Argonaut Technologies Reports First Quarter 2002 Results.Business Editors FOSTER CITY, Calif.--(BUSINESS WIRE)--May 7, 2002 Argonaut Technologies, Inc. (Nasdaq:AGNT AGNT Association for Global New Thought AGNT Agent Table ) today reported financial results for the first quarter ended March 31, 2002. For the first quarter of 2002, 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 were $4.8 million compared to $4.8 million for the first quarter of 2001. These results were in line with guidance given on the Company's fourth quarter 2001 conference call and reflect the inclusion of five weeks of the recently acquired Jones Group's operations. The Company reported a net loss for the first quarter ended March 31, 2002 of $3.1 million, or ($0.16) per share compared to a net loss of $2.6 million, or ($0.14) per share, for the first quarter of 2001. "In the first quarter of 2002, we completed the acquisition of the Jones Group and immediately began to integrate our two organizations," stated Lissa A. Goldenstein, Argonaut's president and chief executive officer. "Already we are seeing that the combination of Argonaut and the Jones Group creates a company with broader global presence and a more complete set of solutions for chemists This is a list of famous chemists: (alphabetical order) : Top - 0–9 A B C D E F G H I J K L M N O P Q R S T U V W X Y Z A
As of March 31, 2002, Argonaut had $47.5 million in cash, cash equivalents, 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 and restricted cash. "Last week, we announced the appointment of David Foster  This article or section resembles a .Please help [ improve this article] by removing excessive trivia, irrelevant praise and criticism, lists and collections of links that are of . as Senior Vice President and Chief Financial Officer," continued Goldenstein. "David brings over 20 years of financial and operations management Operations management is an area of business that is concerned with the production of goods and services, and involves the responsibility of ensuring that business operations are efficient and effective. of medical technology companies to Argonaut. We are looking forward to having him join the executive management team." On February February: see month. 20, 2002, Argonaut completed the acquisition of the Jones Group. The Jones Group is a leading manufacturer and distributor of high quality chromatography chromatography (krō'mətŏg`rəfē), resolution of a chemical mixture into its component compounds by passing it through a system that retards each compound to a varying degree; a system capable of accomplishing this is called a and purification purification, in religion, the ceremonial removal of what the religion deems unclean. The usual agents of purification are water (as in baptism), bodily alteration (as in circumcision), and fire. accessories, consumables and instrumentation instrumentation, in music: see orchestra and orchestration. instrumentation In technology, the development and use of precise measuring, analysis, and control equipment. . Its products are used for drug discovery, biological and biochemical bi·o·chem·is·try n. 1. The study of the chemical substances and vital processes occurring in living organisms; biological chemistry; physiological chemistry. 2. research, clinical studies and environmental and applied research in the pharmaceutical, contract research organizations (CRO), agrochemical agrochemical Any chemical used in agriculture, including chemical fertilizers, herbicides, and insecticides. Most are mixtures of two or more chemicals; active ingredients provide the desired effects, and inert ingredients stabilize or preserve the active ingredients or aid and food industries. Conference Call Details Argonaut Technologies will discuss these financial results and its outlook during a conference call scheduled for Tuesday Tuesday: see week. , May 7, 2002 at 2:00 p.m. Pacific / 5:00 p.m. Eastern. Those wishing to listen to the call can access it by going to the Investor Relations Investor relations The process by which the corporation communicates with its investors. section of our website at www.argotech.com, or by calling 888-881-4892 for domestic callers (international callers can dial: 416-640-4127). For those unable to participate on the live call, a 24-hour replay will be available for seven days after the call at www.argotech.com, or by calling 877-289-8525 and giving the following pass code: 185648#. About Argonaut Argonaut Technologies, Inc. is a leading provider of instruments, chemistry consumables, software and services that are designed to accelerate and improve chemical development processes. Our products are designed to enable chemists to increase their productivity, reduce their operating costs operating costs npl → gastos mpl operacionales through automation and process simplification sim·pli·fy tr.v. sim·pli·fied, sim·pli·fy·ing, sim·pli·fies To make simple or simpler, as: a. To reduce in complexity or extent. b. To reduce to fundamental parts. c. , achieve faster time-to-market for new products, and