Albany Molecular Research, Inc. Reports 94% Increase in Quarterly Earnings on Record Revenue.Business &Health 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)--Feb. 8, 2000 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 and year ended December December: see month. 31, 1999. Net contract revenue for the fourth quarter of 1999 increased by 74% to $6.7 million over net contract revenue of $3.8 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 fourth quarter of 1999 were $5.6 million, a 71% increase over recurring royalties of $3.2 million in the fourth quarter of 1998. Royalty revenue is earned 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 (tm), resulting from a 1995 licensing agreement the Company entered into with Aventis Aventis Is a pharmaceutical and lab assay testing company. It was formed in 1999 when Rhône-Poulenc S.A. merged with Hoechst AG. The merged company was based in Strasbourg, France. Sanofi-Aventis was formed in 2004 when Sanofi-Synthélabo purchased Aventis. S.A., the manufacturer of Allegra(tm), and successor to Hoechst Hoechst may refer to:
1 City (1990 pop. 14,545), seat of Williamson co., S Ill.; inc. 1841. It is the commercial and retail center of a farm and coal area and has a large soft drink bottling plant. A maximum-security federal prison is nearby. Roussel The Roussel was a French automobile manufactured from 1908 to 1914. The company produced light cars, voiturettes, and cabs at a factory in Charleville-Mezières; it offered four-cylinder 10 and 12 hp engines. . Excluding non-recurring costs of $534,000 related to the Company's acquisition of EnzyMed, Inc., net income for the fourth quarter of 1999 increased $2.1 million, or 111%, to $4.0 million or $0.26 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, as compared to net income for the fourth quarter of 1998 of $1.9 million, or $0.15 per share on a diluted basis. Including non-recurring merger-related costs, the Company's net income increased $1.8 million, or 94%, to $3.7 million, or $0.24 per share on a diluted basis. During the fourth quarter, the Company completed the integration of EnzyMed into its operations. The Company has restated its historical financial results because the acquisition has been accounted for as a pooling-of-interests. Net contract revenue for the year ended December 31, 1999 increased 61% to $22.0 million, compared to net contract revenue of $13.6 million in the same period of 1998. For the year ended December 31, 1999, recurring royalties increased by 86% to $21.4 million, compared to $11.5 million during the same period in 1998. During the year ended December 31, 1998, the Company also received $8.1 million in non-recurring milestone payments and royalties attributable to prior periods. Net income excluding merger related costs for the year ended December 31, 1999 was $14.1 million, or $0.95 per share on a diluted basis. Net income including merger-related costs for the period was $13.8 million, or $0.93 per share on a diluted basis. Net income for the comparable period of 1998, excluding the non-recurring milestones and royalties of $8.1 million, was $6.0 million, or $0.47 on a diluted basis. Net income for the year ended December 31, 1998, including all recurring and non-recurring items, was $10.5 million, or $0.82 per share on a diluted basis. Commenting on the fourth 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 stated, &uot;We are extremely pleased by the continued strength of our financial performance. The demand for our contract chemistry services remained strong in 1999 with the addition of 20 new customers during the year. To support the increasing demand we added a net of 45 scientists throughout 1999, bringing our total scientific staff to 148 at the end of the year. We are also pleased that worldwide sales of Allegra(tm) continued to be strong in the fourth quarter with sales of approximately $209.0 million. Full year 1999 worldwide sales were approximately $775.0 million. Aventis has also announced that it expects Allegra's(tm) once-a-day dosage dosage /dos·age/ (do´saj) the determination and regulation of the size, frequency, and number of doses. dos·age n. 1. Administration of a therapeutic agent in prescribed amounts. to have full FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. approval in time for the upcoming allergy allergy, hypersensitive reaction of the body tissues of certain individuals to certain substances that, in similar amounts and circumstances, are innocuous to other persons. Allergens, or allergy-causing substances, can be airborne substances (e.g. season.&uot; &uot;The fourth quarter also marked the successful completion of the EnzyMed, Inc. acquisition and subsequent integration as well as our previously announced investment in Organichem Corporation. Organichem is a premier chemical manufacturing facility located in Renssalaer, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . We believe these transactions strategically position Albany Molecular Research as the most comprehensively integrated chemistry contract organization. We are able to offer our customers chemistry services that we believe are unparalleled in the industry.&uot; 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 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 ability of Aventis to obtain full FDA approval of Allegra's(tm) once-a-day dosage in time for the upcoming allergy season, 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 31, 1998 as filed with the Securities and Exchange Commission on March 31, 1999 and the Company's other SEC filings.
Albany Molecular Research, Inc.
Condensed Consolidated Statements of Income
Three Months Ended
December 31,
1999 1998
In thousands, except for per share data
Net contract revenue $ 6,654 $ 3,817
Cost of contract revenue 3,725 2,246
Gross profit 2,929 1,571
Other operating revenue:
Non-recurring royalties and milestones - 750
Recurring royalties 5,562 3,248
Technology incentive award (554) (387)
Other operating revenue, net 5,008 3,611
Operating expenses:
Research and development 441 468
Selling, general and administrative 1,684 1,497
Merger-related costs 534 -
Total operating expense 2,659 1,965
Income from operations 5,278 3,217
Interest income (expense), net 703 (145)
Equity in (loss) of unconsolidated affiliate (98) -
Other non-operating (expense) (76) (40)
Income before income taxes 5,807 3,032
Income tax expense 2,140 1,145
Net income $ 3,667 $ 1,887
Net income per share:
Basic $ 0.25 $ 0.17
Diluted $ 0.24 $ 0.15
Weighted average number of shares outstanding:
Basic 14,545 10,905
Diluted 15,344 12,335
Albany Molecular Research, Inc.
Condensed Consolidated Statements of Income
Twelve Months Ended
December 31,
1999 1998
In thousands, except for per share data
Net contract revenue $ 22,027 $ 13,649
Cost of contract revenue 12,491 7,733
Gross profit 9,536 5,916
Other operating revenue:
Non-recurring royalties and milestones - 8,119
Recurring royalties 21,444 11,526
Technology incentive award (2,132) (1,822)
Other operating revenue, net 19,312 17,823
Operating expenses:
Research and development 1,827 1,782
Selling, general and administrative 6,294 5,109
Merger-related costs 579 -
Total operating expense 8,700 6,891
Income from operations 20,148 16,848
Interest income, net 2,000 37
Equity in (loss) of unconsolidated affiliate (98) -
Other non-operating (loss) (81) (36)
Income before income taxes 21,969 16,849
Income tax expense 8,195 6,352
Net income $ 13,774 $ 10,497
Net income per share:
Basic $ 1.02 $ 0.92
Diluted $ 0.93 $ 0.82
Weighted average number of shares outstanding:
Basic 13,566 11,348
Diluted 14,817 12,773
Albany Molecular Research, Inc.
Selected Consolidated Balance Sheet Data
In thousands
December 31, December 31,
1999 1998
Cash 3,673 5,320
Accounts receivable 4,328 2,874
Royalty receivable 5,382 3,256
Investments 21,172 2,027
Total current assets 36,506 15,599
Net property, plant and equipment 15,879 14,866
Total assets 84,666 32,629
Current liabilities 5,306 6,457
Stockholders equity 79,192 12,824
Total liabilities and stockholders
Equity 84,666 32,629
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