Alliance Pharmaceutical Corp. Announces First Quarter Financial Results.Business Editors/Health/Medical Writers SAN DIEGO--(BUSINESS WIRE)--Nov. 15, 2002 Alliance Pharmaceutical Corp. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ALLP ALLP Aldo Leopold Leadership Program ) reported today a net loss of $9.4 million, or $0.54 per share, for its first fiscal quarter ended Sept. 30, 2002. This compared to a net loss of $6.9 million, or $0.69 per share, for the quarter ended Sept. 30, 2001, during which revenue exceeded that of the current quarter by approximately $5 million. Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. for the first fiscal 2003 quarter totaled $9.0 million, compared to $11.3 million for the fiscal 2002 quarter. Alliance also announced that it has completed the previously reported restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). of operations to focus primarily on the commercial launch of Imagent Imagent® AF0150 Imaging An investigational perfluorochemical-based IV contrast to improve ↑ detection of lesions and defects of myocardial perfusion and cardiac function (R) (perflexane lipid lipid Any of a diverse class of organic compounds, found in all living things, that are greasy and insoluble in water. One of the three large classes of substances in foods and living cells, lipids contain more than twice as much energy (calories) per unit of weight as the microspheres). As a result, the company has reduced its workforce to about 45 employees who are directly involved with the manufacture and marketing of Imagent, Alliance's ultrasound ultrasound or sonography, in medicine, technique that uses sound waves to study and treat hard-to-reach body areas. In scanning with ultrasound, high-frequency sound waves are transmitted to the area of interest and the returning echoes recorded contrast agent that was approved for sale in 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. in June 2002. Alliance's Annual Meeting of Shareholders was held Nov. 12, 2002. The sole action proposed in the company's proxy statement Proxy Statement A document containing the information that a company is required by the SEC to provide to shareholders so they can make informed decisions about matters that will be brought up at an annual stockholder meeting. , re-election of the eight directors of the corporation, was approved by the shareholders at the meeting. Additional information about the company is available on Alliance's Web site at www.allp.com. Except for historical information, the matters set forth in this release 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. that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth herein, including the availability of funding for development, the uncertainties associated with the conduct of preclinical preclinical /pre·clin·i·cal/ (-klin´i-k'l) before a disease becomes clinically recognizable. pre·clin·i·cal adj. 1. or clinical studies and the timing or ability to investigate scientific data. Alliance refers you to cautionary information contained in documents the Company files with the Securities and Exchange Commission from time to time, including the last 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. and Form 10-Q Form 10-Q See 10-Q. , and those risk factors set forth in the most recent registration statement on Form S-3 (File No. 333-72844) and Form S-4 (File No. 333-49676). Alliance is under no obligation (and expressly disclaims any obligation) to update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.
ALLIANCE PHARMACEUTICAL CORP.
SUMMARY OF CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
Three Months Ended
September 30,
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2002 2001
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(Unaudited)
Revenues $ 21,000 $ 5,023,000
Operating expenses (9,043,000) (11,290,000)
Investment income & other - net (402,000) (610,000)
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Net loss applicable to common shares $ (9,424,000) $ (6,877,000)
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Net loss per common share:
Basic and diluted $ (0.54) $ (0.69)
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Weighted average shares outstanding:
Basic and diluted 17,369,000 9,908,000
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SUMMARY OF CONDENSED CONSOLIDATED BALANCE
SHEETS
September 30, June 30,
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2002 2002
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(Unaudited)
Cash and short-term investments $ 768,000 $ 1,416,000
Other current assets 419,000 804,000
Property, plant and equipment - net 9,928,000 11,198,000
Purchased technology - net 9,970,000 10,540,000
Investment in joint venture 5,000,000 5,000,000
Restricted cash 943,000 940,000
Other assets - net 1,609,000 1,271,000
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TOTAL $ 28,637,000 $ 31,169,000
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Current liabilities $ 29,895,000 $ 16,592,000
Deferred revenue 10,000,000 10,000,000
Long-term debt 4,298,000 10,960,000
Stockholders' equity (deficit) (15,556,000) (6,383,000)
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TOTAL $ 28,637,000 $ 31,169,000
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