Baywood International, Inc. Reports Results for First Quarter Ending March 31, 2008
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SCOTTSDALE, Ariz.--(Business Wire)--
Baywood International, Inc. (OTCBB: BAYW) ("Baywood" or the
"Company"), a leading nutraceutical company, today announced financial
results for the first quarter ended March 31, 2008.
Revenues for the first quarter were $3.3 million, compared to $0.2
million for the same period last year, an increase of approximately
1,488%. The increase in net sales for the quarter and year is
attributable to our acquisition of Nutritional Specialties, Inc.,
d/b/a LifeTime(R) ("LifeTime").
On an operating basis, Baywood reported operating income of $0.1
million for the first quarter compared to an operating loss of $0.1
million for the same period last year. For the period ended March 31,
2008, operating income resulted from increased sales on a consolidated
basis resulting from the acquisition of LifeTime. In addition,
operating income for the three month period ended March 31, 2008
included certain non-cash option and stock compensation expenses as
well as depreciation and amortization expense totaling approximately
$0.1 million.
Net loss for the first quarter ended March 31, 2008 was $0.1
million, or $(.02) per share based on weighted average shares
outstanding of 6,609,970. This compares to a net loss of $0.2 million,
or $(0.11) per share based on weighted average shares outstanding of
2,133,364, for the same period last year. The net loss for the year
included interest expense and amortization of debt discount and
acquisition costs totaling approximately $0.3 million.
"We continue to see a compelling growth opportunity with our
unique, liquid-based products, and we expect to aggressively develop
more products in this area. In addition, we are increasing our sales
force to expand our natural health food presence by targeting our
distribution opportunities in the Northeast, Southeast and Upper
Midwest," stated Neil Reithinger, President & C.E.O. of Baywood.
"Furthermore, we have new product introductions in the very near term
that contain the latest 'in-demand' ingredients as we continue to
expand our reach into the functional beverage category."
About Baywood:
Baywood International, Inc. (OTCBB: BAYW) ("Baywood") is a
nutritional company that develops, markets and sells nutraceutical and
nutritionally enhanced products and new age beverages under its own
brands. Baywood merges its expertise in nutritional formulation with
its leverage in sales and distribution to deliver the most effective
and progressive products to market. Currently, Baywood's products are
sold under three brands that are distributed into retail markets
nationwide and internationally as follows:
-- LifeTime(R) - Available in independent and chain health food
stores, natural grocery stores, and other direct-to-consumer
channels both internationally and domestically
(www.lifetimevitamins.com)
-- Baywood PURECHOICE(R), Baywood SOLUTIONS(R) and Complete La
Femme(R) - Available in independent and chain health food
stores, natural grocery stores, and other direct-to-consumer
channels both internationally and domestically
(www.baywoodproducts.com)
-- Mamajuana Energy(TM) - Available in select convenience stores
and chain stores nationwide (www.mamajuanaenergy.com)
For more information, call (888) 350-0799, or for more
information, visit Baywood's corporate website at www.bywd.com.
This press release may contain forward-looking statements, made in
reliance upon Section 21D of the Exchange Act of 1934, which involve
known and unknown risks, uncertainties or other factors that could
cause actual results to differ materially from the results,
performance, or expectations implied by these forward-looking
statements. The Company's expectations, among other things, are
dependent upon general economic conditions, continued demand for its
products, the availability of raw materials, retention of its key
management and operating personnel, its ability to integrate the
business of Lifetime, need for and availability of additional capital
as well as other uncontrollable or unknown factors which are more
fully disclosed in the Company's Form 10-Ks and 10-Qs on file with the
United States Securities and Exchange Commission.
Baywood International, Inc.
Neil Reithinger, President & C.E.O., 480-951-3956 x 120
nreithinger@bywd.com
Copyright Business Wire 2008
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