Albany Molecular Research, Inc. Reports 107% Increase in Quarterly Earnings on Record Revenue.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)--Nov. 9, 1999-- Albany Molecular Research, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : 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 ended September September: see month. 30, 1999. Net contract revenue increased by 47% to $5.4 million over net contract revenue of $3.7 million in the comparable period of 1998. 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 third quarter of 1999 were $5.8 million, a 79% incrf 1998. Royalty revenue is earned from worldwidis. Net contract revenue for the nine months ended September 30, 1999 increased 54% to $14.8 million, compared to net contract revenue of $9.6 million in the same period of 1998. For the nine-month period ended September 30, 1999, recurring royalties increased by 92% to $15.9 million, compared to $8.3 million during the same period in 1998. During the nine months ended September 30, 1998, the Company also received $7.4 million in non-recurring milestone payments and royalties attributable to prior periods. Net income for the nine months ended September 30, 1999 was $11.0 million, or $0.79 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. Net income for the comparable period of 1998, excluding the non-recurring milestones and royalties of $7.4 million, was $5.2 million, or $0.42 on a diluted basis. Net income for the nine months ended September 30, 1998, including all recurring and non-recurring items, was $9.3 million, or $0.76 per share on a diluted basis. Commenting on the third quarter, 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 D'Ambra Ph.D., Chairman and Chief Executive Officer of Albany Molecular Research, Inc. stated, "We are pleased to announce another strong financial quarter for Albany Molecular Research. Demand for AMRI's core contract research business continued to grow with the addition of 13 new customers during the first nine months of the year and the expansion of several key existing customer relationships, including the recently announced Purdue Pharma Purdue Pharma L.P., is privately-held pharmaceutical company founded by physicians. It is located in Stamford, Connecticut. Purdue is best known for painkillers, but they have also branched into other areas such as oncology and nutraceuticals. L.P. contract renewal. Through the first three quarters, we have added a net of 35 scientists to support business growth. Continued strong worldwide sales of Allegra Al·leg·ra A trademark for the drug fexofenadine hydrochloride. fexofenadine hydrochloride Allegra, Telfast (UK) Pharmacologic class: Peripherally selective piperidine, selective histamine (tm) also resulted in strong royalty revenue during the third quarter and contributed towards record company revenues for the period." "We also recently announced the closing of the EnzyMed acquisition effective October October: see month. 19th, " D'Ambra continued. "We look forward to offering their unique 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 platform to our customers as we continue to broaden the range of chemistry services that we are able to provide." Albany Molecular Research, Inc. is an integrated chemistry 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. company that offers a broad range of chemistry research and development services to 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. involved in drug discovery and development. The Company offers services traditionally provided by chemistry divisions within pharmaceutical companies, including 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. , chemical development, analytical chemistry analytical chemistry: see under chemistry. , and small-scale small-scale adj. 1. Limited in scope or extent; modest: a small-scale plan. 2. Created on a small scale: manufacturing. The Company's objective is to be the leading provider of comprehensive outsourced chemistry research services to the pharmaceutical and biotechnology industries. 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 which 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 chemical research and development, sales of Allegra/Telfast and the Company's receipt of significant royalties from the Allegra/Telfast license agreement, the Company's ability to enforce its intellectual property and technology, and the Company's ability to effectively manage its growth, as well as those discussed in the Company's Annual Report on 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 December December: see month. 31, 1998 as filed with the Securities and Exchange Commission on March 31, 1999 and the Company's other SEC filings. -0-
Albany Molecular Research, Inc.
Condensed Consolidated Statements of Income
(Unaudited)
Three Months Ended
September 30,
1999 1998
In thousands, except for per share data
Net contract revenue $ 5,431 $ 3,685
Cost of contract revenue 3,070 2,068
Gross profit 2,361 1,617
Other operating revenue:
Recurring royalties 5,848 3,262
Technology incentive award (585) (298)
Other operating revenue, net 5,263 2,964
Operating expenses:
Research and development 137 194
Selling, general and administrative 1,422 1,054
Total operating expense 1,559 1,248
Income from operations 6,065 3,333
Interest income, net 583 19
Other non-operating income (14) (1)
Income before income taxes 6,634 3,351
Income tax expense 2,483 1,348
Net income $ 4,151 $ 2,003
Net income per share:
Basic $ 0.32 $ 0.18
Diluted $ 0.29 $ 0.16
Weighted average number of shares
outstanding:
Basic 13,173 10,890
Diluted 14,423 12,387
Albany Molecular Research, Inc.
Condensed Consolidated Statements of Income
(Unaudited)
Nine Months Ended
September 30,
1999 1998
In thousands, except for per share data
Net contract revenue $ 14,821 $ 9,649
Cost of contract revenue 8,373 5,320
Gross profit 6,448 4,329
Other operating revenue:
Non-recurring royalties and milestones -- 7,369
Recurring royalties 15,882 8,278
Technology incentive award (1,578) (1,435)
Other operating revenue, net 14,304 14,212
Operating expenses:
Research and development 401 535
Selling, general and administrative 4,070 3,162
Total operating expense 4,471 3,697
Income from operations 16,281 14,844
Interest income, net 1,297 116
Other non-operating income (17) 4
Income before income taxes 17,561 14,964
Income tax expense 6,580 5,664
Net income $ 10,981 $ 9,300
Net income per share:
Basic $ 0.87 $ 0.86
Diluted $ 0.79 $ 0.76
Weighted average number
of shares outstanding:
Basic 12,570 10,823
Diluted 13,889 12,219
Albany Molecular Research, Inc.
Selected Consolidated Balance Sheet Data
In thousands
September 30, December 31,
1999 1998
(unaudited)
Cash $ 13,965 $ 3,957
Accounts receivable 4,695 2,799
Royalty receivable 5,788 3,256
Investments 35,733 2,027
Total current assets 62,188 14,114
Net property, plant and equipment 14,890 14,318
Total assets 78,493 28,908
Current liabilities 4,127 5,770
Stockholders equity 73,048 9,280
Total liabilities and stockholders
equity $ 78,493 $ 28,908
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