Albany Molecular Research, Inc. Posts Record Fourth Quarter Contract Revenue; Net Income up 104%.Business Editors ALBANY Albany, town, Australia Albany (ăl`bənē), town (1996 pop. 14,590), Western Australia, SW Australia. It is a port on Princess Royal Harbour of King George Sound. The town has woolen mills and fish canneries. , N.Y.--(BUSINESS WIRE)--March 6, 2001 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 operating results for the quarter and year ended December December: see month. 31, 2000. Total revenue for the fourth quarter 2000 increased by $6.9 million, or 57%, to $19.2 million, compared to $12.2 million for the fourth quarter of 1999. Net contract revenue for the fourth quarter of 2000 increased by $4.1 million, or 63%, to $10.8 million, compared to net contract revenue of $6.7 million during the fourth quarter of 1999. The quarter ended December 31, 2000 is the 16th consecutive quarter in which the company's contract revenue has increased. 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 for the fourth quarter of 2000 were $8.3 million, a 50% increase over recurring royalties of $5.6 million in the fourth quarter of 1999. AMRI 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. in Allegra(R). Net income for the fourth quarter of 2000 increased by $3.8 million, or 104%, to $7.5 million, or $0.22 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 net income for the fourth quarter of 1999 of $3.7 million, or $0.12 per share on a diluted basis. Included in net income for the fourth quarter of 2000 was a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. benefit to earnings of $159,500, net of taxes of $97,700, related to the company's investment in Organichem. AMRI recognized the one-time benefit as a result of the retirement of Organichem shares of treasury stock, which increased AMRI's equity ownership in Organichem from 37.5% to 39.2%. Included in the fourth quarter of 1999 were non-recurring costs of $534,000 related to the company's acquisition of EnzyMed, Inc., now known as AMRI's Biocatalysis Biocatalysis can be defined as the utilization of natural catalysts, such as protein enzymes, to perform chemical transformations on organic compounds. Both enzymes that have been more or less isolated or enzymes still residing inside living cells are employed for this task Division. 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. said, "Continued growth in contract revenue and increased sales of Allegra compared to last year at this time helped to bolster This article is about the pillow called a bolster. For other meanings of the word "bolster", see bolster (disambiguation). A bolster (etymology: Middle English, derived from Old English, and before that the Germanic word bulgstraz our earnings. Our strong fourth quarter was also marked by the announcement of the acquisition of our Bothell Research Center (formerly New Chemical Entities, Inc.), which adds to our existing capabilities in combinatorial synthesis and computational chemistry Computational chemistry is a branch of chemistry that uses computers to assist in solving chemical problems. It uses the results of theoretical chemistry, incorporated into efficient computer programs, to calculate the structures and properties of molecules and solids. . Additionally, Bothell's world class capabilities in drug discovery sourcing from proprietary natural product-based libraries and custom informatics Same as information technology and information systems. The term is more widely used in Europe. capabilities, combined with our unique combinatorial biocatalysis technology and strong medicinal chemistry Medicinal or pharmaceutical chemistry is a scientific discipline at the intersection of chemistry and pharmacology involved with designing, synthesizing and developing pharmaceutical drugs. practice, uniquely position AMRI as a powerhouse A fourth-generation language from Cognos that was introduced in the late 1970s for midrange computers. It supports both character-oriented, terminal-based applications as well as Windows clients. Applications developed under PowerHouse can be imported into Cognos' Axiant client/server environment. in chemistry-based drug discovery and development." AMRI Chief Financial Officer David P. Waldek provided guidance on the company's earnings for both the first quarter and full year 2001. "Based on our strong performance in the fourth quarter, we are revising our EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. guidance for the full year 2001 to a range of $0.90 to $0.92 per diluted share from a range of $0.87 to $0.91 per diluted share. Even with the added costs associated with the recent purchase and ongoing integration of our Bothell Research Center, we remain comfortable with the first quarter 2001 analyst consensus estimates of $0.20 per diluted share," said Mr. Waldek. 