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ProPhase Labs Reports Financial Results for the Three and Six Months Ended June 30, 2020

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DOYLESTOWN, Pennsylvania, Aug. 11, 2020 (GLOBE NEWSWIRE) -- ProPhase Labs, Inc. (NASDAQ: PRPH, www.ProPhaseLabs.com) today announced net sales of $3.6 million for the three months ended June 30, 2020, compared to net sales of $1.7 million for the three months ended June 30, 2019. The Company recognized net income for the three months ended June 30, 2020 of $70,000, or $0.01 per share, compared to a net loss of $1.2 million, or ($0.11) per share, for the three months ended June 30, 2019.

Results for the second quarter of 2020 compared to the second quarter of 2019 principally reflect the net effect of (i) an increase in net sales of $1.9 million due to an increase in third party customer orders, (ii) a decrease in administrative costs of $62,000 due principally to a decrease in professional fees, (iii) a decrease in sales and marketing expenses of $217,000 resulting from a reduction in marketing initiatives and (iv) a decrease in research and development expenditures of $30,000.

The Company generated net sales for the six months ended June 30, 2020 of $5.5 million, as compared to $4.0 million for the six months ended June 30, 2019. The Company incurred a net loss for the six months ended June 30, 2020 of $0.7 million, or (0.06) per share, as compared to a net loss of 2.3 million, or (0.19) per share, for the six months ended June 30, 2019.

Results for the six months ended June 30, 2020 as compared to the six months ended June 30, 2019 principally reflect the net effect of (i) an increase in net sales of $1.5 million due to an increase in third party customer orders, (ii) a decrease in administrative costs of $268,000 due principally to a decrease in professional fees, (iii) a decrease in sales and marketing expenses of $313,000 resulting from a reduction in marketing initiatives and (iv) a decrease in research and development expenditures of $65,000.

About the Company

We are a manufacturing and marketing company with deep experience with OTC consumer healthcare products and dietary supplements. We are engaged in the research, development, manufacture, distribution, marketing and sale of OTC consumer healthcare products and dietary supplements in the United States. This includes the development and marketing of dietary supplements under the TK Supplements® brand.

In addition, the Company also continues to actively pursue acquisition opportunities for other companies, technologies and products inside and outside the consumer products industry. For more information visit us at www.ProPhaseLabs.com.

Investor Contact

Ted Karkus, Chairman and CEO
ProPhase Labs, Inc.
(267) 880-1111


ProPhase Labs, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)

For the Three Months Ended

For the Six Months Ended

June 30, 2020

June 30, 2019

June 30, 2020

June 30 2019

Net sales

$

3,623

$

1,651

$

5,511

$

3,969

Cost of sales

2,344

1,390

3,817

3,188

Gross profit

1,279

261

1,694

781

Operating expenses:

Sales and marketing

125

342

295

608

Administration

1,030

1,092

2,028

2,296

Research and development

65

95

124

189

Total operating expenses

1,220

1,529

2,447

3,093

Income (loss) from operations

59

(1,268

)

(753

)

(2,312

)

Interest income, net

11

30

14

61

Net income (loss)

$

70

$

(1,238

)

$

(739

)

$

(2,251

)

Other comprehensive income:

Unrealized gain (loss) on marketable debt securities

(5

)

8

6

23

Total comprehensive income (loss)

$

65

$

(1,230

)

$

(733

)

$

(2,228

)

Basic earnings (loss) per share:

$

0.01

$

(0.11

)

$

(0.06

)

$

(0.19

)

Diluted earnings (loss) per share:

$

0.01

$

(0.11

)

$

(0.06

)

$

(0.19

)

Weighted average common shares outstanding:

Basic

11,592

11,560

11,587

11,558

Diluted

11,618

11,560

11,587

11,558


ProPhase Labs, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)

June 30,

December 31,

2020

2019

(audited)

Cash and cash equivalents

$

2,537

$

434

Marketable debt securities, available for sale

$

3,339

$

926

Accounts receivable, net

$

1,930

$

2,010

Inventory

$

2,047

$

1,459

Total current assets

$

10,242

$

9,945

Total assets

$

12,375

$

12,274

Total current liabilities

$

1,395

$

933

Total non-current liabilities

$

86

$

110

Total stockholders’ equity

$

10,894

$

11,231


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