Bentley Pharmaceuticals Reports Second Quarter 2006 Results; Diluted EPS Totaled $0.12; Revenues Grew 17% to a Record $29.0 Million.EXETER Exeter (ĕk`sətər), city (1991 pop. 88,235) and district, Devon, SW England, on the Exe River. It is the market, transportation, administrative, and distribution center for SW England. , N.H. -- Bentley (Bentley Systems, Inc., Exton, PA, www.bentley.com) A leading CAD software company, founded in 1984 by Keith and Barry Bentley. Its MicroStation CAD software is used by major corporations for engineering large projects, including buildings, airports, hospitals, bridges and industrial Pharmaceuticals, Inc. (NYSE NYSE See: New York 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 ), a specialty A contract under seal. A specialty is a written document that has been sealed and delivered and is given as security for the payment of a specifically indicated debt. pharmaceutical company, today announced financial results for the second quarter and six months ended June June: see month. 30, 2006. Bentley continued to experience solid revenue growth fueled by an increase in non-U non-U adj. Chiefly British Not characteristic of the upper class, especially in language usage. [non- + U2. .S. licensing and manufacturing agreements and increased royalty Compensation for the use of property, usually copyrighted works, patented inventions, or natural resources, expressed as a percentage of receipts from using the property or as a payment for each unit produced. revenues from sales of Testim(R), the first marketed product containing CPE (Customer Premises Equipment) Communications equipment that resides on the customer's premises. CPE - Customer Premises Equipment 215(R), Bentley's proprietary drug delivery technology. Bentley also continued its commitment to its drug delivery programs, specifically its intranasal in·tra·na·sal adj. Within the nose. 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. program, with a 55% increase in investment in its research and development programs when compared to the second quarter of the prior year. Foreign currency exchange rate fluctuations did not have a significant impact on Bentley's financial results in the second quarter of 2006. Bentley's results by operating segment are as follows:
For the three months ended June 30:
(in thousands) 2006
--------------------------------
Specialty Drug
Generics Delivery Consolidated
--------------------------------
Revenues $26,622 $2,361 $28,983
Cost of net product sales 12,471 - 12,471
--------- --------- ------------
Gross profit 14,151 2,361 16,512
Operating expenses 7,425 4,155 11,580
--------- --------- ------------
Income (loss) from operations 6,726 (1,794) 4,932
Other income (expenses), net 11 176 187
--------- --------- ------------
Income (loss) before income taxes 6,737 (1,618) 5,119
Provision for income taxes 2,484 - 2,484
--------- --------- ------------
Net income (loss) $4,253 $(1,618) $2,635
========= ========= ============
(in thousands) 2005
--------------------------------
Specialty Drug
Generics Delivery Consolidated
--------------------------------
Revenues $23,508 $1,256 $24,764
Cost of net product sales 11,367 - 11,367
--------- --------- ------------
Gross profit 12,141 1,256 13,397
Operating expenses 7,392 2,016 9,408
--------- --------- ------------
Income (loss) from operations 4,749 (760) 3,989
Other income (expenses), net (13) 186 173
--------- --------- ------------
Income (loss) before income taxes 4,736 (574) 4,162
Provision for income taxes 1,554 - 1,554
--------- --------- ------------
Net income (loss) $3,182 $(574) $2,608
========= ========= ============
For the six months ended June 30:
(in thousands) 2006
--------------------------------
Specialty Drug
Generics Delivery Consolidated
--------------------------------
Revenues $53,266 $3,995 $57,261
Cost of net product sales 25,404 - 25,404
--------- --------- ------------
Gross profit 27,862 3,995 31,857
Operating expenses 14,713 8,858 23,571
--------- --------- ------------
Income (loss) from operations 13,149 (4,863) 8,286
Other income (expenses), net (3) 383 380
--------- --------- ------------
Income (loss) before income taxes 13,146 (4,480) 8,666
Provision for income taxes 4,877 - 4,877
--------- --------- ------------
Net income (loss) $8,269 $(4,480) $3,789
========= ========= ============
(in thousands) 2005
--------------------------------
Specialty Drug
Generics Delivery Consolidated
--------------------------------
Revenues $46,882 $2,126 $49,008
Cost of net product sales 22,819 - 22,819
--------- --------- ------------
Gross profit 24,063 2,126 26,189
Operating expenses 14,706 3,847 18,553
--------- --------- ------------
Income (loss) from operations 9,357 (1,721) 7,636
Other income (expenses), net (42) 328 286
--------- --------- ------------
Income (loss) before income taxes 9,315 (1,393) 7,922