2000 Full Year Total revenue for the year ended December 31, 2000 increased by $23.1 million, or 53%, to $66.6 million. Net contract revenue for 2000 increased by $15.4 million, or 70%, to $37.4 million, compared to net contract revenue of $22.0 million in 1999. For 2000, recurring royalties increased by $7.8 million, or 36%, to $29.2 million, compared to $21.4 million in 1999. Net income for 2000 was $23.6 million, or $0.74 per share on a diluted basis, representing a 71% increase from 1999. Net income for the year 1999 was $13.8 million, or $0.46 on a diluted basis. Total revenues at Organichem Corporation, an unconsolidated affiliate of AMRI, were $13.3 million in the fourth quarter of 2000 and $56.6 million for 2000. As a minority shareholder, AMRI does not include these revenues in its total revenues stated above. Other Highlights During the fourth quarter of 2000, AMRI added seven new customers, renewed or expanded an additional two contracts, and added a net of 14 scientists. For the year 2000, AMRI added 23 new customers and renewed or expanded an additional 21 contracts. During 2000, AMRI added a net of 74 chemists This is a list of famous chemists: (alphabetical order) : Top - 0–9 A B C D E F G H I J K L M N O P Q R S T U V W X Y Z A
During the fourth quarter of 2000, AMRI completed 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 public offering occurred subsequent to AMRI's August 2000 two-for-one stock split by way of a stock dividend on AMRI's outstanding shares of common stock. In December, AMRI announced the acquisition of New Chemical Entities, Inc., a chemistry-focused drug discovery company located near Seattle Seattle (sēăt`əl), city (1990 pop. 516,259), seat of King co., W Wash., built on seven hills, between Elliott Bay of Puget Sound and Lake Washington; inc. 1869. , WA. The acquisition, which was completed January January: see month. 25, 2001, significantly broadens and expands AMRI's drug discovery services See service discovery. and creates an expandable West Coast presence for the company. AMRI was ranked 17th in price performance out of 4,121 companies on the NASDAQ Composite Index Nasdaq Composite Index An index that indicates price movements of securities in the over-the-counter market. It includes all domestic common stocks in the Nasdaq System (approximately 5,000 stocks) and is weighted according to the market value of each listed , increasing in value by 304% from December 31, 1999 to December 31, 2000, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. NASDAQ economic research. In addition, AMRI was named number 47 on the list of the top 100 stocks of 2000 compiled by Bloomberg Bloomberg A major global provider of 24-hour financial news and information including real-time and historic price data, financials data, trading news and analyst coverage, as well as general news and sports. Personal Finance. During 2000, AMRI also placed second on the Forbes magazine list of the 200 best small companies in America, and fourth on Business Week magazine's list of the 100 hottest growth companies.
Other highlights for the year 2000 include the:
- Completion of a new 10,000 square foot facility with 22
scientific workstations at AMRI's Biocatalysis Division in Iowa.
-Initiation of internal research and development projects in
immunosuppression, antibiotics and anticancer therapies at AMRI's
Biocatalysis Division.
- Acquisition of AMRI's Syracuse Research Center (formerly
American Advanced Organics, Inc.) for rapid manufacturing of gram
to multi-kilogram lots of novel compounds, pharmaceutical
intermediates and test drug substances.
- Investment of $650,000 in Fluorous Technologies, Inc., a new
University of Pittsburgh-based company specializing in the use of
fluorous organic chemistry methods for chemical synthesis,
isolation and purification.
- Approval and launch of Allegra(R) in Japan by Aventis, AMRI's
patent licensee.
- Completion of AMRI's state-of-the-art biotechnology development
center with 33 scientific workstations on its East Campus in
Rensselaer, NY.
- Expansion of AMRI's Syracuse Research Center. When completed
later in 2001, the new facility will add approximately 40
scientific workstations.
- Awarding of a $100,000 Small Business Innovation Research (SBIR)
grant from the U.S. Department of Energy to AMRI's Biocatalysis
Division. The funding will go toward developing a method of
"molecular imprinting" to make enzymes more active as catalysts in
nonaqueous organic solvents.
