lieu of a royalty, the prices at which products are sold to CCI were marked up as of the effective date of the Agreement to include the royalty so that no additional royalty will be due upon the sale of the company's products by CCI. To affect the transition of royalty calculations under the Former Agreement and the Agreement, the company will recognize on a one-time basis royalty revenue of approximately $476,000 in the third quarter of 2014.
RBC Life Sciences, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014
Aug 14 14
RBC Life Sciences Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported net sales of $7.9 million, an 18% increase over net sales of $6.7 million in the second quarter of 2013. The company reported a net loss of $7,000, or $0.00 per basic and diluted share, compared to a net loss of $147,000, or $0.07 per basic and diluted share, for the same quarter last year. Earnings before income taxes were $9,000 compared to loss before income taxes of $226,000 a year ago. Operating income was $33,000 compared to operating loss of $198,000 a year ago.
For the six months, net sales were $13.6 million, a 10% increase over net sales of $12.4 million in the same period last year. Net loss was $385,000, or $0.17 per basic and diluted share, compared to a net loss of $155,000, or $0.07 per basic and diluted share, in the comparable period in 2013. Loss before income taxes was $509,000 compared to $232,000 a year ago. Operating loss was $459,000 compared to operating loss of $174,000 a year ago.
RBC Life Sciences, Inc. Announces Executive Changes, Effective June 13, 2014
Jun 4 14
On May 30, 2014, Mr. Richard S. Jablonski notified RBC Life Sciences Inc. of his resignation from his positions as Vice President - Finance and Chief Financial Officer of the company, effective June 13, 2014. On June 2, 2014, the Board of Directors of the company appointed Mr. Steven E. Brown, to serve as Chief Financial Officer effective concurrent with the departure of Mr. Jablonski in addition to his current position as President. The appointment of Mr. Brown as Chief Financial Officer is an interim measure until a permanent replacement for Mr. Jablonski is found. Mr. Brown previously served as Chief Financial Officer from May 1994 until being named President in June 2012 and as Executive Vice President from June 2011 to June 2012. Mr. Brown has also served as a director of the Company since May 1994.