Argonaut Technologies Reports Second Quarter 2002 Results.Business Editors FOSTER CITY, Calif.--(BUSINESS WIRE)--July 25, 2002 Argonaut Technologies, Inc. (Nasdaq:AGNT AGNT Association for Global New Thought AGNT Agent Table ). -- With the Jones Group integration on-track, second quarter 2002 net sales increase 119% versus second quarter 2001 -- Total operating expenses are up only 1% year-over-year Argonaut Technologies, Inc. (Nasdaq:AGNT) today reported financial results for the second quarter ended June June: see month. 30, 2002. For the second 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 $6.7 million compared to $3.1 million for the second quarter of 2001. These results were in line with guidance given on the Company's first quarter 2002 conference call and reflect the inclusion of a full quarter of the recently acquired Jones Group's operations. The Company reported a net loss for the second quarter ended June 30, 2002 of $3.2 million, or $(0.16) per share compared to a net loss of $4.5 million, or $(0.24) per share, for the second quarter of 2001. As of June 30, 2002, Argonaut had approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $44 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. "In the second quarter of 2002, we made substantial progress on the integration of the Jones Group with existing Argonaut operations. We are pleased at how quickly our two organizations have come together to offer 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
The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. essentially flat with the prior year, increasing less than one percent. We remain focused on achieving cash flow break-even as our primary financial goal." For the six months ended June 30, 2002, Argonaut reported net sales of $11.5 million compared to $7.9 million for the six months ended June 30, 2001. The net loss for the first six months of 2002 was $6.3 million, or $(0.32) per share compared to a net loss of $7.2 million, or $(0.38) per share, for the first six months of 2001. Business Outlook "We expect net sales for the third quarter of 2002 to be between $6.7 million and $7.2 million," commented Ms. Goldenstein. "While the current challenging capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. environment makes instrument sales difficult, we are seeing consistent demand for consumables. We believe that net sales for the full year 2002 will be between $27 million and $28.5 million, assuming some continued growth quarter to quarter." "Gross margin for the third quarter of 2002 is expected to be similar to the first half of 2002 or between 45.5% and 47.5%. We are carefully managing expenses and estimate total operating expenses for the third quarter of 2002 of $6.1 million to $6.3 million and would anticipate a net loss for the third quarter to be somewhat less than the second quarter of 2002. We continue to expect a full year 2002 net loss of between $10 million and $11 million." Conference Call Details Argonaut Technologies will discuss these financial results and its outlook during a conference call scheduled for today, Thursday Thursday: see week. , July July: see month. 25, 2002 at 2:00 p.m. Pacific / 5:00 p.m. Eastern. Interested parties may participate in the conference call by dialing 888-881-4892 (international callers dial: 416-640-4127). The call will also be available via live audio broadcast over the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at www.argotech.com. 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 (international callers dial: 416-640-1917) and giving the following pass code: 200214#. About Argonaut Technologies, Inc. Argonaut Technologies, Inc. is a leading provider of instruments, chemistry consumables, software, and services designed to accelerate and improve chemical development processes. The company's products are designed to enable chemists to increase productivity, reduce 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, and explore the increasing number of targets and chemical compounds available for drug and chemical development. Argonaut's products are used in more than 1,000 pharmaceutical, chemical, and academic laboratories worldwide. For more information, visit 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 outlook for net sales, gross margins and net loss for the 2002 third quarter and 2002 fiscal year, the future demand for instruments and consumables, anticipated growth in the market for our products, the benefits from cost savings initiatives 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 increasing revenues and decreasing expenses may not be realized as quickly as anticipated or at all and the risk that the current slow period in our industry continues for longer than we expect or deteriorates further, with a reduction in demand for instruments and consumables, 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, in its most recent quarterly report on Form 10-Q Form 10-Q See 10-Q. for the quarter ended March 31, 2002 filed on May 15, 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 Six Months Ended
June 30, June 30,
------------------- -------------------
2002 2001 2002 2001
-------- -------- -------- --------
Net sales $ 6,723 $ 3,069 $ 11,480 $ 7,862
Costs and Expenses:
Costs of sales 3,530 1,842 6,120 4,164
Research and
development (Note 1) 1,459 1,929 2,839 3,505
Selling, general and
administrative (Note 1) 4,801 4,251 8,714 8,374
Amortization of
goodwill and other
purchased intangible
assets 196 216 315 288
Acquired in-process
research and
development -- -- -- 270
-------- -------- -------- --------
Total costs and expenses 9,986 8,238 17,988 16,601
-------- -------- -------- --------
Loss from operations (3,263) (5,169) (6,508) (8,739)
Other income (expenses):
Interest and other income 379 727 683 1,754
Interest and other expense (110) (97) (249) (201)
-------- -------- -------- --------
Net loss before
provision for
income taxes (2,994) (4,539) (6,074) (7,186)
Provision for
income taxes (163) -- (200) --
-------- -------- -------- --------
Net loss $ (3,157) $ (4,539) $ (6,274) $ (7,186)
======== ======== ======== ========
Net loss per common
share, basic and diluted $ (0.16) $ (0.24) $ (0.32) $ (0.38)
======== ======== ======== ========
Weighted-average shares
used in computing net
loss per common share,
basic and diluted 19,966 19,139 19,771 18,862
======== ======== ======== ========
Note 1: Research and development expenses and selling, general and
administrative expenses include charges for stock-based
compensation as follows:
Research and development $ 41 $ 125 $ 122 $ 419
Selling, general and
administrative 68 339 200 747
-------- -------- -------- --------
$ 109 $ 464 $ 322 $ 1,166
======== ======== ======== ========
ARGONAUT TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
June 30, December 31,
2002 2001
------- -------
(Unaudited) (1)
ASSETS
Current assets:
Cash and cash equivalents $17,493 $17,996
Short-term investments 15,408 39,636
Accounts receivable, net 5,666 4,187
Inventories 7,711 4,096
Prepaid expenses & other current
assets 384 784
Notes receivable 162 --
------- -------
Total current assets 46,824 66,699
Restricted cash 11,717 --
Property and equipment, net 5,970 3,233
Goodwill and other purchased
intangible assets, net 14,865 2,213
Other assets 159 26
------- -------
$79,535 $72,171
======= =======
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 1,595 $ 1,681
Accrued compensation 792 1,421
Other accrued liabilities 1,952 1,679
Deferred revenue 2,986 3,439
Current portion of capital lease
obligations 86 187
Current portion of notes payable 178 --
------- -------
Total current liabilities 7,589 8,407
Non-current portion of notes payable 246 --
Long term debt 11,718 --
Stockholders' equity 59,982 63,764
------- -------
$79,535 $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. The
accompanying notes are an integral part of these condensed
consolidated financial statements.
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