Albany Molecular Research, Inc. Announces 75% Increase in Net Contract Revenue, 53% Rise in Net Income, During Third Quarter.Business Editors ALBANY, N.Y.--(BUSINESS WIRE)--Nov. 2, 2000 Albany Molecular Research, Inc. (Nasdaq: AMRI AMRI Albany Molecular Research (stock symbol) AMRI Advanced Magnetic Research Institute (Mocksville, NC) AMRI Advanced Materials Research Institute AMRI Adult Movie Review Index ) today announced increases in revenue and net income for the third quarter of 2000. A record $9.9 million in net contract revenue and $7.5 million in recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. royalties drove the increases. Net income for the quarter ending September 30, 2000 increased by 53% to $5.8 million, or $0.19 per share, on a 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. basis, compared to $3.8 million, or $0.13 per share on a diluted basis, in the third quarter of 1999. The company posted total revenue of $17.4 million, a $5.9 million or 51% increase over the same quarter last year. Total revenue included $9.9 million in net contract revenue, a 75% increase from $5.6 million in the third quarter of 1999. The period ending September 30, 2000 is the 15th consecutive quarter in which the company's contract revenue has increased. Total revenue also included $7.5 million in recurring royalties, a 28% increase over royalties of $5.8 million during the comparable period of 1999. The company earns royalties from worldwide sales of the non-sedating antihistamine antihistamine (ăn'tĭhĭs`təmēn), any one of a group of compounds having various chemical structures and characterized by the ability to antagonize the effects of histamine. Allegra Al·leg·ra A trademark for the drug fexofenadine hydrochloride. fexofenadine hydrochloride Allegra, Telfast (UK) Pharmacologic class: Peripherally selective piperidine, selective histamine (R) (Telfast(R) outside the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. ) for patents relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the active ingredient An active ingredient, also active pharmaceutical ingredient (or API), is the substance in a drug that is pharmaceutically active. Some medications may contain more than one active ingredient. . Since Aventis, the maker of Allegra(R), has not yet announced its third quarter Allegra(R) sales figures sales figures npl → cifras fpl de ventas , recurring royalties presented here are based on estimates of third quarter Allegra(R) sales, using guidance from Aventis. "We continue to be pleased by another record in contract revenue, which has grown ahead of our optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op plan," said AMRI Chairman and Chief Executive Officer Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs E. D'Ambra, Ph.D. "Today, the pharmaceutical and biotechnology industries face unprecedented opportunities for new drug discovery, and we have been blessed with the ability to contribute to their drug discovery and development programs. We believe the key to further growth and success lies in continuous improvement, building relationships with customers, and doing our best to exceed our own and our customers' expectations. We have an outstanding team of managers and young scientists. We are succeeding and believe we will continue to succeed because of their efforts and their hard work. It gives me great pleasure to be able to recognize and thank them for a job well done, and to cheer them on to even greater things ahead." "In addition to contract revenue, worldwide sales growth of Allegra(R) was strong during the third quarter," added Dr. D'Ambra. Also, in late September, Japanese regulators approved the sale of Allegra(R). Japan is reported to be the world's second largest prescription antihistamine market. Year-to-Date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. For the nine-month period ending September 30, 2000, both net income and revenue increased over the comparable period last year. Net income totaled $16.1 million, or $0.51 per share on a diluted basis, representing a 59% increase over the same period in 1999. Total revenue for the nine-month period was $47.5 million, representing a 52% increase from the same period in 1999. Net contract revenue for the first nine months was $26.6 million, representing a 73% increase over net contract revenue of $15.4 million for the comparable period in 1999. Royalty revenue for the first three quarters of 2000 was $20.9 million, a 32% increase over royalties of $15.9 million in the comparable period in 1999. Total revenues at Organichem Corporation, an unconsolidated affiliate of AMRI, were $12.8 million in the third quarter and $43.3 million for the first nine months of 2000. As a minority shareholder, AMRI does not include these revenues in its total revenues stated above. Other Highlights During the quarter ending September 30, 2000, AMRI added eight new customers, renewed or expanded an additional seven contracts, and added a net of 19 scientists. The total number of employees at AMRI's four locations at the end of the quarter was 314, including 208 scientists. An additional 12 scientists have accepted employment offers and are expected to join the company during the remainder of 2000. The company also continued two ongoing expansion projects and initiated the purchase of an additional facility in Syracuse, New York
Syracuse (IPA: . When completed, the two ongoing projects will add, respectively, 33 scientific workstations at AMRI's East Campus in Rensselaer, NY and 22 scientific workstations at AMRI's EnzyMed Division in Iowa City Iowa City, city (1990 pop. 59,738), seat of Johnson co., E Iowa, on both sides of the Iowa River; founded 1839 as the capital of Iowa Territory, inc. 1853. Among its manufactures are foam rubber, animal feed, paper, and food products. The city is the seat of the Univ. , IA. Both projects should be completed by the end of the year. The expansion in Syracuse, which is expected to be completed in the third quarter of next year, will add about 40 scientific workstations. In addition, AMRI recently announced the completion in early October of a secondary public offering that generated net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). to the company of $119.5 million. The commencement of the secondary offering and the filing of the registration statement with the Securities and Exchange Commission occurred during the third quarter of 2000. Also during the third quarter, Albany Molecular Research, Inc. was awarded a $100,000 Small Business Innovation Research (SBIR SBIR Small Business Innovation Research (program/grant) SBIR Space Based Infra-Red SBIR