Printer Friendly

BELMAC REPORTS FIRST QUARTER RESULTS

 BELMAC REPORTS FIRST QUARTER RESULTS
 TAMPA, Fla., Nov. 6 /PRNewswire/ -- Belmac Corporation (AMEX: BLM)


reported its results of operations for the first quarter of the fiscal year ending June 30, 1993. Revenues increased to $4,775,000 from $602,000 for the same quarter last year. The company's net loss for the quarter was $3,378,000 (31 cents per share) compared to a net loss of $1,382,000 (18 cents per share) for the same period last year. The net loss for the quarter was primarily attributable to costs of marketing the company's early stage pharmaceutical products in Europe during a traditionally slow season for antibiotics and research and development.
 Revenues increased by 6 percent over fourth quarter fiscal 1992 while net losses declined by 44 percent.
 Jean-Francois Rossignol, chairman and chief executive officer, said increasing revenues during the slow season for antibiotic sales in Europe is a very positive sign.
 "Sales of Biolid(R) and Amodex(R) in France, as well as our line of pharmaceutical products in Spain, are continuing to increase and should lead to significant improvements in earnings throughout the remainder of the fiscal year," Rossignol said.
 Second quarter sales of the antibiotics, Biolid and Amodex, in France are running approximately 250 percent of average sales for the first quarter. Sales of those two products for the first quarter were approximately $900,000.
 Belmac Corporation is an international pharmaceutical company with a focus on the development and marketing of anti-infective drugs.
 BELMAC CORPORATION
 Summary Statement of Operations
 (U.S. $ in Thousands)
 Quarter Ended
 (Unaudited)
 9/30/92 9/30/91
 Sales $ 4,775 $ 602
 Cost of Sales 3,241 538
 S, G and A Expenses 3,417 718
 Research and Development 1,411 662
 Depreciation and Amortization 339 96
 Net Income (Loss) (3,378) (1,382)
 Net Income (Loss) per share (.31) (.18)
 Average Shares Outstanding 11,664 7,862
 Summary Balance Sheet Data
 (U.S. $ in Thousands)
 ASSETS (Unaudited)
 9/30/92 6/30/92
 Cash and Marketable Securities 5,757 7,218
 Accounts Receivable 6,295 8,147
 Inventory 4,268 4,192
 Prepaid Expenses 348 553
 Total Current Assets 16,668 20,110
 Fixed Assets 5,540 5,302
 Drug Licenses and Related Costs 12,343 11,523
 Other Assets 2,120 1,818
 Total Assets 36,671 38,753
 LIABILITIES and STOCKHOLDERS' EQUITY
 Accounts Payable and
 Accrued Expenses 7,853 8,796
 Current Portion of Debt 2,443 2,815
 Total Current Liabilities 10,296 11,611
 Long-Term Debt 729 904
 Other Non-Current Liabilities 1,854 1,722
 Redeemable Preferred Stock 7,386 7,164
 Common Stockholders' Equity 16,406 17,352
 TOTAL LIABILITIES AND EQUITY 36,671 38,753
 -0- 11/6/92
 /CONTACT: Michael D. Price of Belmac Corporation, 813-286-4401; or Harry Costello of Hill and Knowlton Inc., 813-221-0030, for Belmac Corporation/
 (BLM) CO: Belmac Corporation ST: Florida IN: MTC SU: ERN


AW-JB -- FL004 -- 8158 11/06/92 11:56 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 6, 1992
Words:493
Previous Article:HONDA CELEBRATES 10TH ANNIVERSARY OF MANUFACTURING AUTOMOBILES IN AMERICA; 2.78 MILLION ACCORDS AND CIVICS PRODUCED IN U.S. SINCE 1982
Next Article:MICROCOM ANNOUNCES RELAY GOLD LAN 5.0
Topics:


Related Articles
BELMAC ANNOUNCES REVENUES FOR FIRST QUARTER
BELMAC ANNOUNCES SECOND 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