BIOCHEM PHARMA REPORTS FINANCIAL RESULTS FOR FISCAL YEAR 1995.LAVAL Laval, city, Canada Laval, city (1991 pop. 314,398), coextensive with Île-Jésus (94 sq mi/243 sq km), S Que., Canada, between the Rivière des Mille Îles and the Rivière des Prairies, just NW of Montreal. , QUEBEC--(BUSINESS WIRE)--March 14, 1996--BioChem Pharma Inc. today reported that for the three months ended December December: see month. 31, 1995, total revenue reached $51.8 million, compared with $27.4 million for the two-month period ended December 31, 1994. In 1994, the Company changed its fiscal year-end Fiscal Year-End The completion of a one-year, or 12-month, accounting period. Notes: The reason that a company's fiscal year often differs from the calendar year and does not close on Dec 31, is due to the nature of company's needs. to December 31 from January January: see month. 31. This increase is mainly attributable to the additional month of operations, but also to increased diagnostic sales and increased royalty revenue. Royalties consist mostly of a milestone payment from Glaxo Wellcome pursuant to the approval of 3TC(R) in the U.S. as well as royalties on sales of 3TC(R) in the U.S. A milestone payment of $1.8 million was repaid to Glaxo Wellcome pursuant to the 1990 agreement signed between the two companies regarding development and commercialization of 3TC(R). The balance remaining to be reimbursed to Glaxo from BioChem on future royalty payments amounts to $4.5 million. All figures are in Canadian dollars Noun 1. Canadian dollar - the basic unit of money in Canada; "the Canadian dollar has the image of loon on one side of the coin" loonie dollar - the basic monetary unit in many countries; equal to 100 cents . BioChem's net earnings were $3.5 million, or $0.08 per share, for the three months ended December 31, 1995, compared with a net loss of $4.2 million , or $0.09 per share, for the two months ended December 31, 1994. For the fourth quarter of 1995, the cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses was $8.3 million, compared with a negative cash flow from operations of $0.5 million in the fourth quarter of 1994. For the year ended December 31, 1995, total revenue amounted to $187.4 million, a 71% increase compared with $109.6 million for the 11 months ended December 31, 1994. This increase is mainly due to an increase in sales of the Company's diagnostic products and to an increase in royalty revenue. BioChem's net loss was $5.0 million, or $0.10 per share, for the year ended December 31, 1995, compared with a loss of $14.2 million , or $0.30 per share for the 11 months ended December 31, 1994. The Company had positive cash flow from operations of $14.5 million in 1995, compared with $0.5 million in 1994. Research and development costs amounted to $22.1 million for the year ended December 31, 1995, compared with $16.0 million for the 11 months ended December 31, 1994. As of December 31, 1995, the Company posted total assets of $285.2 million, compared with $245.2 million as of December 31, 1994. This increase is due mainly to the cash balance and 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 as of December 31, 1995, following the issue of common shares during the fiscal year. Short-term assets also increased from $131.8 million as of December 31, 1994 to $171.9 million as of December 31, 1995. Working capital amounted to $102.4 million as of December 31, 1995, compared with $73.6 million last year, with respective working capital ratios of 2.47:1 as of December 31, 1995, and 2.26:1 as of December 31, 1994. The Company ended the year with shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. of $134.6 million out of posted assets of $285.2 million, representing a capitalization capitalization n. 1) the act of counting anticipated earnings and expenses as capital assets (property, equipment, fixtures) for accounting purposes. 2) the amount of anticipated net earnings which hypothetically can be used for conversion into capital assets. ratio of more than 47%. On February 28, 1996, BioChem announced the completion of a common share issue for net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of $238.9 million. Taking this into account, on a proforma Proforma A financial projection based on assumptions. basis as of December 31, 1995, BioChem would have shown shareholders' equity of $373.5 million. BioChem Pharma is an international biopharmaceutical company dedicated to the research, development and commercialization of innovative products for the prevention, detection, and treatment of human diseases. The Company's shares are traded on the Montreal and Toronto Stock exchanges Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. (BCH BCH Beach BCH Banco Central de Honduras BCH Boot Console Handler BCH Boulder Community Hospital (Boulder, CO, USA) BCH Broadcast Channel BCH Belfast City Hospital BCH Banco Central-Hispano ) and on NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on (BCHXF). -0- BIOCHEM PHARMA INC. Consolidated Balance Sheets as at December 31, 1995 and December 31, 1994 In thousands of Canadian dollars
December 31 December 31
1995 1994
ASSETS
Current assets
Cash and temporary investments 63,401 31,934
Accounts receivable 77,354 68,617
Inventories 29,674 28,421
Prepaid expenses and deposits 1,520 2,787
171,949 131,759
Investment in an associated company 15,690 18,552
Other investments 6,129 1,936
Capital assets 64,100 65,700
Goodwill 25,352 24,503
Other assets 2,000 2,790
285,220 245,240
LIABILITIES
Current liabilities
Bank indebtedness 22,184 10,365
Accounts payable and accrued liabilities 34,732 38,824
Unearned revenue 3,546 4,165
Income taxes payable 3,253 2,533
Current portion of long-term debt 5,768 2,271
69,483 58,158
Long-term debt 69,662 80,126
Deferred income taxes 1,244 2,011
Other liabilities 5,430 3,669
Non-controlling interest 4,807 1,933
SHAREHOLDERS' EQUITY 134,594 99,343
285,220 245,240
BIOCHEM PHARMA INC. Consolidated Earnings Quarters and years ended December 31, 1995 and 1994 In thousands of Canadian dollars except per share information Quarters ended Years ended December 31 December 31 December 31 December 31 1995 1994 1995 1994 (3 months) (2 months) (12 months) (11 months) Operating revenue operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. Sales 40,476 25,588 162,470 97,630 Royalties 8,153 1,053 12,596 5,181 Research and development contracts 1,772 651 6,569 4,099 Interest and other revenue 1,443 117 5,756 2,729 51,844 27,409 187,391 109,639 Expenses Cost of goods sold Cost of goods sold The total cost of buying raw materials, and paying for all the factors that go into producing finished goods. cost of goods sold 18,326 12,990 74,241 50,217 Selling and administrative 13,988 9,976 58,486 36,998 Milestone repayments 1,825 - 1,825 - Research and development - net of tax credits of $1,318 in 1995 and $1,136 in 1994 6,641 3,633 22,087 15,967 Financial 2,542 862 8,649 3,801 43,322 27,461 165,288 106,983 Earnings (loss) before depreciation and amortization 8,522 (52) 22,103 2,656 Depreciation and amortization 3,841 1,807 13,042 6,199 Earnings (loss) before income taxes and other 4,681 (1,859) 9,061 (3,543) Income taxes 213 (1,681) (5,443) (3,647) Non-controlling interest (327) 85 (484) (85) Share of loss of the associated company associated company associate n → Partnerfirma f associated company n → società collegata (1,037) (729) (8,101) (6,881) Net earnings (loss) 3,530 (4,184) (4,967) (14,156) Earnings (loss) per common share 0.08 (0.09) (0.10) (0.30) Weighted average number of common shares outstanding 48,522,229 46,527,759 Note: Certain comparative figures have been reclassified in order to conform with the presentation adopted in the current year. -0- CONTACT: Christine Lennon Vice-President, Investor Relations Investor relations The process by which the corporation communicates with its investors. and Corporate Communications Corporate communications is the process of facilitating information and knowledge exchanges with internal and key external groups and individuals that have a direct relationship with an enterprise. BioChem Pharma Inc. (514) 978-7771 |
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