Provision for income taxes 3,144 - 3,144
--------- --------- ------------
Net income (loss) $6,171 $(1,393) $4,778
========= ========= ============
Key second quarter results include: Specialty Generics Business --Revenues from Bentley's specialty generics business rose 13% to $26.6 million in the second quarter of 2006 from $23.5 million in the second quarter of 2005, primarily from increased net product sales under licensing and manufacturing agreements; --Net product sales to customers under licensing and manufacturing agreements increased 24% to a record $10.1 million compared to $8.1 million in the second quarter of the prior year; and --Operating income from sales of specialty generics increased to $6.7 million from $4.7 million as a result of increased net product sales and a non-recurring $460,000 benefit to cost of sales and gross profit as a result of a lower than expected Spanish Spanish, river, c.150 mi (240 km) long, issuing from Spanish Lake, S Ont., Canada, NW of Sudbury, and flowing generally S through Biskotasi and Agnew lakes to Lake Huron opposite Manitoulin island. There are several hydroelectric stations on the river. pharmaceutical tax, combined with an increase in operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. of less than 1%. Drug Delivery Business --Licensing and collaboration Working together on a project. See collaborative software. revenues, driven by increased U.S. royalties Not to be confused with Royal family. Royalties (sometimes, running royalties) are usage-based payments made by one party (the "licensee") to another (the "licensor") for ongoing use of an asset, most typically an intellectual property (IP) right. on growing sales of Testim, increased 88% to $2.4 million in the second quarter of 2006 compared to $1.3 million in the second quarter of 2005. This increase was driven by increased royalties from the sales of Testim and a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. benefit of $398,000 from the recognition of previously deferred royalties as a result of a change in the method the Company uses to recognize royalty revenues from sales of Testim. Bentley adopted a methodology in the second quarter of 2006 that provides a reasonable basis for estimating future product returns on Testim sales, enabling it to begin recognizing royalty revenues based on product shipments, rather than on prescriptions dispensed dis·pense v. dis·pensed, dis·pens·ing, dis·pens·es v.tr. 1. To deal out in parts or portions; distribute. See Synonyms at distribute. 2. To prepare and give out (medicines). 3. , as was the practice since Testim was launched in 2003; and --Although consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: 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 24% from $4.0 million to $4.9 million, operating losses operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. generated by the drug delivery segment increased to $1.8 million from $760,000, primarily as a result of $1.1 million in increased investment in research and development programs and $1.0 million in increased general and administrative expenses, primarily resulting from higher legal costs, outside services to support the Company's growth, costs of additional employees and the recording of share-based compensation expense from the required adoption of a new accounting principle in January January: see month. 2006, which was not required to be recorded in previous periods. Consolidated --Consolidated revenues grew to almost $29.0 million in the second quarter of 2006, an increase of 17% compared to the second quarter of 2005; --Consolidated operating income increased to $4.9 million, a 24% increase compared to the second quarter of 2005; and --Net income of $2.6 million, or $0.12 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, equaled that of the second quarter of the prior year, while supporting accelerated spending for drug delivery product development. John Sedor, President of Bentley, commented, "I am extremely pleased with the strength of our continued quarter to quarter growth, both in revenue and to our bottom line. We continue to look at increasing market share through the expansion of our generics business both in and outside of Spain Spain, Span. España (āspä`nyä), officially Kingdom of Spain, constitutional monarchy (2005 est. pop. 40,341,000), 194,884 sq mi (504,750 sq km), including the Balearic and Canary islands, SW Europe. . In addition, our drug delivery development efforts are intensifying in·ten·si·fy v. in·ten·si·fied, in·ten·si·fy·ing, in·ten·si·fies v.tr. 1. To make intense or more intense: as we make plans to continue global Phase II clinical studies for intranasal insulin. We are now operating at a brisk Brisk as a proper name may refer to:
Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. value through the development of differentiated dif·fer·en·ti·ate v. dif·fer·en·ti·at·ed, dif·fer·en·ti·at·ing, dif·fer·en·ti·ates v.tr. 1. To constitute the distinction between: generics, and expanding the commercial applications of our proprietary drug delivery technology." As of June 30, 2006, Bentley's specialty generics segment has executed executed 1) adj. to have been completed. (Example: "it is an executed contract") 2) v. to have completed or fully performed. (Example: "he executed all the promises made in the contract") 3) v. 157 license agreements for product registrations, of which 19 with customers in Spain and 81 with customers outside of Spain cover actively marketed products that are generating revenues. The remaining licenses (one with a customer in Spain, three with customers in Ireland Ireland, Irish Eire (âr`ə) [to it are related the poetic Erin and perhaps the Latin Hibernia], island, 32,598 sq mi (84,429 sq km), second largest of the British Isles. and 53 with customers outside of Spain and Ireland) are for products that are awaiting regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. approvals. Additionally, the Company has 16 contract manufacturing agreements in effect in Spain and six contract manufacturing agreements in effect for international customers. Operating expenses increased 23% in the second quarter to $11.6 million, primarily as a result of increases in general and administrative expenses and the Company's continued focus on the advancement A gift of money or property made by a person while alive to his or her child or other legally recognized heir, the value of which the person intends to be deducted from the child's or heir's eventual share in the estate after the giver's death. of its research and development programs. The increase in general and administrative expenses is primarily attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to increases in legal costs incurred to defend against legal actions brought by Ethypharm, as well as an increase in general business expenses required to support the Company's growth and new share-based compensation expense related to equity awards which was not required to be recorded by the Company in the comparable period of the prior year. The increase in research and development costs is primarily attributable to the advancement of the Company's program for the intranasal delivery of insulin and the development of generic Generic Describes the characteristics and/or experience of the total universe of a coupon of MBS sector type; that is, in contrast to a specific pool or collateral group, as in a specific CMO issue. pharmaceutical products for the U.S. and other markets. Consolidated revenues increased by $8.3 million, or 17% (20% in constant currency), in the first six months of 2006 to $57.3 million from $49.0 million in the first half of 2005. Revenues were driven by a $6.3 million increase in the Company's pharmaceutical product sales and a $1.9 million increase in licensing and collaboration revenues, primarily from increased royalty revenues from sales of Testim. Operating income increased 9% to $8.3 million in the first half of 2006 compared to $7.6 million in the first six months of 2005. However, net income for the first half of 2006 decreased 21% to $3.8 million, or $0.16 per diluted share, from $4.8 million, or $0.21 per diluted share, in the first half of the prior year. Increased domestic and Irish losses due to more investment in Bentley's research and development programs contributed to an increase in the effective tax rate, from 40% in the first half of 2005 to 56% in the first half of 2006. James James, person in the Bible James, in the Gospel of St. Luke, kinsman of St. Jude. The original does not specify the relationship. James, rivers, United States James. R. Murphy, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , remarked, "This year is a pivotal one for us as we begin to implement our newly refined business strategy, and it is gratifying grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. to see the results thus far. We have carefully balanced our investment in research and development for the first intranasal application of our drug delivery technology with continued attention and focus on growth in our specialty generics to provide a basis for near-term near-term adj. Of, for, or involving a short period of time in the near future. and long-term value for our shareholders." Significant components of Bentley's revenues for the second quarter and first six months of 2006 and 2005 are summarized below:
For the three months ended June 30, 2006:
(in thousands) Revenues Within Spain
--------------------------
Revenues
Outside % of
Branded of Total
Product Line Generics Generics Other Spain Total Revenues
----------------------------------------------------------------------
Omeprazole $712 $4,310 $- $- $5,022 17%
Simvastatin 482 1,492 - - 1,974 7%
Enalapril 1,379 407 - - 1,786 6%
Paroxetine 398 799 - - 1,197 4%
Lansoprazole 665 211 - - 876 3%
All other products 2,478 2,609 171 270 5,528 19%
Sales to licensees and
others - - 4,285 5,789 10,074 35%
Licensing and
collaborations - - 166 2,360 2,526 9%
----------------------------------------------------------------------
Total Revenues $6,114 $9,828 $4,622 $8,419 $28,983 100%
======================================================================
% of Q-2 2006 Revenues 21% 34% 16% 29% 100%
For the three months ended June 30, 2005:
(in thousands) Revenues Within Spain
--------------------------
Revenues
Outside % of
Branded of Total
Product Line Generics Generics Other Spain Total Revenues
----------------------------------------------------------------------
Omeprazole $734 $4,134 $- $- $4,868 19%
Simvastatin 425 1,345 - - 1,770 7%
Enalapril 1,226 447 - - 1,673 7%
Paroxetine 353 812 - - 1,165 5%
Lansoprazole 486 126 - - 612 3%
All other products 2,400 2,294 73 439 5,206 21%
Sales to licensees and
others - - 3,563 4,576 8,139 33%
Licensing and
collaborations - - 75 1,256 1,331 5%
----------------------------------------------------------------------
Total Revenues $5,624 $9,158 $3,711 $6,271 $24,764 100%
======================================================================
% of Q-2 2005 Revenues 23% 37% 15% 25% 100%
For the six months ended June 30, 2006:
(in thousands) Revenues Within Spain
--------------------------
Revenues
Outside % of
Branded of Total
Product Line Generics Generics Other Spain Total Revenues
----------------------------------------------------------------------
Omeprazole $1,341 $8,693 $- $- $10,034 18%
----------------------------------------------------------------------
Simvastatin 926 2,963 - - 3,889 7%
----------------------------------------------------------------------
Enalapril 2,297 1,130 - - 3,427 6%
----------------------------------------------------------------------
Paroxetine 775 1,615 - - 2,390 4%
----------------------------------------------------------------------
Lansoprazole 1,325 452 - - 1,777 3%
----------------------------------------------------------------------
All other products 5,285 5,592 481 627 11,985 21%
----------------------------------------------------------------------
Sales to licensees
and others - - 6,911 12,614 19,525 34%
----------------------------------------------------------------------
Licensing and
collaborations - - 239 3,995 4,234 7%
----------------------------------------------------------------------
Total Revenues $11,949 $20,445 $7,631 $17,236 $57,261 100%
======================================================================
% of YTD 2006
Revenues 21% 36% 13% 30% 100%
For the six months ended June 30, 2005:
(in thousands) Revenues Within Spain
--------------------------
Revenues
Outside % of
Branded of Total
Product Line Generics Generics Other Spain Total Revenues
----------------------------------------------------------------------
Omeprazole $1,450 $8,254 $- $- $9,704 20%
----------------------------------------------------------------------
Simvastatin 873 2,585 - - 3,458 7%
----------------------------------------------------------------------
Enalapril 2,151 912 - - 3,063 6%
----------------------------------------------------------------------
Paroxetine 718 1,647 - - 2,365 5%
----------------------------------------------------------------------
Codeisan 1,997 - - - 1,997 4%
----------------------------------------------------------------------
All other products 4,886 5,059 185 1,015 11,145 23%
----------------------------------------------------------------------
Sales to licensees
and others - - 7,241 7,739 14,980 30%
----------------------------------------------------------------------
Licensing and
collaborations - - 170 2,126 2,296 5%
----------------------------------------------------------------------
Total Revenues $12,075 $18,457 $7,596 $10,880 $49,008 100%
======================================================================
% of YTD 2005
Revenues 25% 38% 15% 22% 100%
Management will host a conference call at 10:00 a.m. Eastern Time on Thursday Thursday: see week. , August 3, 2006 to discuss the second quarter results and provide a business update. To participate on the live call, please dial (888) 332-7254 from the U.S. and Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of or, for international callers, please dial (973) 582-2856 (access code 7679196), approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 10 minutes prior to the scheduled start time. A telephone replay will be available for 30 days by dialing (877) 519-4471 from the U.S. and Canada or (973) 341-3080 for international callers (please reference reservation A clause in a deed of real property whereby the grantor, one who transfers