PETALUMA, Calif., Nov. 12, 1998 (PRIMEZONE) -- Healthy Planet Products, Inc. (AMEX: HPP) today reported a net loss for the third quarter ended September 30, 1998 of ($1,115,749), or ($0.49) per share, on net sales of $1,034,654, compared with a net loss a year ago of ($105,191), or ($0.06) per share, on net sales of $1,425,463.
For the nine month period ended September 30, 1998, the company reported a net loss of ($2,452,102), or ($1.08) per share, on net sales of $2,751,652, compared with a net loss a year ago of ($564,024), or ($0.31) per share, on net sales of $3,138,656.
Healthy Planet Products is a socially and environmentally responsible company that markets greeting cards, stationery and gifts featuring The Sierra Club, The Wilderness Society, The Rain Forest Action Network and other environmental organizations. Its products are carried in more than 5,000 outlets nationwide, including Barnes & Noble, Wegmans, Staples, Fred Meyers and many others.
HEALTHY PLANET PRODUCTS, INC.
STATEMENT OF OPERATIONS
(UNAUDITED)
Three Months Nine Months
Ended Sept. 30, Ended Sept. 30,
1998 1997 1998 1997
------ ------ ------ ------
NET SALES $1,034,654 $1,425,463 $2,751,652 $3,138,656
COST OF GOODS SOLD 1,119,734 792,356 2,482,727 1,572,129
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GROSS PROFIT(Loss) (85,080) 633,107 268,925 1,566,527
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OPERATING EXPENSES
Selling, shipping and
marketing 366,824 344,615 949,751 802,660
General and Administrative 524,098 437,361 1,451,431 1,227,645
890,922 781,976 2,401,182 2,030,305
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OPERATING LOSS (976,002) (148,869) (2,132,257) (463,778)
-------- -------- ---------- ---------
OTHER INCOME/EXPENSE:
Interest expense (4,306) -- (14,452) --
Interest income 31,780 43,211 95,843 116,616
Other income 32,779 467 98,764 5,138
60,253 43,678 180,155 121,754
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LOSS BEFORE TAXES (915,749) (105,191) (1,952,102) (342,024)
-------- -------- ---------- --------
PROVISION FOR INCOME TAXES 200,000 0 500,000 222,000
------- -------- ---------- ---------
NET LOSS ($1,115,749) ($105,191) ($2,452,102) ($564,024)
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BASIC AND DILUTED
LOSS PER SHARE ($0.49) ($0.06) ($1.08) ($0.31)
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING 2,282,368 1,827,362 2,265,701 1,827,362
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