BELMAC ANNOUNCES REVENUES FOR FIRST QUARTER
BELMAC ANNOUNCES REVENUES FOR FIRST QUARTER TAMPA, Fla., Nov. 5 /PRNewswire/ -- Belmac Corporation
(AMEX: BLM) announced revenues of $602,000 for its quarter ended Sept. 30, 1991 and a net loss of $1,382,000 ($.18 per share) compared to no revenues and a loss of $389,000 ($.06 per share) for the same quarter last year.
The revenues generated by the company's new chemical subsidiary in France are the first significant revenues in the company's history. The new chemical subsidiary, Chimos, S.A., was profitable for the quarter. The company expects to generate its first significant pharmaceutical revenues this month from sales of its new antibiotic, Biolid(TM), in France. The company's chief financial officer, Marc S. Ayers, commented, "We are proud of our accomplishments in exiting the development stage and moving into revenues for the first time. With the recent completion of our $14 million private placement of common and preferred stock this October, we are well positioned to generate $10 to $15 million of revenues for the fiscal year ending June 30, 1992. The company also indicated that its total assets and shareholders' equity increased from $1,629,000 and $1,408,000 respectively a year ago to $7,283,000 and $4,346,000 respectively at Sept. 30, 1991. The increase in assets and eqity reflect the company's success in obtaining funds from the exercise of stock options and warrants and in acquiring Chimos, S.A. and Pharmacin Corporation. The company's loss for the first quarter increased as the company incurred approximately $300,000 of expenses associated with its launch of Biolid(TM) and $662,000 of research and development expenses aimed at expediting regulatory approvals of Biolid(TM), azaquinone, and Alphanon(R) in the United States and Europe. Research and development expenses increased from only $68,000 a year ago. Belmac Corporation is a fully integrated pharmaceutical company engaged in the development of anti-infective drugs for common bacterial infections, mycobacterium avium complex, tuberculosis and malaria in addition to its transdermal antihemorrhoidal drug, Alphanon(R). The company began the marketing of its anti-infective drug, Biolid(TM) in France this month. -0- 11/5/91 /CONTACT: Russell Ketchum, vice president-investor relations for Belmac Corporation, 813-286-4401, or 800-877-6533/ (BLM) CO: Belmac Corporation ST: Florida IN: MTC SU: ERN MR-AW -- FL003 -- 1158 11/05/91 10:19 EST
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|Date:||Nov 5, 1991|
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