property, creates and retains for the grantor some right or interest in the estate granted, such as rent or an Easement ,a right of use over the land of another. number 7679196). The conference call will also be broadcast live on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the and may be accessed via Bentley's web site, www.bentleypharm.com. Please go to the Company's web site approximately 10 minutes prior to the scheduled start time to register. A replay of the conference will also be available on Bentley's web site for 30 days. Bentley Pharmaceuticals, Inc. is a specialty pharmaceutical company focused on advanced drug delivery technologies and generic pharmaceutical products. Bentley's proprietary drug technologies enhance or facilitate the absorption absorption [Lat.,=sucking from], taking of molecules of one substance directly into another substance. It is contrasted with adsorption, in which the molecules adhere only to the surface of the second substance. of pharmaceutical compounds across various membranes membranes Obstetrics A popular term for the amniotic sac, see there . Bentley also manufactures a growing portfolio of generic and branded generic pharmaceuticals in Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). for the treatment
of cardiovascular cardiovascular /car·dio·vas·cu·lar/ (-vas´ku-ler) pertaining to the heart and blood vessels. car·di·o·vas·cu·lar adj. Abbr. , 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. , infectious infectious /in·fec·tious/ (-fek´shus) 1. caused by or capable of being communicated by infection, as an infectious disease. 2. infective (1). in·fec·tious adj. 1. and neurological diseases Noun 1. neurological disease - a disorder of the nervous system nervous disorder, neurological disorder disorder, upset - a physical condition in which there is a disturbance of normal functioning; "the doctor prescribed some medicine for the disorder"; through its subsidiary, Laboratorios Belmac, and markets these pharmaceutical products through its subsidiaries, Laboratorios Belmac, Laboratorios Davur, Laboratorios Rimafar, and Bentley Pharmaceuticals Ireland; and manufactures and markets active pharmaceutical ingredients through its subsidiary Bentley API (Application Programming Interface) A language and message format used by an application program to communicate with the operating system or some other control program such as a database management system (DBMS) or communications protocol. . Additional information regarding Bentley Pharmaceuticals may be obtained through Bentley's web site at www.bentleypharm.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: This press release contains forward looking statements, including without limitation, statements regarding the prospects for growth of the specialty generics business in and outside of Spain, Bentley's plans to increase spending on research and development in 2006, and the prospects for further clinical development of Bentley's intranasal insulin program. These forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. are subject to a number of risks and uncertainties that could cause actual results to differ materially from future results expressed or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. by such statements. Factors that may cause such differences include, but are not limited to, risks associated with the following: clinical trials, the timing and nature of regulatory approvals, changes in third-party reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. and government mandates mandates, system of trusteeships established by Article 22 of the Covenant of the League of Nations for the administration of former Turkish territories and of former German colonies. that impact pharmaceutical pricing, development and commercialization of Bentley's proprietary products and formulations, competition from other manufacturers of generic and proprietary pharmaceuticals, intellectual property litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , the efficacy efficacy /ef·fi·ca·cy/ (ef´i-kah-se) 1. the ability of an intervention to produce the desired beneficial effect in expert hands and under ideal circumstances. 2. and safety of Bentley's products, the unpredictability of patent protection, international operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. , and other uncertainties detailed under "Risk Factors" in Bentley's most recent Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and its other subsequent periodic reports filed with the Securities and Exchange Commission. Bentley cautions investors not to place undue reliance on the forward-looking statements contained in this release. These statements speak only as of the date of this document, and Bentley undertakes no obligation to update or revise the statements, except as may be required by law.
