RBC Life Sciences Reports Second Quarter Results
RBC Life Sciences Reports Second Quarter Results
IRVING, Texas--(BUSINESS WIRE)--July 27, 2006--RBC Life Sciences, Inc. (OTCBB:RBCL) today reported a 16% increase in net sales to $6,203,000 in the second quarter of 2006 compared to net sales of $5,358,000 in the same period of last year. Earnings before income taxes for the second quarter of 2006 increased 19% to $453,000. The Company's net earnings in the second quarter of 2006 were $293,000, or $0.01 per share, compared to net earnings of $380,000, or $0.02 per share, in the second quarter of 2005.
Clinton Howard, CEO said, "The increase in second quarter earnings before income taxes over the same period last year was achieved even though this year we expensed general and administrative costs of approximately $309,000 related to our new subsidiary in South Korea. This earnings growth was driven by improved operating margins and sales increases in both of our operating segments, with particularly strong sales growth in nutritional product sales to our overseas licensees. Because earnings have now offset our net operating loss carryforwards, as determined for financial reporting purposes, we recorded a tax provision of $160,000 in the second quarter of 2006, which reduced net earnings below net earnings reported for the second quarter of 2005."
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