Bentley Pharmaceuticals Inc., Reports Results from Operations For Third Quarter.TAMPA, Fla.--(BUSINESS WIRE)--Nov. 15, 1996--Bentley Pharmaceuticals Inc. (AMEX AMEX See: American Stock Exchange :BNT BNT Bentley Pharmaceuticals, Inc. (stock symbol) BNT Boston Naming Test (psychology) BNT Bermuda National Trust BNT Bulgarian National TV BNT Broadband Network Termination BNT Binary File Transfer ) today reported that although sales for the third quarter ended Sept. 30, 1996, were $4,049,000, compared with sales of $8,169,000 in the previous year's third quarter, the company tripled its gross profit margins 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. to 42 percent, or $1,700,000, for the three month period, compared with only 14 percent, or $1,140,000, at this time last year, primarily as the result of the discontinuance Cessation; ending; giving up. The discontinuance of a lawsuit, also known as a dismissal or a non-suit, is the voluntary or involuntary termination of an action. DISCONTINUANCE, pleading. A chasm or interruption in the pleading. 2. of low margin product sales in France, and continued solid growth of 76% in sales of higher margin products in Spain. Additionally, the company generated positive 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 of $335,000 for the nine months ended Sept. 30, 1996, compared with net use of cash from operations of $2,268,000 for the same period last year. The company also reported a net loss of $710,000, or $.22 per share for the current reporting period, compared with a net loss of $130,000, or $.06 per share for the previous year's third quarter. For the nine month period ended Sept. 30, 1996, sales were $18,425,000, compared with sales of $24,368,000 during the same period last year. The company also reported a net loss for the nine months ended Sept. 30, 1996, of $2,085,000, or $.66 per share, compared with a net loss of $1,519,000, or $.55 per share, for the same period a year ago. "We continue to be pleased with the substantial progress that we are making with respect to results from operations," said James R. Murphy, president and chief executive officer of Bentley Pharmaceuticals. "We experienced continued sales growth in Spain, and the loss from operations improved to $739,000 for the nine months ended September 30, 1996, versus $1,882,000 in the same period last year. Notwithstanding the decrease in sales volume associated with the expiration EXPIRATION. Cessation; end. As, the expiration of, a lease, of a contract, or statute. 2. In general, the expiration of a contract puts an end to all the engagements of the parties, except to those which arise from the non- fulfillment of obligations created of the Ceredase marketing agreement, we were successful in achieving a 46 percent improvement in loss from operations for the quarter and a 61 percent improvement in loss from operations, year to date. Given the 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). , unceasing cost control and newly defined direction of the Company, we believe we are on track to achieve our goals and objectives," concluded Murphy. Leveraging competitive advantages of relatively low-cost GMP-accredited manufacturing capability, novel drug-delivery technologies and an international sales and marketing presence, Tampa-based Bentley Pharmaceuticals, Inc., is an emerging international pharmaceutical company with a broad and expanding line of off-patent ("generic") drugs marketed in Spain that prevent or treat illnesses in the following therapeutic categories -- cardiovascular, gastrointestinal gastrointestinal /gas·tro·in·tes·ti·nal/ (-in-tes´ti-n'l) pertaining to or communicating with the stomach and intestine. gas·tro·in·tes·ti·nal adj. Abbr. , neurological neurological, neurologic pertaining to or emanating from the nervous system or from neurology. neurological assessment evaluation of the health status of a patient with a nervous system disorder or dysfunction. , dermatological dermatological, dermatologic pertaining to dermatology; of or affecting the skin. , analgesic analgesic (ăn'əljē`zĭk), any of a diverse group of drugs used to relieve pain. Analgesic drugs include the nonsteroidal anti-inflammatory drugs (NSAIDs) such as the salicylates, narcotic drugs such as morphine, and synthetic drugs , and women's health Women's Health Definition Women's health is the effect of gender on disease and health that encompasses a broad range of biological and psychosocial issues. care. -0-
BENTLEY PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
(In $'000s)
For The For The
Three Months Ended Nine Months Ended
Sept. 30 Sept. 30
1996 1995 1996 1995
Sales $4,049 $8,169 $18,425 $24,368
Cost of Sales 2,349 7,029 12,879 19,985
Gross Profit 1,700 1,140 5,546 4,383
Total Operating Expenses 2,111 1,901 6,285 6,265
Loss From Operations (411) (761) (739) (1,882)
Other (Income) Expenses
Interest Expense 331 89 1,343 215
Interest Income (34) -- (79) (1)
Other (Income) Expense, net 2 (720) 82 (577)
Net Loss $(710) $(130) $(2,085) $(1,519)
Net Loss Per Common Share $(.22) $(.06) $(.66) $(.55)
Loss From Operations Per
Common Share $(.12) $(.26) $(.22) $(.63)
Weighted Average Common Shares
Outstanding 3,332 2,978 3,331 2,978
-0-
CONTACT: Bentley Pharmaceuticals Inc. Michael D. Price, 813/286-4401 or Ronald Trahan Associates, Inc. Ronald C. Trahan, 508/651-1180 or Continental Capital & Equity Corp. Jimmy Holton, 407/875-1110 or www.insidewallstreet.com |
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