Dr. D'Ambra stated, "During 2000, we solidified so·lid·i·fy v. so·lid·i·fied, so·lid·i·fy·ing, so·lid·i·fies v.tr. 1. To make solid, compact, or hard. 2. To make strong or united. v.intr. our position as a leading chemistry-based company in the life sciences industry and set the stage for even greater achievements ahead." The company will hold a conference call at 4:30 p.m. Eastern Time on March 6, 2001 to discuss its quarterly and year-end financial results and business highlights, as well as its prospects for 2001. Individuals interested in listening to the conference call should dial 800-288-8960 (for domestic calls) or 612-332-0335 (for international calls) and reference the AMRI Fourth Quarter 2000 Earnings Release conference call. Replays of the call will be available for seven days following the call beginning at 8:30 p.m. on March 6, 2001. 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 # 569328. About Albany Molecular Research, Inc. Albany Molecular Research, Inc. is a leading chemistry research, drug discovery and development company focusing on applications for the 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. 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. These statements include, but are not limited to, statements regarding the company's estimates of earnings in the first quarter 2001 and earnings guidance for the full year 2001, statements regarding the capabilities of the company's newly acquired Bothell Research Center, statements regarding the company's prospects for 2001 and beyond, statements regarding the development of new technology and statements regarding the expansion of the company's Syracuse Research Center. 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 ability of the company's strategic investments and acquisitions, including its Bothell Research Center, to perform as expected, the company's ability to successfully complete its ongoing expansion projects on schedule and integrate acquired companies, 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
Three Months Ended
December 31,
2000 1999
In thousands, except for per share data
Net Contract Revenue $ 10,820 $ 6,654
Recurring Royalties 8,333 5,562
------ -----
Total Revenue 19,153 12,216
Cost of Contract Revenue 6,012 3,725
Technology Incentive Award
832 554
Research & Development
935 441
Selling, General &
Administrative 2,272 2,218
------ -----
Total Operating Expenses 10,051 6,938
Income from Operations 9,102 5,278
Equity in Income (Loss) of
unconsolidated affiliates 174 (98)
Other Income 2,661 627
------ ---
Income before Income
Tax Expense 11,937 5,807
Income Tax Expense 4,450 2,140
------ -----
Net Income $ 7,487 $ 3,667
====== =====
Weighted Average Basic
Shares Outstanding 32,640 29,090
====== ======
Weighted Average Diluted
Shares Outstanding 34,413 30,688
======= ======
Basic EPS $ 0.23 $ 0.13
==== ====
Diluted EPS $ 0.22 $ 0.12
==== ====
Albany Molecular Research, Inc.
Condensed Consolidated Statements of Income
Twelve Months Ended
December 31,
2000 1999
In thousands, except for
per share data
Net Contract Revenue $ 37,377 $ 22,027
Recurring Royalties 29,226 21,444
------- ------
Total Revenue 66,603 43,471
Cost of Contract Revenue 20,859 12,491
Technology Incentive Award 2,921 2,132
Research & Development 2,435 1,827
Selling, General &
Administrative 7,966 6,873
------ -----
Total Operating Expenses 34,181 23,323
Income from Operations 32,422 20,148
Equity in Income (Loss) of
Unconsolidated Affiliates 552 (98)
Other Income 4,708 1,919
------ -----
Income before Income
Tax Expense 37,682 21,969
Income Tax Expense 14,089 8,195
------- -----
Net Income $ 23,593 $ 13,774
======= ======
Weighted Average Basic
Shares Outstanding 30,363 27,132
====== ======
Weighted Average
Diluted shares 32,063 29,634
======= ======
Basic EPS $ 0.78 $ 0.51
==== ====
Diluted EPS $ 0.74 $ 0.46
===== ====
Albany Molecular Research, Inc.
Selected Consolidated Balance Sheet Data
In thousands
December 31, December 31,
2000 1999
Cash, Cash Equivalents
and Investments $ 152,024 $ 24,845
Accounts receivable, net 7,952 4,222
Royalty receivable 7,870 5,382
Total current assets 171,205 39,586
Net property, plant
and equipment 30,875 15,879
Total assets 239,784 88,242
Current liabilities 11,263 5,154
Stockholders' equity 228,521 82,920
Total liabilities and
stockholders' equity 239,784 88,242
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