Applied Microbiology reports first quarter results.TARRYTOWN, N.Y.--(HealthWire)--Oct. 15, 1996--Applied Microbiology 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 :AMBI AMBI Associação Médica Brasileira Iridologia ) announced results for the first quarter of fiscal 1997 that ended Sept. 30, 1996. Revenues increased 94% to $4.4 million compared to $2.3 million for the first quarter of the previous year. The company reported a net loss of $4.4 million for the first quarter of the fiscal year ($.22 per share) compared to a net loss of $1.1 million ($.06 per share) in the same period in 1995. The increase in revenues is a result of sales of the company's new products, Cardia(TM) Salt Alternative ($1 million) and Wipe Out(TM) Dairy Wipes ($.4 million), which were launched in April and February, respectively, and were not, therefore, included in the first quarter results from last year, as well as sales of Nisaplin, AMBI's natural food preservative, which grew by 23% compared to the prior period in 1995. In commenting on the first quarter performance, Fredric D. Price, the company's president and chief executive officer, said, "We are pleased with the sales results for Cardia(TM) Salt Alternative and are on track for a national launch of the product in early 1997. The net loss for the quarter is primarily due to the marketing investment spending in support of Cardia and Wipe Out in addition to higher research costs in drug development. We expect to incur losses again in the second quarter, although marketing spending is expected to decline." The company also noted that neither the Statement of Operations See Income statement. nor the Balance Sheet reflects the proposed sale of Aplin & Barrett, AMBI's UK-based food preservative business, to Burns Philp & Co. Ltd., which was announced on Sept. 24, 1996. Key terms of the non-binding letter of intent for this proposed transaction include the payment to AMBI of $13.5 million in cash, a loan to AMBI of $2.5 million that could be forgiven under certain circumstances related to the performance of the food preservative business over the next three years, and the return of 2.42 million shares of AMBI common stock held by Burns Philp. The parties anticipate a closing by the end of 1996, subject to approval by the boards of directors of both companies and the execution of a definitive agreement. Applied Microbiology Inc. (AMBI) discovers, develops, and commercializes dietary supplements and pharmaceuticals; current products and product candidates are in the areas of hypertension and infectious disease Infectious disease A pathological condition spread among biological species. Infectious diseases, although varied in their effects, are always associated with viruses, bacteria, fungi, protozoa, multicellular parasites and aberrant proteins known as prions. . -0-
Applied Microbiology Inc.
Condensed Consolidated Statements of Operations
(in thousands except per share data)
Three Months Ended
Sept. 30,
1996 1995
Sales $4,235 $2,201
Other operating revenue 131 50
Total revenues 4,366 2,251
Cost of sales (2,489) (1,149)
Gross profit 1,877 1,102
Selling, general &
administrative expenses (4,605) (1,523)
Research costs (1,400) (472)
Depreciation and amortization (242) (186)
Operating loss (4,370) (1,079)
Interest income 67 20
Interest expense (37) (26)
Loss before tax expense (4,340) (1,085)
Tax expense (45) (11)
Net loss (4,385) (1,096)
Loss per share ($0.22) ($0.06)
Average outstanding shares 20,560 18,181
Applied Microbiology Inc. 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. Consolidated Balance Sheets (in thousands) 9/30/96 6/30/96 (Unaudited) (Audited) Assets Current assets Current Assets Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. Cash $4,606 $8,431 Accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying 5,098 5,356 Inventories 2,861 3,088 Other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. 1,034 874 Total current assets 13,599 17,749 Property and equipment net 4,068 3,881 Patent costs 1,609 1,624 Other assets 113 113 Total assets $19,389 $23,367 Liabilities, Redeemable Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. & Stockholders' Equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. Current liabilities Current Liabilities Usually appearing on a company's balance sheet, it represents the amount owed for interest, accounts payable, short-term loans, expenses incurred but unpaid, and other debts due within one year. Current portion of notes payable and lease obligation $175 $195 Accounts payable and accrued expenses 2,222 1,889 Other current liabilities Other Current Liabilities A balance sheet entry used by companies to group together current liabilities that are not assigned to common liabilities such as debt obligations or accounts payable. 708 853 Total current liabilities 3,105 2,937 Long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. , note payable and lease obligation 2,894 2,935 Deferred taxes 353 349 Total liabilities 6,352 6,221 Redeemable preferred stock 1,500 1,500 Stockholders' equity 11,537 15,646 Total liabilities, redeemable preferred stock & stockholders' equity $19,389 $23,367 CONTACT: Applied Microbiology Inc. Investor Relations Investor relations The process by which the corporation communicates with its investors. , 914/345-6888 or Feinstein Partners Marcia Kean, 617/577-8110 |
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