Albany Molecular Research, Inc. Reports Record Net Revenue for Second Quarter.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)--Aug. 4, 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 June June: see month. 30, 1999. Net contract revenue increased by 61% to $5.0 million over net contract revenue of $3.1 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 second quarter of 1999 were $5.9 million, a 78% increase over recurring royalties of $3.3 million in the second quarter of 1998. The Company had also received a $1.0 million non-recurring milestone payment in the second 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 Hoechst Hoechst may refer to:
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. Excluding the non-recurring milestone payment of $1.0 million, net income for the second quarter of 1998 was $2.1 million, or $0.17 per share on a diluted basis. Net contract revenue for the six months ended June 30, 1999 increased 57% to $9.4 million, compared to net contract revenue of $6.0 million in the same period of 1998. For the six-month period ended June 30, 1999, recurring royalties increased by 100% to $10.0 million, compared to $5.0 million during the same period in 1998. During the six months ended June 30, 1998, the Company had also received $7.4 million in non-recurring milestone payments and royalties attributable to prior periods. Net income for the six months ended June 30, 1999 was $6.8 million, or $0.50 per share on a diluted basis. Net income for the comparable period of 1998, excluding the non-recurring milestones and royalties of $7.4 million, was $3.1 million, or $0.25 on a diluted basis. Net income for the six months ended June 30, 1998 including all recurring and non-recurring items was $7.3 million, or $0.60 per share on a diluted basis. "We are pleased with the continued strong growth of our core business," said 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., Chairman and Chief Executive Officer of Albany Molecular Research, Inc. "Since the beginning of this year we have added six new customers as well as increased our existing relationships with several key customers. We have supported the increased business with the addition of 21 scientists through the end of the second quarter." "Strong worldwide sales of Allegra(tm) also resulted in better- than-expected royalty revenue during the second quarter. The growth of our contract revenue coupled with the increased royalty revenue resulted in the achievement of record net revenue for the second quarter. We also directed additional funding towards our business development and marketing programs during the quarter. These investments into our business are strategically focused to enhance our long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. growth." "We are also pleased that Albany Molecular Research's stock was recently added to the Russell 2000(r) Index. The inclusion in the Russell 2000(r) Index provides additional exposure for the Company to the investment community." The Russell 2000(r) Index is comprised of stocks included in the Russell 3000(r) Index, which measures the performance of the 3,000 largest US companies based on total market capitalization Total Market Capitalization The total market value of all of a firm's outstanding securities. . The Frank Russell Frank Russell may refer to the following people:
A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. of the Russell 2000(r) Index as approximately $526 million. 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. services 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 are 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. -0-
Albany Molecular Research, Inc.
Condensed Consolidated Statements of Income
(Unaudited)
Three Months Ended
June 30,
1999 1998
In thousands, except for per share data
Net contract revenue $ 4,964 $ 3,091
Cost of contract revenue 2,800 1,744
Gross profit 2,164 1,347
Other operating revenue:
Non-recurring royalties and milestones -- 1,000
Recurring royalties 5,850 3,286
Technology incentive award (578) (327)
Other operating revenue, net 5,272 3,959
Operating expenses:
Research and development 135 132
Selling, general and administrative 1,385 1,025
Total operating expense 1,520 1,157
Income from operations 5,916 4,149
Interest income, net 536 71
Other non-operating income (60) 1
Income before income taxes 6,392 4,221
Income tax expense 2,397 1,463
Net income $ 3,995 $ 2,758
Net income per share:
Basic $ 0.31 $ 0.26
Diluted $ 0.28 $ 0.23
Weighted average number of shares
outstanding:
Basic 12,899 10,800
Diluted 14,301 12,169
Albany Molecular Research, Inc.
Condensed Consolidated Statements of Income
(Unaudited)
Six Months Ended
June 30,
1999 1998
In thousands, except for per share data
Net contract revenue $ 9,390 $ 5,964
Cost of contract revenue 5,303 3,252
Gross profit 4,087 2,712
Other operating revenue:
Non-recurring royalties and milestones -- 7,369
Recurring royalties 10,034 5,016
Technology incentive award (993) (1,137)
Other operating revenue, net 9,041 11,248
Operating expenses:
Research and development 264 341
Selling, general and administrative 2,648 2,108
Total operating expense 2,912 2,449
Income from operations 10,216 11,511
Interest income, net 714 97
Other non-operating income (3) 5
Income before income taxes 10,927 11,613
Income tax expense 4,097 4,316
Net income $ 6,830 $ 7,297
Net income per share:
Basic $ 0.56 $ 0.68
Diluted $ 0.50 $ 0.60
Weighted average number of shares
outstanding:
Basic 12,269 10,790
Diluted 13,622 12,135
Albany Molecular Research, Inc.
Selected Consolidated Balance Sheet Data
In thousands
June 30, 1999 December 31, 1998
(unaudited)
Cash 17,640 3,957
Trade and royalty receivables 9,189 6,055
Investments 27,571 2,054
Total current assets 55,817 14,114
Net property, plant and equipment 14,874 14,318
Total assets 72,116 28,908
Current liabilities 3,778 5,770
Stockholders equity 67,429 9,279
Total liabilities and stockholders
Equity 72,116 28,908
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