AMBI Reports Fiscal 2000 Results.Business Editors, Health/Medical Writers PURCHASE, N.Y.--(BW HealthWire)--Aug. 23, 2000 AMBI AMBI Associação Médica Brasileira Iridologia Inc. (Nasdaq:AMBI) reported financial results for the fiscal year that ended June June: see month. 30, 2000. Revenues increased 16% to $32.8 million compared to $28.3 million for the previous year. Net income increased 10% to $6.5 million ($.20 per share, 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. ) compared to net income of $5.9 million in the previous year ($.19 per share, diluted). Revenues for the fourth quarter of fiscal 2000 were $6.8 million compared to $8.1 million for the corresponding period a year ago. Net income for the quarter was $0.2 million ($.00 per share, diluted) compared to $0.8 million ($.03 per share, diluted) for the corresponding period a year ago. Fourth quarter net income was impacted by start-up Start-up The earliest stage of a new business venture. expenditures for NutritionU.com, AMBI's novel Internet-based nutrition nutrition, study of the materials that nourish an organism and of the manner in which the separate components are used for maintenance, repair, growth, and reproduction. Nutrition is achieved in various ways by different forms of life. education subsidiary, and by lower sales of 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 as customers reduced inventory in anticipation of a reduction in prices after 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 AMBI's chromium picolinate composition-of-matter patent on August 8, 2000. 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]. A. 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. , AMBI's Vice President Finance & Administration and Chief Financial Officer, said, "Key highlights of the financial results for the fiscal year that ended June 30, 2000 include: -- Net income increased to $6.5 million from $5.9 million; -- Earnings before interest, taxes, depreciation, and amortization (EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become ), frequently used as a measure of operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. , increased to $11.0 million from $9.3 million; -- Net working capital increased by $3.5 million; and -- Stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. increased by $9.3 million to $30.0 million. "These results do not include the effects of the transaction earlier this month in which AMBI licensed its 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. drug technology to Biosynexus Incorporated for human drug applications," Mr. Shapiro added. 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 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 COMPETITORS, French law. Persons who compete or aspire to the same office, rank or employment. As an English word in common use, it has a much wider application. Ferriere, Dict. de Dr. h.t. ; 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 A document, notice, circular, advertisement, letter, or communication in written form or by radio or television that offers any security for sale, or confirms the sale of any security. dated April 25, 2000, and its Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended June 30, 1999. 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)
ASSETS June 30, 2000 June 30, 1999
------------- -------------
Current assets:
Cash and cash equivalents $ 8,488 $ 4,458
Accounts receivable, net 5,051 4,453
Inventories, net 1,382 1,426
Other current assets 717 685
-------- --------
Total current assets 15,638 11,022
Property and equipment, net 734 1,066
Patents, trademarks, licensed
technology and goodwill, net 24,351 22,056
Other assets 362 397
-------- --------
Total assets $41,085 $34,541
-------- --------
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of long-term
debt and lease obligations $ 2,625 $ 1,563
Accounts payable and
accrued expenses 4,039 4,262
Contingent payments payable 3,584 3,293
Preferred dividends payable 29 25
-------- --------
Total current liabilities 10,277 9,143
Long-term debt and other long term
obligations, less current portion 153 3,807
-------- --------
Total liabilities 10,430 12,950
Redeemable preferred stock 676 921
Stockholders' equity 29,979 20,670
-------- --------
Total liabilities and
stockholders' equity $41,085 $34,541
-------- --------
AMBI INC. & SUBSIDIARIES
Consolidated Statements of Operations
(in thousands, except per share data)
Year Ended June 30,
2000 1999(a)
---- -------
Net sales $32,289 $26,911
Other revenues 525 1,390
-------- --------
Revenues 32,814 28,301
Cost of goods sold 5,780 4,782
-------- --------
Gross profit 27,034 23,519
Expenses:
Selling, General and Administrative 13,314 12,456
Research and Development 2,610 1,787
Depreciation and Amortization 4,069 2,807
-------- --------
Operating income 7,041 6,469
Interest income 306 189
Interest expense 419 397
Other income, net 76 86
-------- --------
Income before income taxes 7,004 6,347
Income taxes 523 482
Minority interest in subsidiary 9 --
-------- --------
Net income $ 6,490 $ 5,865
======== ========
Basic earnings per share $ 0.21 $ 0.20
======== ========
Weighted average number of common
shares outstanding - basic 30,742 26,482
======== ========
Diluted earnings per share $ 0.20 $ 0.19
======== ========
Weighted average number of common
shares and equivalents - diluted 32,546 27,755
======== ========
(a) Includes the results of operations for the Lite Bites business
from January 1, 1999, the date of acquisition by AMBI Inc.
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