Angiotech Announces Results For Fourth Quarter And Year Ended.Business Editors VANCOUVER Vancouver, city, Canada Vancouver, city (1991 pop. 471,844), SW British Columbia, Canada, on Burrard Inlet of the Strait of Georgia, opposite Vancouver Island and just N of the Wash. border. , B.C.--(BUSINESS WIRE)--Dec. 5, 2000 Angiotech Pharmaceuticals Angiotech TSX: ANP is a Vancouver, British Columbia pharmaceutical company. Its products enhance the performance of medical devices and biomaterials through the use of pharmacotherapeutics. , 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 :ANPI ANPI Angiotech Pharmaceuticals Inc. (Vancouver, BC, Canada) ANPI Associazione Nazionale Partigiani d'Italia (Italian: National Association of Partisans) ) (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :ANP ANP atrial natriuretic peptide. ANP atrial natriuretic peptide. ANP Atrial natriuretic peptide, see there .) today reported financial results for the fourth quarter and fiscal year ended September September: see month. 30, 2000. Amounts, unless specified otherwise, are in Canadian dollars Noun 1. Canadian dollar - the basic unit of money in Canada; "the Canadian dollar has the image of loon on one side of the coin" loonie dollar - the basic monetary unit in many countries; equal to 100 cents . At September 30, 2000, the exchange rate was approximately U.S. $1.00 = CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. $1.5070. Revenue for the fourth quarter was nil, as compared to $0.04 million for the same quarter in 1999. Net earnings for the quarter was $0.5 million or $0.03 per share, as compared to a net loss of $3.4 million or $(0.26) per share in the fourth quarter of 1999. The increase in earnings per share for the fourth quarter was due to a foreign exchange gain on investments held in US currency ($0.17 per share) and interest income on cash balances and short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. investments ($0.18 per share). Revenue for the year ended September 30, 2000 increased by 38% to $4.5 million as compared to $3.3 million in 1999. Net loss for the year ended September 30, 2000 was $1.9 million or $(0.13) per share as compared to $9.9 million or $(0.82) per share. The net loss for fiscal 2000 included a foreign exchange gain of $3.3 million, $0.23 per share, as compared to a foreign exchange loss of $0.2 million, ($0.01) per share, for fiscal 1999. Interest income from investments for fiscal 2000 increased by 394% to $5.9 million, ($0.41 per share) as compared to $1.2 million ($0.10 per share) for fiscal 1999. At the end of fiscal year 2000, the Company's financial position was strong with available cash balances of approximately $160.3 million.
ANGIOTECH PHARMACEUTICALS, INC.
CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Year Ended
September 30, September 30,
2000 1999 2000 1999
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In thousands, except per share data
Revenue $- $ 45 $4,498 $3,269
Research and development expenses 3,276 2,315 9,614 9,503
General and administration 1,131 782 4,357 3,543
Amortization 456 600 1,655 1,158
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Operating loss 4,863 3,652 11,128 10,935
Foreign exchange (gain) loss (2,582) 72 (3,285) 153
Interest income (2,784) (372) (5,925)(1,200)
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(Earnings) loss for the period (503) 3,352 1,918 9,888
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Earnings (loss) per share $0.03 $(0.26) $(0.13)$(0.82)
Weighted average shares outstanding 15,252 13,095 14,332 12,106
ANGIOTECH PHARMACEUTICALS, INC.
BALANCE SHEETS
2000 1999
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In thousands
Assets
Current assets:
Cash and short-term investments $160,295 $31,317
Other current assets 183 237
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Total current assets 160,478 31,554
Fixed assets, net 1,192 1,044
Medical technology, net 4,259 2,766
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$165,929 $35,364
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Liabilities and Shareholders' Equity
Accounts payable and accrued liabilities 2,381 1,010
Shareholder' equity 163,548 34,354
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$165,929 $35,364
This press release contains the condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. financial statements. If you require a copy of the Angiotech's full audited financial statements for the fiscal year ended September 30, 2000, please contact the Company or visit our website. A conference call on Angiotech's Q4 Financials will be held on Tuesday Tuesday: see week. , December 5, 2000 at 2:00 PM, PST PST Paroxysmal supraventricular tachycardia, see there . A recording of the call will be available until December 12, 2000 by calling 1-800-558-5253 and entering Reservation Number 16689299. Statements contained herein that are not based on historical fact, including without limitation statements containing the words "believes", "may", "will", "estimate", "continue", "anticipates", "intends", "expects" and words of similar import, constitute "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 U.S. 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. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. Such factors include, among others, the following: general economic and business conditions, both nationally and in the regions in which the Company operates; technology changes; competition; changes in business strategy or development plans; the ability to attract and retain qualified personnel; existing governmental regulations and changes in, or the failure to comply with, governmental regulations; liability and other claims asserted against the Company; and other factors referenced in the Company's filings with the Securities and Exchange Commission. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The Company disclaims any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments. |
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