Printer Friendly

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
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 5, 1991
Words:389
Previous Article:SOUTHERN KITCHENS, INC., ANNOUNCES RESULTS
Next Article:LUKENS ANNOUNCES OCTOBER SHIPMENTS
Topics:


Related Articles
BELMAC ANNOUNCES SECOND QUARTER RESULTS
BELMAC REPORTS FIRST QUARTER RESULTS
BELMAC TERMINATES ACQUISITION DISCUSSIONS WITH TWO EUROPEAN DRUG COMPANIES AND REPORTS RESULTS FOR QUARTER ENDED DEC. 31, 1992
BELMAC SEES SHARPLY IMPROVING FIRST QUARTER OPERATING RESULTS
BELMAC REPORTS RECORD SALES FOR FIRST QUARTER 1993
BELMAC TRIMS LOSSES TO $.06 PER SHARE
BELMAC'S REVENUES UP 15 PERCENT -- CONTINUES TO IMPROVE BOTTOM LINE IN FIRST QUARTER OF 1994
BELMAC'S IMPROVED FINANCIAL PERFORMANCE REFLECTS COST-CUTTING, NEW MARKETING INITIATIVES
BELMAC REPORTS 60% GROWTH IN REVENUES IN THIRD QUARTER OF 1994
BELMAC REPORTS 32% GROWTH IN 1994 REVENUES; ANNOUNCES PROFITABLE FOURTH QUARTER

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters