AMBI Reports First Quarter Fiscal 2001 Results.Business Editors, Health/Medical Writers PURCHASE, N.Y.--(BW Health Wire)--Oct. 31, 2000 AMBI AMBI Associação Médica Brasileira Iridologia Inc. (Nasdaq:AMBI) announced results for the first quarter of fiscal 2001 that ended September September: see month. 30, 2000. Total revenues were $6.9 million and net income was $6,000 ($0.00 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share), compared with $8.4 million and $2.0 million ($0.06 per diluted share), respectively, in the same period in fiscal 2000. Results for the first quarter of fiscal 2001 reflect the impact of price reductions on the Company's Chromax(R) chromium chromium (krō`mēəm) [Gr.,=color], metallic chemical element; symbol Cr; at. no. 24; at. wt. 51.996; m.p. about 1,857°C;; b.p. 2,672°C;; sp. gr. about 7.2 at 20°C;; valence +2, +3, +6. picolinate products, continued funding of NutritionU.com, and charges related to the departure of the Company's former CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . These reductions and costs were partially offset by initial fees on the Company's nisin nisin an antibiotic substance isolated from cultures of lactic acid producing streptococci and reputed to have antibacterial activity against gram-positive bacteria. and lysostaphin Lysostaphin is a Staphylococcus simulans metalloendopeptidase. It can function as an antimicrobial against Staphylococcus aureus.[1] References 1. ^ Kokai-Kun JF, Walsh SM, Chanturiya T, Mond JJ (2003). antibacterial antibacterial /an·ti·bac·te·ri·al/ (-bak-ter´e-al) destroying or suppressing growth or reproduction of bacteria; also, an agent that does this. an·ti·bac·te·ri·al adj. technologies licenses to Biosynexus Incorporated. Gail Montgomery Montgomery, city, United States Montgomery, city (1990 pop. 187,106), state capital and seat of Montgomery co., E central Ala., near the head of navigation on the Alabama River just below the confluence of the Coosa and Tallapoosa rivers, and in the rich , AMBI's newly appointed ap·point tr.v. ap·point·ed, ap·point·ing, ap·points 1. To select or designate to fill an office or a position: appointed her the chief operating officer of the company. 2. President and Chief Executive Officer, said, "AMBI's potential can best be realized by concentrating on furnishing proprietary science-based minerals for dietary supplements Noun 1. dietary supplement - something added to complete a diet or to make up for a dietary deficiency diet - a prescribed selection of foods vitamin pill - a pill containing one or more vitamins; taken as a dietary supplement and building on its successful nutrition bar business. Going forward, we will be realigning our organization to better leverage our strengths in these core businesses and to build on our existing customer relationships. Our interest in acquiring complementary products and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. companies also remains strong." AMBI's Chief Financial Officer, Gerald Gerald - ["Gerald: An Exceptional Lazy Functional Programming Language", A.C. Reeves et al, in Functional Programming, Glasgow 1989, K. Davis et al eds, Springer 1990]. Shapiro Sha·pir·o , Karl Jay 1913-2000. American poet and critic known for his early poems concerning World War II and his later works in free verse. , commented, "Income and cash flow performance was in line with our expectations, and we ended the quarter in a strong financial position. At September 30, 2000, we had $8.5 million in cash, net working capital of $5.4 million and $30.0 million in shareholder equity." AMBI develops and markets proprietary nutrition products. This press release may contain certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . The words "believe," "expect," "anticipate" and other similar expressions generally identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. These forward-looking statements are based largely on the company's current expectations and are subject to a number of risks and uncertainties, including without limitation: the effect of the expiration EXPIRATION. Cessation; end. As, the expiration of, a lease, of a contract, or statute. 2. In general, the expiration of a contract puts an end to all the engagements of the parties, except to those which arise from the non- fulfillment of obligations created of patents; regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. issues; uncertainty in the outcomes of clinical trials; changes in external market factors; changes in the company's business or growth strategy or an inability to execute its strategy due to changes in its industry or the economy generally; the emergence of new or growing competitors; various other competitive factors; and other risks and uncertainties indicated from time to time in the company's filings with the Securities and Exchange Commission, including its Registration Statement on Form S-3, the Prospectus dated April 25, 2000, and its Form 10-K/A for the year ended June June: see month. 30, 2000. Actual results could differ materially from the results referred to in the forward-looking statements. In light of these risks and uncertainties, there can be no assurance that the results referred to in the forward-looking statements contained in this press release will in fact occur. Additionally, the company makes no commitment to disclose any revisions to forward-looking statements, or any facts, events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or after the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" that may bear upon forward-looking statements.
AMBI INC. & SUBSIDIARIES
Consolidated Balance Sheets
(in thousands)
September 30, June 30,
2000 2000
---- ----
ASSETS (Unaudited)
Current Assets
Cash and cash equivalents $ 8,456 $ 8,488
Accounts receivable, net 3,935 4,587
Other receivables 694 464
Inventories 1,272 1,382
Prepaid expenses and
other current assets 607 717
--------- ---------
Total Current Assets 14,964 15,638
Property and equipment, net 750 734
Patents, trademarks, goodwill
and other intangibles, net 24,382 24,351
Other assets 1,027 362
---------- ---------
Total Assets $41,123 $41,085
========== =======
LIABILITIES, REDEEMABLE
PREFERRED STOCK AND
STOCKHOLDERS' EQUITY
Current Liabilities
Current portion of long term debt
$ 1,500 $ 1,500
Accounts payable and accrued expenses 3,425 4,039
Contingent payments payable 4,640 3,584
Preferred dividends payable 29 29
---------- -------
Total Current Liabilities 9,594 9,152
Long term debt, 750 1,125
Other long term obligations 147 153
--------- --------
Total Liabilities 10,491 10,430
Redeemable Preferred Stock 676 676
Stockholders' Equity 29,956 29,979
------ ------
Total Liabilities, Redeemable
Preferred Stock and Stockholders' Equity $41,123 $41,085
======= =======
AMBI INC. & SUBSIDIARIES
Consolidated Statements of Operations
(in thousands, except per share data)
(Unaudited)
Three Months Ended
September 30,
--------------------
2000 1999 (a)
---- --------
Net Sales $ 5,256 $ 8,297
Other Revenues 1,647 127
------- --------
Total revenues 6,903 8,424
Cost of Goods Sold 1,432 1,530
------- --------
Gross Profit 5,471 6,894
Selling, General and Administrative
Expenses (b) 3,319 3,450
Research and Development Expenses 1,053 293
Depreciation and Amortization 1,175 929
-------- -------
Operating Income (Loss) (76) 2,222
Interest and Other Income/(Expense), net 85 (53)
-------- ---------
Income Before Tax Expense 9 2,169
Income Taxes 3 165
-------- -------
Net Income $ 6 $ 2,004
==== =======
Basic Earnings/(Loss) Per Share $ (0.00) $ 0.07
Diluted Earnings/(Loss) Per Share $ (0.00) $ 0.06
Weighted Average Shares Outstanding-Basic 31,581 30,459
Weighted Average Shares and
Equivalents-Diluted 31,581 32,116
(a) Certain reclassifications have been made to the prior period
balances to conform to the current period presentation.
(b) Includes $554 of charges related to the departure of the former
CEO.
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