cost-effectively explore the increasing number of targets available for drug and chemical development. We provide solutions that are used in over 1,000 pharmaceutical, chemical and academic laboratories worldwide. Our innovative chemistry solutions enable chemists to perform multiple experiments under a variety of conditions in a fraction of the time and cost of traditional methods. For more information visit our website: www.argotech.com. Forward Looking Statements Statements included in this press release that are not historical in nature may be "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 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. Examples of such forward-looking statements include, without limitation, statements regarding the ability of our products to enhance chemical development, anticipated growth in the market for our products, and the expected impact of our combination with the Jones Group. Any such forward-looking statements reflect the judgment of our management as of the date of this release, and involve risks and uncertainties, including the risk that intervening in·ter·vene intr.v. in·ter·vened, in·ter·ven·ing, in·ter·venes 1. To come, appear, or lie between two things: You can't see the lake from there because the house intervenes. 2. events and other factors including the risk that the expected benefits of our combination with the Jones Group are not realized as quickly as anticipated or at all, the risk that we incur To become subject to and liable for; to have liabilities imposed by act or operation of law. Expenses are incurred, for example, when the legal obligation to pay them arises. An individual incurs a liability when a money judgment is rendered against him or her by a court. unanticipated costs or problems in connection with the combination of the two organizations and the risk that the current slow period in our industry continues for longer than we expect, each of which could significantly impact our business and results of operations. These and other risk factors are discussed in Argonaut's Annual Report on 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. for the year ended December December: see month. 31, 2001 filed on April 1, 2002, and its other filings with the Securities and Exchange Commission. Argonaut disclaims any intent or obligation to update these forward-looking statements. The Company claims the protection of the Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
Argonaut Technologies, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
Three Months Ended
March 31,
2002 2001
-------- --------
Net sales $ 4,757 $ 4,793
Costs and Expenses:
Cost of sales 2,590 2,322
Research and development (Note 1) 1,380 1,576
Selling, general and administrative
(Note 1) 3,913 4,123
Amortization of goodwill and other
purchased intangible assets 119 72
Acquired in-process research and development -- 270
-------- --------
Total costs and expenses 8,002 8,363
-------- --------
Loss from operations (3,245) (3,570)
Other income (expenses):
Interest and other income 304 1,027
Interest and other expense (139) (104)
Provision for income taxes (37) --
-------- --------
Net loss $ (3,117) $ (2,647)
======== ========
Net loss per common share, basic and diluted $ (0.16) $ (0.14)
======== ========
Weighted-average shares used in
computing net loss per common share,
basic and diluted 19,564 18,586
======== ========
Note 1: Research and development
expenses and selling, general and
administrative expenses include charges
for stock-based compensation as follows:
Research and development $ 81 $ 294
Selling, general and administrative 132 408
-------- --------
$ 213 $ 702
======== ========
Argonaut Technologies, Inc.
Condensed Consolidated Balance Sheets
(In thousands)
March 31, December 31,
2002 2001
------- -------
(unaudited) (1)
ASSETS
Current assets:
Cash and cash equivalents $ 5,799 $17,996
Short-term investments 30,876 39,636
Accounts receivable, net 5,047 4,187
Inventories 7,215 4,096
Prepaid expenses & other current assets 552 784
Notes receivable 162 --
------- -------
Total current assets 49,651 66,699
Restricted cash 10,863 --
Property, plant, and equipment, net 6,160 3,233
Goodwill and other intangible assets, net 13,902 2,213
Other assets 177 26
------- -------
$80,753 $72,171
======= =======
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 2,044 $ 1,681
Accrued compensation 861 1,421
Other accrued liabilities 904 1,679
Deferred revenue 2,873 3,439
Current portion of capital lease obligations 152 187
Notes payable 181 --
------- -------
Total current liabilities 7,015 8,407
Long term liabilities 11,146 --
Stockholders' equity 62,592 63,764
------- -------
$80,753 $72,171
======= =======
(1) The condensed consolidated balance sheet at December 31, 2001 has
been derived from the audited consolidated financial statements at
that date but does not include all of the information and
footnotes required by accounting principles generally accepted in
the United States for complete financial statements.
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