BURNABY, British Columbia, April 5, 2007 (PRIME NEWSWIRE) -- EYI Industries, Inc. ("EYI") (OTCBB:EYII), announced financial results for the 2006 full year ended December 31, 2006.
Sales for 2006 were $4,131,437 compared to $4,980,408 for 2005. Gross profit after costs of goods sold and commission expense was $1,354,956, or 32.8 percent of sales for the 2006 full year, compared with $1,883,507, or 37.8 percent of sales for 2005. Net loss was $7,105,759 for 2006, compared to $4,262,010 for 2005.
Jay Sargeant, President and Chief Executive Officer, said, "As you may have seen Monday morning with the release of our 2006 10-KSB, our financial results were very disappointing. As the President, Chief Executive Officer, and largest shareholder I share in everyone's frustration. With all this said, I believe there are reasons to be optimistic about our future. The Company's business outlook is improving primarily as a result of the gaining customer acceptance of our new Ultimate ME(2) product, which significantly reduces vehicle emissions and improves gas mileage. There were some initial production delays when we launched this product in the 2006 fourth quarter, but these problems are behind us. We are signing many new distributors and are pleased that we are beginning to be recognized by impact multi-marketing groups.
"While we are excited about Ultimate ME(2), we are not losing focus of our other products. We are continuing to work hard with the China Electronics Import and Export South China Corporation ("CEIEC") to market and sell our Code Blue Water Filters, CALORAD and PROSOTEINE products to customers in China. There have been delays in selling these products in China, but we are optimistic that we will begin to ship products throughout China in 2007.
"I am pleased with how the year has started. We have a portfolio of products that offer consumers solutions to many mainstream problems such as obesity, high gas prices and unsafe drinking water. We have an excellent infrastructure in place as our sales begin to ramp up and I am optimistic that the Company is well-positioned to post a turnaround in its financial results and look forward to sharing this anticipated success with investors in the coming months," concluded Mr. Sargeant.
EYI Industries, Inc. welcomes calls from investors.
This press release is available on the company's official online investor relations site for investor commentary, feedback and questions. Investors are asked to visit the EYI Industries IR Hub located at www.agoracom.com/IR/EYI Alternatively, investors can e-mail AGORACOM Investor Relations directly at EYII@Agoracom.com.
About EYI (http://www.eyicom.com)
EYI Industries Inc., through our subsidiary, Essentially Yours Industries, Inc. (EYI), markets products that promote health, well-being and lifestyle. Recently, EYI announced the exclusive marketing rights for ULTIMATE ME2, a proven, tested, and environmentally friendly, non-metallic and non-polluting fuel performance product. ULTIMATE ME2 enhances and creates efficient combustion that cools the engine of your vehicle. This means fewer emissions for the environment, a smoother running engine and money in your pocket as you reduce fuel consumption which in turn reduces fuel costs! EYI also distributes a consumer product that reduces Arsenic and other contaminates to a negligible level from drinking water. The portable water filtration product's name is Code Blue(tm) and is exclusively provided to EYI. In addition, EYI sells dietary supplements and personal care products. A large portion of our sales are from CALORAD(r), a liquid protein supplement that has brought weight loss benefits to our customers. More than six million bottles of CALORAD(r) have been sold since EYI was founded in 1995. PROSOTEINE(r) is a revolutionary and safe nutritional supplement that gives your body a boost that not only supports you in the moment but also rebuilds your body, cell by cell, bringing our customers the benefits of a natural Energy drink. PROSOTEINE(r) is experiencing similar success to CALORAD(r).
EYI markets its products through an extensive network of Independent Business Associates. Our sales force is staffed by knowledgeable, experienced men and women and are supported by our comprehensive training programs.
The EYI Industries Inc. logo is available at http://www.primezone.com/newsroom/prs/?pkgid=2202
This press release contains forward-looking statements, particularly as related to, among other things, EYI's product purchase agreements and EYI's business strategy. The words or phrases "would be," "will allow," "intends to," "may result," "are expected to," "will continue," "anticipates," "expects," "estimate," "project," "indicate," "could," "potentially," "should," "believe," "considers" or similar expressions are intended to identify "forward-looking statements.'' Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties. Such forward-looking statements are based on current expectations, involve known and unknown risks, a reliance on third parties for information, transactions or orders that may be canceled, and other factors that may cause EYI's actual results, performance or achievements, or developments in its industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties related to the enforceability of its product purchase contracts in foreign countries, the performance of EYI's staff, management, financing, competition, EYI's ability to implement or manage its expansion strategy, general economic conditions and other factors that are detailed in EYI's Annual Report on Form 10-KSB and on documents EYI files from time-to-time with the Securities and Exchange Commission. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. EYI cautions readers not to place undue reliance on such statements. EYI does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement. Actual results may differ materially from the EYI's expectations and estimates.