AMBI reports final results for second quarter fiscal 1997.TARRYTOWN Tarrytown (târ`ētoun), village (1990 pop. 10,739), Westchester co., SE N.Y., a residential suburb of New York City, on the E bank of the Hudson opposite Nyack; settled in the 17th cent. by the Dutch, inc. 1870. , N.Y.--(BW HealthWire)--Feb. 18, 1997--AMBI Inc. (Nasdaq: AMBI AMBI Associação Médica Brasileira Iridologia ) announced that it filed its report on Form 10-Q Form 10-Q See 10-Q. for its second quarter of fiscal 1997 that ended Dec. 31, 1996. The report reflects adjustments from preliminary results reported in the company's press release of Jan. 10, 1997. The company reported net income (after taking into account a net gain of $8.6 million on the sale of Aplin & Barrett Barrett (sometimes spelled Barret or Barratt) is a surname that has been associated with several different people, places and organisations: Barrett is a popular surname in south and west Ireland. , the company's food preservative preservative Any of numerous chemical additives used to prevent or slow food spoilage caused by chemical changes (e.g., oxidation, mold growth) and maintain a fresh appearance and consistency. Antimycotics (e.g. business) of $5.8 million ($.28 per share) for the second quarter of the fiscal year, compared to a net loss of $0.7 million ($.05 per share) in the same period of the previous year. The company's operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. was $2.7 million for the second quarter of the fiscal year compared to an operating loss of $0.8 million in the same period of the previous year. AMBI reported net income of $1.4 million ($.06 per share) for the first six months of the fiscal year compared to a net loss of $1.8 million ($.11 per share) in the same period of the previous year. The company's operating loss was $7.1 million for the first half of the fiscal year compared to an operating loss of $1.9 million in the same period of the previous year. As previously reported, revenues in the second quarter increased 36% to $4.2 million compared to $3.1 million for the second quarter of the previous year. For the six months ended Dec. 31, 1996, revenues increased by 60% to $8.6 million compared to $5.3 million for the first six months of the previous year. More detailed information appears in the Condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: Statements of Operations and Balance Sheets. AMBI develops and commercializes pharmaceutical and dietary di·e·tar·y adj. Of or relating to diet. dietary 1. pertaining to diet. 2. a course or system of diet. dietary hepatic necrosis see hepatosis dietetica. products in the areas of infectious disease Infectious disease A pathological condition spread among biological species. Infectious diseases, although varied in their effects, are always associated with viruses, bacteria, fungi, protozoa, multicellular parasites and aberrant proteins known as prions. and hypertension hypertension or high blood pressure, elevated blood pressure resulting from an increase in the amount of blood pumped by the heart or from increased resistance to the flow of blood through the small arterial blood vessels (arterioles). . -0-
AMBI Inc.
Condensed Consolidated Statements of Operations(a)
(in thousands except per share data)
Three Months Ended Six Months Ended
Dec. 31, Dec. 31,
1996 1995 1996 1995
Sales $ 3,863 $ 3,042 $ 8,098 $ 5,243
Other operating
revenue 336 55 467 105
Total revenues 4,199 3,097 8,565 5,348
Cost of sales (1,164) (1,341) (3,653) (2,490)
Gross profit 3,035 1,756 4,912 2,858
Selling, general
& administrative
expenses (4,402) (1,733) (9,007) (3,256)
Research costs (1,112) (626) (2,512) (1,098)
Depreciation and
amortization (241) (172) (483) (358)
Operating loss (2,720) (775) (7,090) (1,854)
Interest income 42 98 109 118
Interest expense (50) (23) (87) (49)
Gain on sale of
Aplin & Barrett 8,648 0 8,648 0
Income/(loss)
before tax
expense 5,920 (700) 1,580 (1,785)
Tax expense (96) (48) (141) (59)
Net income/(loss) 5,824 (748) 1,439 (1,844)
Earnings/(loss)
per share(b) $ 0.28 ($0.05) $ 0.06 ($0.11)
Average outstanding
shares(c) 20,435 18,276 20,836 18,229
(a) The 1996 Statements of Operations include the results of
operations for Aplin & Barrett Limited through Dec. 11, 1996, while
the 1995 Statements of Operations include the results of operations
for Aplin & Barrett Limited through Dec. 31, 1995.
(b) Also includes the effect of preferred dividends.
(c) For the three months and six months ended Dec. 31, 1996 average
outstanding shares reflect the net effect of dilutive common stock
equivalents.
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AMBI Inc.
Condensed Consolidated Balance Sheets
(in thousands)
12/31/96(a) 6/30/96(b)
ASSETS (unaudited)
Current assets
Cash $ 8,917 $ 8,431
Accounts receivable 2,345 5,356
Inventories 977 3,088
Other current assets 5,900 874
Total current assets 18,139 17,749
Property and Equipment Net 1,162 3,881
Patent costs 1,582 1,624
Other assets 95 113
Total assets $ 20,978 $ 23,367
LIABILITIES, REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY
Current liabilities
Current portion of
notes payable and
lease obligation $ 129 $ 195
Accounts payable and
accrued expenses 5,199 1,889
Other current liabilities 425 853
Total current liabilities 5,753 2,937
Long term debt, note payable
and lease obligation 2,226 2,935
Deferred taxes 0 349
Total liabilities 7,979 6,221
Redeemable preferred stock 1,500 1,500
Stockholders' equity 11,499 15,646
Total liabilities,
redeemable preferred
stock & stockholders'
equity $20,978 $23,367
(a) Reflects AMBI Inc.'s balance sheet after sale on Dec. 12, 1996,
of Aplin & Barrett Limited.
(b) Condensed from June 30, 1996, audited financial statements.
CONTACT: AMBI Investor Relations Investor relations The process by which the corporation communicates with its investors. 914/345-6888 |
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