Bentley Pharmaceuticals, Inc. and Subsidiaries
Consolidated Income Statements
For the Three For the Six
Months Ended Months Ended
June 30, June 30,
----------------- -----------------
(in thousands, except per share
data) 2006 2005 2006 2005
-------- -------- -------- --------
Revenues:
Net product sales $26,457 $23,433 $53,027 $46,712
Licensing and collaboration
revenues 2,526 1,331 4,234 2,296
-------- -------- -------- --------
Total revenues 28,983 24,764 57,261 49,008
Cost of net product sales 12,471 11,367 25,404 22,819
-------- -------- -------- --------
Gross profit 16,512 13,397 31,857 26,189
Operating expenses:
Selling and marketing 4,242 4,223 8,381 8,615
General and administrative 4,398 3,018 8,906 6,036
Research and development 2,495 1,608 5,403 2,959
Depreciation and amortization 445 559 881 943
-------- -------- -------- --------
Total operating expenses 11,580 9,408 23,571 18,553
-------- -------- -------- --------
Income from operations 4,932 3,989 8,286 7,636
-------- -------- -------- --------
Other income (expenses):
Interest income 185 211 438 372
Interest expense (34) (62) (94) (110)
Other, net 36 24 36 24
-------- -------- -------- --------
Income before income taxes 5,119 4,162 8,666 7,922
Provision for income taxes 2,484 1,554 4,877 3,144
-------- -------- -------- --------
Net income $ 2,635 $ 2,608 $ 3,789 $ 4,778
-======= ======== ======== ========
Net income per common share:
Basic $ 0.12 $ 0.12 $ 0.17 $ 0.22
======== ======== ======== ========
Diluted $ 0.12 $ 0.12 $ 0.16 $ 0.21
======== ======== ======== ========
Weighted average common shares
outstanding:
Basic 22,170 21,395 22,063 21,356
======== ======== ======== ========
Diluted 22,876 22,603 23,380 22,568
======== ======== ======== ========
Bentley Pharmaceuticals, Inc. and Subsidiaries
Consolidated Balance Sheets
(in thousands, except per share data) June 30, December 31,
2006 2005
------------- ------------
Assets
------
Current assets:
Cash and cash equivalents $23,961 $ 32,384
Marketable securities 3,001 462
Receivables, net 32,691 26,916
Inventories, net 15,032 12,147
Deferred taxes 1,280 1,099
Prepaid expenses and other 1,915 2,069
------------- ------------
Total current assets 77,880 75,077
------------- ------------
Non-current assets:
Fixed assets, net 40,673 33,366
Drug licenses and related costs, net 14,529 13,858
Restricted cash 1,000 1,000
Other 1,091 919
------------- ------------
Total non-current assets 57,293 49,143
------------- ------------
$135,173 $124,220
============= ============
Liabilities and Stockholders' Equity
------------------------------------
Current liabilities:
Accounts payable $17,000 $ 15,462
Accrued expenses 12,149 9,428
Short-term borrowings 1,309 2,608
Current portion of long-term debt 375 387
Deferred income 1,044 795
------------- ------------
Total current liabilities 31,877 28,680
------------- ------------
Non-current liabilities:
Deferred taxes 1,760 1,665
Deferred income 3,126 2,286
------------- ------------
Total non-current liabilities 4,886 3,951
------------- ------------
Commitments and contingencies
Stockholders' equity:
Preferred stock, $1.00 par value,
authorized 2,000 shares,
issued and outstanding, none -- --
Common stock, $0.02 par value,
authorized 100,000 shares,
issued and outstanding, 22,173 and
21,923 shares 443 438
Additional paid-in capital 138,737 139,381
Accumulated deficit (46,201 ) (49,990 )
Accumulated other comprehensive income 5,431 1,760
------------- ------------
Total stockholders' equity 98,410 91,589
------------- ------------
$135,173 $124,220
============= ============
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