Speaker-Boundary Interference SBIR Site Backsurface-referenced Ideal Plane/Range (silicon wafers) ) grant from the U.S. Department of Energy. The funding, granted to the company's EnzyMed biocatalysis division, will go toward developing a method of "molecular imprinting This article is about polymer chemistry. The term "molecular imprinting" is also used to mean genetic imprinting. In chemistry, molecular imprinting is a technique to create template-shaped cavities in polymer matrices with memory of the template molecules. " to make enzymes Enzymes Organic substances (proteins) composed of amino acids that trigger and regulate chemical reactions in the body. There are over 700 identified human enzymes. Mentioned in: Interactions, Nutritional Supplements more active as catalysts in nonaqueous organic solvents, as well as expand the number of enzymes active in nonaqueous systems. Ultimately, the goal of the project is to increase the use of enzymes in commercial chemical processing and manufacturing, particularly in the pharmaceutical, biotechnology, agrochemical agrochemical Any chemical used in agriculture, including chemical fertilizers, herbicides, and insecticides. Most are mixtures of two or more chemicals; active ingredients provide the desired effects, and inert ingredients stabilize or preserve the active ingredients or aid and specialty chemical A Specialty chemical is a chemical produced for a specialized use. They are produced in lower volume than bulk chemicals, of which petrochemicals, made from oil feedstocks, are the most common. However, both are produced in a chemical plant. industries. Led by Dr. Joseph Rich, section head for enzymology en·zy·mol·o·gy n. The branch of science that deals with the biochemical nature and activity of enzymes. enzymology the study of enzymes and enzymatic action. , this project will further expand AMRI's proprietary biocatalysis platform. Lastly, Forbes magazine recently named AMRI number two in its list of the 200 best small companies in America. Earlier in the year, Business Week placed AMRI fourth on its list of the 100 hottest growth companies. About Albany Molecular Research, Inc. Albany Molecular Research is a leading chemistry research and drug discovery and development company focusing on applications for the pharmaceutical, biotechnology and life sciences industries. The company performs comprehensive chemistry research for many of the leading pharmaceutical and biotechnology companies Top 100 Biotechnology Companies The following is a list of the top 100 biotechnology companies ranked by revenue. The first nine companies qualify for the list of the top 50 pharmaceutical companies. and for its own internal research and development. Replays of the company's November 2 earnings conference call will be available for seven days following the call beginning at 10:00 p.m. on November 2, 2000. To access the replay by telephone, please call 800-475-6701 (for domestic calls) or 320-365-3844 (for international calls) and use access code # 543872. Statements in this press release that are not historical facts are 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. within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 that involve risks and uncertainties. The company's actual results may differ materially from such forward-looking statements. Factors that could cause such differences include, but are not limited to, the company's ability to attract and retain experienced scientists, trends in pharmaceutical and biotechnology companies outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. chemical research and development, sales of Allegra(R) (including any deviations in estimates provided by Aventis) and the Company's receipt of significant royalties from the Allegra(R) license agreement, the Company's ability to enforce its intellectual property and technology, the Company's ability to take advantage of proprietary technology and expand the scientific tools available to it, the Company's strategic investments to perform as expected, the Company's ability to successfully complete its ongoing expansion projects on schedule, and the Company's ability to effectively manage its growth, as well as those discussed in the Company's final prospectus Final Prospectus A legal document stating the price of a newly issued security, the delivery date, and other facts that are important for investors. Notes: The final prospectus must be given to every investor who purchases a new issue of registered securities. as filed with the Securities and Exchange Commission on October 5, 2000 and in the Company's other SEC filings.
Albany Molecular Research, Inc.
Condensed Consolidated Statements of Income
(unaudited)
(Dollars in thousands, except per share)
Three Months Ended Nine Months Ended
-------------------- ----------------------
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2000 1999 2000 1999
-------------------------------------------
Net contract revenue $9,890 $5,641 $26,557 $15,373
Recurring royalties 7,469 5,848 20,894 15,882
---------------------------------------------
---------------------------------------------
Total revenue 17,359 11,489 47,451 31,255
Cost of contract
revenue 5,506 3,238 14,847 8,767
Technology incentive
award 747 585 2,089 1,578
Research and
development 513 457 1,499 1,387
Selling, general and
administrative 1,943 1,675 5,695 4,654
---------------------------------------------
Total costs and
expenses 8,709 5,955 24,130 16,386
---------------------------------------------
Income from operations 8,650 5,534 23,321 14,869
Equity in income of
unconsolidated
affiliates 28 - 378 -
Other income, net 702 563 2,047 1,293
---------------------------------------------
Income before income
tax expense 9,380 6,097 25,746 16,162
Income tax expense 3,554 2,282 9,640 6,055
---------------------------------------------
Net income $5,826 $3,815 $16,106 $10,107
=============================================
Basic earnings per
share $0.20 $0.14 $0.54 $0.38
Diluted earnings per
share $0.19 $0.13 $0.51 $0.34
Selected Condensed Consolidated Balance Sheets
Sept. 30, 2000 Dec. 31, 1999
---------------- --------------
(unaudited)
Cash & Investments $ 31,332 $ 24,845
Accounts Receivable, Net 7,481 4,222
Royalty Receivable 7,400 5,382
Total Current Assets 49,615 39,586
Net Property, Plant &
Equipment 24,387 15,879
Investment in Unconsolidated
Affiliates 15,929 15,033
Investment in Subordinated Debenture,
Long-Term 15,000 15,000
Total Assets 109,587 88,242
Current Liabilities 7,286 5,154
Stockholders' Equity 102,302 82,920
Total Liabilities & Stockholders'
Equity 109,587 88,242
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion