BIOCHEM PHARMA reports 1995 third quarter results.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)--Nov. 15, 1995--BIOCHEM PHARMA INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). , ME: 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 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) BioChem Pharma Inc. today reported total revenue of $41.7 million for the three months ended September September: see month. 30, 1995, compared with $42.7 million for the year-earlier period ended October October: see month. 31, 1994. This slight decrease is mainly attributable to the seasonal nature of influenza vaccine influenza vaccine Flu vaccine A vaccine recommended for those at high risk for serious complications from influenza: > age 65; Pts with chronic diseases of heart, lung or kidneys, DM, immunosuppression, severe anemia, nursing home and other chronic-care sales. Due to the change in the Company's fiscal year from January 31 to December 31, most of last year's vaccine vaccine Preparation containing either killed or weakened live microorganisms or their toxins, introduced by mouth, by injection, or by nasal spray to stimulate production of antibodies against an infectious agent. sales were reported in the third quarter whereas in 1995, some will be reported in the fourth quarter. Before amortization, income taxes, non-controlling interest in the earnings of subsidiaries and the share of loss of the associated company associated company associate n → Partnerfirma f associated company n → società collegata , North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. Vaccine (NAVA NAVA National Association for the Visual Arts NAVA National Association for Variable Annuities NAVA Navajo National Monument (US National Park Service) NAVA North American Vexillological Association ), BioChem's operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. increased from $71,000 for the third quarter of 1994, to $1.6 million for the third quarter of 1995. Considering these items, BioChem reported a net loss of $5.2 million, or $0.11 per share this third quarter of 1995, compared with a net loss of $5.4 million, or $0.12 per share, for the quarter ended October 31, 1994. These losses include respectively, $2.9 million and $2.6 million from the share of loss of NAVA, an item which does not involve outlays Outlays Payments on obligations in the form of cash, checks, the issuance of bonds or notes, or the maturing of interest coupons. of funds. The gross profit margin Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. of this quarter improved from 46 percent last year to 53 percent this year. This reflects the rationalization rationalization, in psychology: see defense mechanism. of operations within the diagnostic subsidiary, BioChem ImmunoSystems. Research and development costs, excluding amortization, amounted to $5.2 million for the three months ended September 30, 1995, compared with $4.2 million for the third quarter of the previous fiscal year. As of September 30, 1995, BioChem's assets amounted to $269.2 million, compared with $247.8 million a year earlier. Working capital increased to $91.3 million as at September 30, 1995, compared with $75.9 million as at October 31, 1994. 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. amounts to $125.9 million as at September 30, 1995 to finance assets of $269.2 million. BioChem Pharma is an international biopharmaceutical company dedicated to the research, development and commercialization of innovative products for the detection, prevention 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) and on NASDAQ (BCHXF). BIOCHEM PHARMA INC. Consolidated Balance Sheets as at September 30, 1995 and October 31, 1994 (Unaudited) In thousands of Canadian dollars
September 30 October 31
1995 1994
ASSETS
Current assets
Cash and temporary investments 48 792 28 824
Accounts receivable 78 361 71 411
Inventories 27 338 33 278
Prepaid expenses and deposits 2 949 5 583
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157 440 139 096
Investment in an associated company 16 543 13 577 Other investments 5 113 1 376 Capital assets 62 189 63 062 Goodwill 23 733 25 287
Other assets 4 212 5 376
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269 230 247 774
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LIABILITIES
Current liabilities
Bank indebtedness 15 357 13 110
Accounts payable and
accrued liabilities 36 476 41 780
Unearned revenue 4 022 4 026
Income taxes payable 4 499 2 110
Current portion of long-term debt 5 756 2 138
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66 110 63 164
Long-term debt 68 962 77 661 Deferred income taxes 640 1 098 Other liabilities 5 732 5 206 Non-controlling interest 1 918 3 206
SHAREHOLDERS' EQUITY 125 868 97 439
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269 230 247 774
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BIOCHEM PHARMA INC. Consolidated Earnings Quarters and nine months ended September 30, 1995 and October 31, 1994 (Unaudited) In thousands of Canadian dollars except per share information
Quarters ended Nine months ended
September October September October
30 31 30 31
1995 1994 1995 1994
Revenue
Sales 38 898 40 955 121 994 72 042
Royalties -- 69 4 443 4 128
Research and development
contracts 1 612 925 4 797 3 448
Interest and other
revenue 1 232 766 4 313 2 612
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Total revenue 41 742 42 715 135 547 82 230
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Expenses
Cost of goods sold 18 127 22 200 55 915 37 227
Selling and
administrative 14 813 14 614 44 498 27 022
Research and development
- net of tax credits of
$908 in 1995 and $863
in 1994 5 156 4 232 15 446 12 334
Financial 2 006 1 598 6 272 2 939
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Total expenses 40 102 42 644 122 131 79 522
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Earnings before the
following items 1 640 71 13 416 2 708
Amortization (2 538) (1 998) (9 036) (4 392)
Income taxes (1 395) (938) (5 656) (1 966)
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Loss before non-controlling
interest and share of loss
of the associated
company (2 293) (2 865) (1 276) (3 650)
Non-controlling interest
in the earnings
of subsidiaries (7) 68 (157) (170)
Share of loss of the
associated company (2 853) (2 567) (7 064) (6 152)
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Net loss (5 153) (5 364) (8 497) (9 972)
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Loss per common share (0,11) (0,12) (0,18) (0,21)
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Weighted average number
of common shares
outstanding 49 031 509 46 476 395 48 294 001 46 420 440
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Note: Certain comparative figures have been reclassified in order to conform with the presentation adopted in the current year. CONTACT: Christine Lennon Director, Investor and Corporate Relations BioChem Pharma Inc. 514/978-7771 REPEATS: New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of 212-575-8822 or 800-221-2462; Boston 617-236-4266 or |
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