BIOSEPRA INC. ANNOUNCES SECOND QUARTER 1995 RESULTS.MARLBOROUGH Marl·bor·ough or Marl·bo·roA city of east-central Massachusetts east-northeast of Worcester. Settled in 1657, it was nearly destroyed in 1676 during King Philip's War. Population: 38,100. , Mass.--(BUSINESS WIRE)--Aug. 4, 1995 -- BioSepra Inc. (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 : BSEP BSEP Bile Salt Export Pump BSEP Basic Skills Education Program BSEP Black Sea Environmental Program ) today announced results for the second quarter of 1995. BioSepra has recorded a 20 percent increase in revenues for the three months ended June June: see month. 30, 1995, and a 35 percent increase in 1995 year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. revenues over the same periods in 1994. "During the quarter, we increased the market share of our process development chromatography chromatography (krō'mətŏg`rəfē), resolution of a chemical mixture into its component compounds by passing it through a system that retards each compound to a varying degree; a system capable of accomplishing this is called a workstation, ProSys , which has received wider customer acceptance as one of the most advanced protein separations tools available," said Jean-Marie Jean-Marie may refer to:
For the three months ended June 30, 1995, revenues were $3.7 million with a net loss of $6.6 million, or $0.94 per share. These results include a one-time $4.1 million restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). and impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. charge in connection with the major cost-reduction program the company announced on June 5, 1995. These results compare with revenues of $3.1 million, and a net loss of $1.0 million, or $0.14 per share, for the same period in 1994. For the six months ended June 30, 1995, revenues increased to $6.6 million, with a net loss of $9.7 million, or $1.39 per share, compared with revenues of $4.9 million and a net loss of $3.1 million, or $0.53 per share for the same period in 1994. BioSepra Inc. is a leading supplier of process development systems, columns and chromatographic chro·mat·o·graph n. An instrument that produces a chromatogram. tr.v. chro·mat·o·graphed, chro·mat·o·graph·ing, chro·mat·o·graphs To separate and analyze by chromatography. media used for the development and production of biopharmaceutical products. BioSepra supplies its chromatography media and proprietary products for use in production in 16 commercial biopharmaceutical products, including interferons, insulin insulin, hormone secreted by the β cells of the islets of Langerhans, specific groups of cells in the pancreas. Insufficiency of insulin in the body results in diabetes. Insulin was one of the first products to be manufactured using genetic engineering. , human growth hormone human growth hormone (HGH): see growth hormone. , EPO EPO see erythropoietin. EPO Erythropoietin, see there and vaccines. Condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. consolidated statements of operations and consolidated balance sheets consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. follow. BIOSEPRA INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 1995 AND 1994 (Unaudited) (In thousands, except per share amounts)
Three months ended Six months ended
June 30, June 30,
1995 1994 1995 1994
Net revenues $3,713 $3,096 $6,570 $4,880
Costs and expenses:
Cost of sales 2,464 1,188 4,976 2,205
Research & development 865 909 1,779 1,849
Restructuring costs (1) 4,144 - 4,144 -
Selling, general and
administrative 2,788 2,048 5,378 3,924
------- ------- ------- ------
Total costs and
expenses 10,261 4,145 16,277 7,978
------ ------ ------ ------
Income (loss) from
operations (6,548) (1,049) (9,707) (3,098)
Other income (expenses),
net (24) 51 (26) 6
------ ------ ------ -----
Net income (loss) $(6,572) $(998) $(9,733) $(3,092)
====== ====== ======= =======
Net income (loss) per share $(0.94) $(0.14) $(1.39) $(0.53)
====== ====== ======= =======
Weighted average number of
common and common
equivalent shares outstanding 7,000 7,000 7,000 5,824
(1) Represents non-recurring charge identified as restructuring costs of operations. -0- BIOSEPRA INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In thousands) June 30, Dec. 31,
1995 1994
ASSETS
Cash and cash equivalents (1) $6,571 $9,466
Accounts receivable 4,122 4,236
Inventory 4,861 5,298
Property, plant and equipment, net 2,732 2,670
Excess of investment over net assets
acquired, net 12,819 12,992
Other assets 963 943
---------- ----------
Total assets $32,068 $35,605
====== ======
LIABILITIES AND STOCKHOLDERS EQUITY
Accounts payable and accrued expenses $10,060 $5,698
Deferred contract revenue 3,481 737
Notes payable and long-term debt 4,970 6,160
----------- -----------
Total liabilities 18,511 12,595
----------- -----------
Total stockholders equity 13,557 23,010
----------- -----------
Total liabilities and stockholders
equity $32,068 $35,605
====== ======
(1) Includes 7,917,000 french francs (1,635,000 equivalent U.S.
dollars) held in escrow related to the purchase of Biopass S.A.
CONTACT: Sepracor Jean-Marie Vogel, (508) 481-6802 or Jean M. Devine, (508) 481-6700 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion