EXHIBIT 99.1
[LIFEPOINT LOGO]
FOR IMMEDIATE RELEASE
LIFEPOINT RELEASES
FINANCIAL RESULTS FOR THE
THIRD QUARTER ENDED DECEMBER 31, 2003
~ SHIPPING OF THE IMPACT(R) TEST SYSTEM HAS COMMENCED ~
ONTARIO, CALIFORNIA - February 11, 2004- LifePoint, Inc. (AMEX: LFP), a leader
in non-invasive drug diagnostic technologies and solutions, today announced
results of operations for the third quarter ended December 31, 2003. Net loss
for the third quarter ended December 31, 2003 was $1.8 million, or $0.05 per
share, compared to a net loss of $2.9 million, or $0.8 per share, for the
quarter ended December 31, 2002.
"We are pleased to announce that LifePoint has completed the internal and
field-testing of our enhanced IMPACT(R) Test System product at multiple sites",
stated Linda H. Masterson, President and CEO of LifePoint Inc. "We have also
continued validation of manufacturing processes, and have started to ship the
product to current customers and distributors. After we have completed shipping
to current customers, we plan to start to ship to new customers with our initial
focus on US industrial and International law enforcement customers."
During the quarter ended December 31, 2003, LifePoint did not make any sales or
record cost of sales. LifePoint spent $1.0 million on research and development
(which includes manufacturing costs), $0.2 million on selling expenses and $0.6
million on general and administrative expenses. For the same three-month period
in 2002 LifePoint spent $0.2 million on cost of sales, $1.4 million on research
and development, $0.5 million on selling expenses and $0.6 million on general
and administrative expenses.
For the nine months ended December 31, 2003, LifePoint did not make any sales or
record cost of sales. During this nine months LifePoint spent $2.5 million on
research and development which includes manufacturing costs), $0.4 million on
selling expenses and $1.6 million on general and administrative expenses. For
the same nine month period in 2002 LifePoint spent $1.3 million on cost of
sales, $5.5 million on research and development, $1.7 million on selling
expenses and $1.8 million on general and administrative expenses.
LifePoint will host a conference call today, February 11, 2004 at 4:30 PM EDT,
(1:30 PM PDT) to discuss the financial results for the third quarter of fiscal
2004 and to provide an update on the IMPACT Test System. To participate, please
dial 1-800-299-7635 and 1-617-786-2901 (international) Pass code #36893261.
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If you are unable to participate, an audio digital replay of the call will be
available from February 11, 2004 at 6:30 p.m. EST until 6:30 p.m. EST, March 11,
2004, by dialing 1-888-286-8010 (domestic) or 617-801-6888 (international) using
confirmation code #54967588. A web archive will be available for 30 days at
http://www.streetevents.com, http://www.companyboardroom.com, or
http://www.LifePointInc.com. The company will issue its quarterly letter to
shareholders following the conference call.
FOR THE FOR THE
THREE MONTHS ENDED NINE MONTHS ENDED
DECEMBER 31 DECEMBER 31
----------------------------- -----------------------------
2003 2002 2003 2002
------------- ------------- ------------- -------------
Revenues $ -- $ (1,240) $ (18,500) $ 163,095
Costs and expenses:
Cost of goods sold -- 238,433 -- 1,270,428
Research and Development 1,032,061 1,431,415 2,556,230 5,456,899
Selling Expenses 173,489 533,022 419,967 1,654,674
General and Administrative Expenses 587,387 644,066 1,628,735 1,798,477
------------- ------------- ------------- -------------
Total costs and expenses from operations 1,792,937 2,846,936 4,604,932 10,180,478
------------- ------------- ------------- -------------
Loss from operations (1,792,937) (2,848,176) (4,623,432) (10,017,383)
Interest income 590 (4,031) 16,656 (21,355)
Interest expense -- (51,750) (323,140) (51,750)
Discount on settlement of trade payables 3,558 -- 727,171 --
------------- ------------- ------------- -------------
Total other income (expense) 4,148 (55,781) 420,687 (73,105)
------------ ------------ ------------ ------------
Net loss $ (1,788,789) $ (2,903,957) $ (4,202,745) $(10,090,488)
Less registration effectiveness fee -- -- -- 413,615
Less preferred dividends 524,531 343,867 7,745,427 1,033,468
------------- ------------- ------------- -------------
Loss applicable to common shareholders $ (2,313,320) $ (3,247,824) $(11,948,172) $(11,537,571)
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Loss applicable to common stockholders
per common share:
Weighted average common shares
outstanding - basic and assuming dilution 42,122,394 35,827,164 39,135,182 35,604,319
============= ============= ============= =============
Net loss per share applicable to
common stockholders $ (0.05) $ (0.08) $ (0.31) $ (0.32)
============= ============= ============= =============
Cash at December 31 $ 3,871,902 $ 1,227,280
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ABOUT LIFEPOINT, INC
LifePoint, Inc., a leader in non-invasive drug diagnostic technologies and
solutions, has developed, manufactures and markets the IMPACT TEST SYSTEM - a
rapid diagnostic testing, screening and drug monitoring device for use in law
enforcement and the workplace, and in the future, ambulances, pharmacies, and
home healthcare markets. LifePoint's patented and proprietary technologies for
the use of saliva as a non-invasive, blood-comparable test specimen, used in
conjunction with the flow immunosensor technology licensed from the United
States Navy, have allowed LifePoint to develop a broadly applicable, rapid,
on-site diagnostic test system. The first product simultaneously detects drugs
of abuse and alcohol. The initial three target markets - law enforcement,
industrial workplace and medical emergency room - are estimated to be over $1.6
billion in total opportunity.
This press release contains forward-looking statements regarding future events
and the future performance of LifePoint, Inc. that involve risks and
uncertainties that could cause actual results to differ materially. Although the
Company believes that the expectations reflected in any forward-looking
statements made herein are reasonable, the Company cannot guarantee future
results, levels of activity, performance or achievements. The Company undertakes
no obligation to update any forward-looking statements made to conform to actual
results or to changes to expectations. These risks include, but are not limited
to the potential need for additional financing, FDA 510(k) clearance in medical
markets, dependence on third parties for certain marketing efforts, and market
acceptance. These risks and others are described in further detail in the
Company's reports filed with the Securities and Exchange Commission.
LIFEPOINT(R) and IMPACT(R) are trademarks of LifePoint, Inc.
CONTACTS:
LifePoint, Inc.
Linda H. Masterson, CEO & President
(909) 418-3000 x400
e-mail: LifePoint@LFPT.com
Web site: www.LifePointInc.com
INVESTORS:
Cameron Associates
Lester Rosenkrantz
(212) 245-8800 x212
e-mail: lester@cameronassoc.com
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