Press Releases

SAN DIEGO--(BUSINESS WIRE)--Feb. 17, 2004--Imagenetix, Inc. (OTCBB:IAGX - News), www.imagenetix.net, an innovator of scientifically tested, natural based, proprietary bioceutical products developed to enhance human and animal health on a global basis, today announced results for the third fiscal quarter ended December 31, 2003.
For the third fiscal quarter ended December 31, 2003, the company reported revenue of $1,066,399, an increase of 31% compared to $813,875 reported in the same quarter of the prior fiscal year. For the third quarter, the company reported net income of $152,158 or $.02 per share compared to a loss of $ 7,192 or ($.00) per share reported for the same quarter of the prior fiscal year.

For the nine months ended December 31, 2003, the company reported revenue of $2,923,065 compared to $2,382,955 reported for the first nine months of the prior fiscal year. For the first nine months, the company reported net income of $242,311 or $.03 per share compared to a loss of $823,877 or ($.10) per share reported for the first nine months of the prior fiscal year (included in the prior nine months net loss was a non-cash expense of $408,327 or ($.05) per share associated with the issuance of common stock purchase warrants).

"I am pleased to report increases in both sales and earnings to our shareholders," reported Bill Spencer, CEO. "Our nine-month sales have increased 22% over the same nine-month period last year, our most recent quarter saw sales increase 31% over the same quarter last year, and we have shed last year's losses by posting four consecutive profitable quarters. I am also happy to report that backlog remains at comparatively high levels which should bode well for the company's near term future. Our sales initiatives are working. They are translating into top line growth and bottom line earnings for our shareholders."