Alliance Pharmaceutical Corp. Announces Fiscal Year 2002 Financial Results.Business Editors and Health/Medical Writers SAN DIEGO--(BUSINESS WIRE)--Sept. 30, 2002 Alliance Pharmaceutical Corp. (Nasdaq:ALLP ALLP Aldo Leopold Leadership Program )(Nasdaq:ALLPD) today reported a net loss of $34.2 million, or $2.37 per share, for the year ended June 30, 2002. This compared to a net loss of $60.7 million, or $6.22 per share, for the year ended June 30, 2001. 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 year ended June 30, 2002 decreased to $43.1 million, as compared to $64 million in the previous year. As of June 30, 2002, the company reported cash and short-term investments of $2.4 million, of which $940,000 is in restricted cash. Alliance Pharmaceutical Corp. is developing therapeutic and diagnostic products based on its perfluorochemical and surfactant Surfactant Definition Surfactant is a complex naturally occurring substance made of six lipids (fats) and four proteins that is produced in the lungs. It can also be manufactured synthetically. technologies. Alliance's products are intended primarily for use during acute care situations, including surgical, cardiology cardiology Medical specialty dealing with heart diseases and disorders. It began with the 1749 publication by Jean Baptiste de Sénac of contemporary knowledge of the heart. Diagnostic methods improved in the 19th century, and in 1905 the electrocardiograph was invented. , and respiratory applications. Imagent(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) is an ultrasound imaging agent being marketed by Alliance in partnership with Cardinal Health <includeonly></includeonly> Cardinal Health (NYSE: CAH) is a premier, global healthcare company dedicated to making healthcare safer and more productive. Overview Headquartered in Dublin, Ohio, Cardinal Health, Inc. Inc. Oxygent(TM) (perflubron emulsion emulsion: see colloid. emulsion Mixture of two or more liquids in which one is dispersed in the other as microscopic or ultramicroscopic droplets (see colloid). Emulsions are stabilized by agents (emulsifiers) that (e.g. ), an intravenous oxygen carrier, is being developed 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. , Canada, and Europe in conjunction with Baxter Healthcare Corp. 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. and Subsidiaries
Summary of Consolidated Statements of Operations
Three Months Ended Year Ended
June 30, June 30,
2002 2001 2002 2001
(unaudited)
Revenues $ 750,000 $ 236,000 $ 10,333,000 $ 1,857,000
Operating
expenses (11,073,000) (13,113,000) (43,136,000) (64,033,000)
Imputed interest
expense on convertible
debt -- -- -- (1,082,000)
Investment income and
other -- net (274,000) (890,000) (1,424,000) 2,582,000
Net loss applicable to common
shares $ (10,597,000) $ (13,767,000) $ (34,227,000) $(60,676,000)
Net loss per common share:
Basic and
diluted $ (0.61) $ (1.39) $ (2.37) $ (6.22)
Weighted average shares outstanding:
Basic and
diluted 17,335,000 9,908,000 14,425,000 9,749,000
Summary of Consolidated Balance Sheets
June 30,
2002 2001
Cash and short-term investments $ 1,416,000 $ 6,266,000
Other current assets 804,000 2,646,000
Property, plant and equipment -- net 11,198,000 16,166,000
Purchased technology -- net 10,540,000 12,820,000
Investment in joint venture 5,000,000 5,000,000
Restricted cash 940,000 4,941,000
Other assets -- net 1,271,000 1,310,000
TOTAL $ 31,169,000 $ 49,149,000
Current liabilities $ 16,592,000 $ 9,774,000
Deferred revenue 10,000,000 10,000,000
Long-term debt 10,960,000 32,729,000
Stockholders' equity (deficit) (6,383,000) (3,354,000)
TOTAL $ 31,169,000 $ 49,149,000
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