SAN ANTONIO, Nov. 6, 2007 (PRIME NEWSWIRE) -- Sweet Success Enterprises (OTCBB:SWTS), the maker of GlucaSafe which supports healthy glucose levels and a line of innovative and delicious healthy-lifestyle beverages, announced today that preliminary results indicate that Sweet Success will report a profit for the third quarter of approximately $2.3 million due to accounting adjustments.
"The profit was the result of market activities that affected the price of our outstanding derivatives," said William Gallagher, Sweet Success CEO. "After a closer look we have improved our bottom line on a cash basis and actual estimated cash loss for the third quarter of $163,008 for the September 30th quarter versus $301,502 at the second quarter and $644,807 in the first quarter. This indicates our cost structure is the right size now and is positioned to be leveraged as we generate the higher sales primarily from the recent rollout to the large chain through their northern U.S. outlets," added Gallagher.
TABLE - CASH LOSSES
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Q1 Q2 Q3
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$644,087 $301,502 $163,008
actual actual forecast
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Product statements have not been evaluated by the FDA. The products are not intended to diagnose, treat, cure or prevent disease.
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"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. All statements which address actual results could differ materially from those expressed or implied in forward-looking statements. These statements are made on the basis of management's views and assumptions. As a result, there can be no assurance that management's expectations will necessarily come to pass. These forward-looking statements generally can be identified by phrases such as management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. Similarly, statements in this release that describe the Company's business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements. Management cautions that the ability to attract clients and generate business may be affected by a decline in the Company's financial ratings, the competitive environment, the Company's ability to raise sufficient capital to meet the collateral requirements associated with its current business and to fund the Company's continuing operations and changes in market conditions.