PacificHealth Laboratories reported a net income of $285,627 (€323,836) , or $0.05 per share, for the year ended December 31, 2001 and revenues of $6,145,525, (€6.97m)compared to a net loss of ($957,566), or ($0.21) per share, for the same period in 2000.
The company said that it achieved a 79 per cent increase in sales of its sports drink products. This included new products, Accelerade, launched in June, and the EnduroxR4 sports drinks range.
The company also signed a licensing agreement with GlaxoSmithKline in June for its Satietrol technology, receiving a $1 million initial licensing fee and $250,000 in additional achievement payments during the year ended December 31, 2001.
The company reported that at year-end 2001, it had a working capital of $4.5 million compared to $1.6 million at year-end 2000 and had no long-term debt. It has also expanded its sales staff.
Dr. Robert Portman, president and CEO of Pacific Health, said: "This was a pivotal year for PacificHealth Laboratories. In 2001, we established the foundation for significant sales and revenue growth for 2002 and beyond."