eFoodSafety.com, a developer of nutraceutical and whole food products, has reported its quarterly results for the company’s fiscal third quarter ended January 31, 2008. The company’s financial highlights are as follows:
• The company is showing a 300% increase in revenue for the quarter ended January 31, 2008. Net sales were $309,197 as compared to $82,930 for the same period ended January 31, 2007.
• There was a decrease in sales and marketing expenses of 52%. Net sales and expenses reported January 31, 2007 were $54,387 compared to $28,455 for the quarter ended January 31, 2008.
• Research and development expenses showed an 83% decrease from the previous year. R&D expenses were $8,381 for the quarter ended January 31, 2008 as compared with $49,051 for the same period ended January 31, 2007.
• However, general and administrative expenses increased approximately 15.6% from the previous year, with general and admin expenses totaling $222,756 for the quarter ended January 31, 2008 compared to $192,615 for the same period ended January 31, 2007. The company believes that this is due to higher insurance costs and increased liability limits for all divisions, stemming from increased product sales.
Patricia Gruden, CEO and Chairman of eFoodSafety commented on the company’s financial position stating, “Reporting year-over-year quarterly revenue growth of 300% for our fiscal third quarter is an encouraging way to embark upon what management anticipates will be a very promising year for the Company, including solid revenue growth, especially in conjunction with the imminent launch of our direct response campaigns for Cinnergen™ and Cinnechol™.”
“We have delivered on our goal of building the foundation to support our products through consumer rollouts and continued R&D. At the same time, we continued to control our expenses, and this quarter’s results certainly reflect our achievements in those efforts. We can proudly report to our shareholders and investment community that the majority of our products are ready for market. We continue to remain in a very strong financial position with over $1 million in cash on hand after disbursements for all expenses,” she continued.
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