Anika reports third quarter results.WOBURN, Mass.--(BUSINESS WIRE)--July 2, 1996--Anika 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 Small Cap: ANIK ANIK Canadian COMSAT ) today reported a net loss for the third quarter ended May 31, 1996 of $551,000, or $.12 per share, compared with a net loss of $452,000, or $.14 per share, for the same period last year. Revenues for the quarter rose 57 percent to $1,461,000 from $930,000 a year earlier. For the nine month period, Anika had a net loss of $1,935,000, or $.51 per share, versus a net loss of $1,087,000, or $.34 per share, for the first nine months of 1995. Year-to-date revenues for the first nine months rose 32 percent to $3,343,000 versus $2,536,000 for the 1995 period. During the quarter, Anika issued 1,455,000 shares of common stock in a private placement that resulted in 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). to the company of approximately $3.6 million. Anika President Duffy DuFresne said the company's revenue growth for the period was due to an increase in AMVISC and ORTHOVISC sales. In addition to the completion of the private placement, during the quarter the company filed a Commumautee European (CE) mark registration to market its ORTHOVISC product 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. throughout Europe and initiated pivotal Phase III clinical trials Noun 1. phase III clinical trial - a large clinical trial of a treatment or drug that in phase I and phase II has been shown to be efficacious with tolerable side effects; after successful conclusion of these clinical trials it will receive formal approval from the for ORTHOVISC in the U.S. Anika is a leading developer and manufacturer 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 for the treatment of osteoarthritis 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 for the prevention of surgical adhesions; and HA oligosaccharides oligosaccharides (ol´igōsak´  rīdz),n. for the treatment of cancer. ANIKA RESEARCH INC.
Balance Sheets as of May 31, 1996 Aug. 31, 1995
(Unaudited)
ASSETS Current assets: Cash and cash equivalents $4,030,301 $2,824,663 Accounts receivable 590,091 190,976 Inventories 2,867,734 3,292,416 Prepaid expenses 367,174 318,960 Total current assets 7,855,300 6,627,015 Property and equipment 4,666,083 4,332,171 Less accumulated depreciation 3,171,135 2,912,966 Net property and equipment 1,494,948 1,419,205 Total Assets $9,350,248 $8,046,220 LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $445,777 $353,444
Accrued expenses 1,200,529 301,507
Current portion of long-term debt - 1,000,000
Total current liabilities 1,646,306 1,654,951
Other long-term liabilities - 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 2,463,875 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 4,800,813 shares and 3,291,475 shares, respectively 48,008 32,915 Additional paid-in capital 11,532,773 7,378,514 Unearned stock option compensation (539,062) Accumulated deficit (5,801,652) (3,867,088) Total stockholders' equity 5,240,067 3,544,341
Total liabilities and
stockholders' equity $9,350,248 $8,046,220
-0-
ANIKA RESEARCH INC. STATEMENTS OF OPERATIONS (UNAUDITED)
Three months ended
May 31,
1996 1995
Net sales $1,460,612 $930,384
Cost of sales 1,292,467 865,026
Gross profit 168,145 65,358
Operating expenses:
Research and development 465,238 311,260
Selling, general and administrative 306,785 205,403
Interest expense (income), net (52,619) 837
Total operating expenses 719,404 517,500
Loss before income taxes (551,259) (452,142)
Income taxes - -
Net loss ($551,259) ($452,142)
Loss per share, primary and fully diluted ($.12) ($.14) Primary and fully diluted shares outstanding 4,785,786 3,219,450 ANIKA RESEARCH INC. STATEMENTS OF OPERATIONS (UNAUDITED) Nine months ended May 31, 1996 1995 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 $3,342,671 $2,535,943 Cost of sales 3,304,802 2,030,880 Gross profit 37,869 505,063 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. : Research and development 1,157,430 944,914 Selling, general and administrative 878,280 658,886 Interest expense (income), net (63,278) (11,766) Total operating expenses 1,972,432 1,592,034 Loss before income taxes (1,934,563) (1,086,971) Income taxes - - Net loss ($1,934,563) ($1,086,971) Loss per share, primary and fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. ($.51) ($.34) Primary and fully diluted shares outstanding 3,791,514 3,211,292 CONTACT: Anika Research Inc. 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 or Pondel, Parsons Parsons, city (1990 pop. 11,924), Labette co., SE Kans.; inc. 1871. It is a shipping point for dairy products, grain, and livestock. Manufactures include ammunition, wire and paper products, plastics, and appliances. & Wilkinson Susan Klein, 508/358-4315 or Robert Whetstone whetstone, natural or manufactured stone used as an abrasive solid to sharpen tools. It is used dry, with water, or with oil. Such a stone of the finer grade used with oil is usually called an oilstone. , 310/207-9300 |
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