Anika reports second quarter and first half results.WOBURN Woburn, village, England Woburn (w  `bərn), village, Bedfordshire, S central England. , Mass.--(BUSINESS WIRE)--April 3, 1996--Anika Research Inc.
(NASDAQ NASDAQin 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 : ANIK ANIK Canadian COMSAT ) announced today a net loss for the second quarter ended Feb. 28, 1996 of $868,000, or $.26 per share, on net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight of $1,020,000, compared to a net loss of $198,000, or $.06 per share, on net sales of $719,000 for the comparable period in 1995. Included in sales for the second quarter of last year was a one-time $150,000 licensing payment from Boehringer Ingelheim Animal Health Inc. for HYVISC distribution rights. For the six months ended Feb. 28, 1996, Anika recorded a net loss of $1,383,000, or $.42 per share, on net sales of $1,882,000, compared to a net loss of $635,000, or $.20 per share, on net sales of $1,606,000 for the comparable period in 1995. During the first week of March 1996, the company completed a private placement of 1,455,000 shares of newly issued Common Stock to institutional and private accredited investors Accredited Investor A term used by the Securities and Exchange Commission (SEC) under Regulation D to refer to investors who are financially sophisticated and have a reduced need for the protection provided by certain government filings. Also known as "qualified purchaser". resulting in total net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of approximately $3.5 million. Proceeds from the financing were used to repay a $1,000,000 debt obligation and for general working capital purposes. Anika is dedicated to the development and manufacturing of technologically advanced hyaluronic acid hyaluronic acid: see mucopolysaccharide. Hyaluronic acid A polysaccharide which is an integral part of the gel-like substance of animal connective tissue; it supposedly serves as a lubricant and shock absorbent in the joints. products for surgical and therapeutic medical applications. Product development programs include: ORTHOVISC Orthovisc Orthopedics An injectable hyaluronic acid for treating osteoarthritis of the knee; viscoelastic and lubricating properties are similar to normal synovial fluid. See Hyaluronic acid. , Anika's lead compound for the treatment of osteoarthritis osteoarthritis or osteoarthrosis or degenerative joint disease Most common joint disorder, afflicting over 80% of those who reach age 70. It does not involve excessive inflammation and may have no symptoms, especially at first. and temporomandibular joint temporomandibular joint n. See mandibular joint. Temporomandibular joint (TMJ) The jaw joint formed by the mandible (lower jaw bone) moving against the temporal (temple and side) bone of the skull. (TMJ TMJ abbr. temporomandibular joint syndrome Temporomandibular joint pain (TMJ) Pain and other symptoms affecting the head, jaw, and face that are caused when the jaw joints and muscles controlling them don't work ) dysfunction dysfunction /dys·func·tion/ (dis-funk´shun) disturbance, impairment, or abnormality of functioning of an organ.dysfunc´tional erectile dysfunction impotence (2). ; INCERT INCERT Surgery Bioabsorbable, implantable sponge designed to prevent postsurgical adhesion formation. See Adhesions. for the prevention of surgical adhesions Adhesions Definition Adhesions are fibrous bands of scar tissue that form between internal organs and tissues, joining them together abnormally. ; and HA oligosaccharides oligosaccharides (ol´igōsak´  rīdz),n. for the treatment of cancer. ANIKA RESEARCH INC.
Balance Sheets as of, Feb. 29, 1996 Aug. 31, 1995
(Unaudited)
ASSETS Current assets: Cash and cash equivalents $1,532,979 $2,824,663 Accounts receivable 558,990 190,976 Inventories 3,078,868 3,292,416 Prepaid expenses 261,272 318,960 Total current assets 5,432,109 6,627,015 Property and equipment 4,604,700 4,332,171 Less accumulated depreciation 3,081,642 2,912,966 Net property and equipment 1,523,058 1,419,205 Total Assets $6,955,167 $8,046,220 LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $555,406 $353,444
Accrued expenses 374,119 301,507
Current portion of long-term debt 1,000,000 1,000,000
Total current liabilities 1,929,525 1,654,951
Other long-term liabilities 520,757 520,757 Redeemable convertible preferred stock; $.01 par value: authorized 750,000 shares; 120,970 shares issued and outstanding; liquidation and redemption value of $20.00 per share plus accrued dividends 2,407,399 2,326,171 Stockholders' equity: Undesignated preferred stock, $.01 par value: authorized 1,250,000 shares; no shares issued and outstanding --- --- Common stock, $.01 par value: authorized 15,000,000 shares; issued and outstanding 3,306,649 shares and 3,291,475 shares, respectively 33,066 32,915 Additional paid-in capital 7,314,812 7,378,514 Accumulated deficit (5,250,392) (3,867,088) Total stockholders' equity 2,097,486 3,544,341
Total liabilities and
stockholders' equity $6,955,167 $8,046,220
-0-
ANIKA RESEARCH INC. STATEMENTS OF OPERATIONS (UNAUDITED)
Three months ended
Feb. 29, Feb. 28,
1996 1995
Net sales $1,020,388 $ 718,955
Cost of sales 1,187,231 413,620
Gross profit (loss) (166,843) 305,335
Operating expenses:
Research and development 391,383 279,403
Selling, general and administrative 309,020 229,407
Interest expense (income), net 556 (5,081)
Total operating expenses 700,959 503,729
Loss before income taxes (867,802) (198,394)
Income taxes - -
Net loss ($867,802) ($198,394)
Loss per share ($.26) ($.06) Primary and fully diluted shares outstanding 3,300,822 3,211,877 -0-
Six months ended
Feb. 29, Feb. 28,
1996 1995
Net sales $1,882,059 $1,605,559
Cost of sales 2,012,335 1,165,854
Gross profit (loss) (130,276) 439,705
Operating expenses:
Research and development 692,192 633,654
Selling, general and administrative 571,495 453,483
Interest expense (income), net (10,659) (12,603)
Total operating expenses 1,253,028 1,074,534
Loss before income taxes (1,383,304) (634,829)
Income taxes - -
Net loss ($1,383,304) ($634,829)
Loss per share ($.42) ($.20) Primary and fully diluted shares outstanding 3,297,043 3,207,166 CONTACT: Anika Research Inc., Woburn Sean Moran Sean Farrell Moran (born June 5, 1973 in Aurora, Colorado) was an American football defensive lineman in the National Football League for the Buffalo Bills, St. Louis Rams, and the San Francisco 49ers. He played college football at Colorado State University. , 617/932-6616 |
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