Bentley Pharmaceuticals Reports Second Quarter Profitability On 65% Revenue Growth; Second Quarter Revenue Reaches a Record $10.1 Million.Business Editors NORTH HAMPTON North Hampton is the name of several places in the United States:
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 ), a specialty pharmaceutical company focused on advanced drug-delivery technologies, which also manufactures and markets generic and branded products in Europe, today announced financial results for the second quarter ended June 30, 2002. Total revenue for the second quarter of 2002 increased 65% to $10,133,000 from $6,125,000 in the prior-year second quarter. Revenue growth during the quarter primarily reflects the company's success in gaining additional market share of the growing generic drug generic drug, a drug sold or prescribed under the nonproprietary name of its active ingredients or under a generally descriptive name rather than under a brand or trade name. market in Spain. Including a non-recurring pre-tax gain of $520,000 related to the disposition of a gastrointestinal product, 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. in the second quarter of 2002 improved to $1,395,000 compared with an operating loss 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. of ($468,000) in the second quarter of 2001. Including the non-recurring gain, net income in the 2002 second quarter totaled $519,000, or $0.03 per basic and 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. common share, compared with a net loss of ($569,000), or ($0.04) per basic and diluted common share, in the comparable period of the prior year. Total revenue for the six months ended June 30, 2002 increased 64% to $19,556,000 from $11,939,000 in the same period of the prior year. Net income for the six months ended June 30, 2002 totaled $654,000, or $0.04 per basic common share, $0.03 per diluted common share, compared with $2,073,000, or $0.15 per basic common share, $0.13 per diluted common share, in the comparable period of the prior year. The 2001 six-month results included a $4,977,000 pre-tax gain on the sale of a drug license during the first quarter of 2001. James Murphy James Murphy may refer to:
Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. . During the quarter, our two Spanish subsidiaries were granted approvals from the Ministry of Health to market generic 5-mg and 10-mg strength tablets of zolpidem zolpidem /zol·pi·dem/ (zol-pi´dem) a non-benzodiazepine sedative-hypnotic; used as the tartrate salt in the short term treatment of insomnia. , which is marketed as Ambien(R) in the U.S. Bentley is the only company to obtain generic approval for the 5-mg strength of this popular orally administered sedative sedative, any of a variety of drugs that relieve anxiety. Most sedatives act as mild depressants of the nervous system, lessening general nervous activity or reducing the irritability or activity of a specific organ. in Spain. We are on schedule to launch both dosage forms A dosage form is the physical form of a dose of medication, such as a capsule or injection. The route of administration is dependent on the dosage form of a given drug. of this product during the fourth quarter of 2002. "During the second quarter we successfully launched our generic trimetazidine product in Spain, which we expect will spur revenue growth beginning in the fourth quarter of this year. In addition to obtaining generic approval for this widely used product, which controls chest pain associated with angina Angina Definition Angina is pain, "discomfort," or pressure localized in the chest that is caused by an insufficient supply of blood (ischemia) to the heart muscle. , our Spanish subsidiaries were also granted branded approval for the product, and will market the drug under the tradename Vaso Rimal(R). Moreover, our Spanish subsidiaries were granted branded product approval in Spain to market the lipid-lowering cholesterol drug, simvastatin simvastatin /sim·va·stat·in/ (sim´vah-stat?in) an antihyperlipidemic agent that acts by inhibiting cholesterol synthesis, used in the treatment of hypercholesterolemia and other forms of dyslipidemia and to lower the risks associated , which is marketed as Zocor(R) in the U.S. by Merck & Co. Going forward, our goal remains to capture an increasing percentage of the vast market in this region to position us for sustainable, long-term growth. "We continue to make strides in advancing our drug-delivery technologies, and are progressing nicely with plans to expand our clinical programs toward achieving commercialization. Recently, we successfully completed the development program for our improved acetaminophen acetaminophen (əsēt'əmĭn`əfĭn), an analgesic and fever-reducing medicine similar in effect to aspirin. It is an active ingredient in many over-the-counter medicines, including Tylenol and Midol. product in Europe, which demonstrated that Bentley's new tablet See digitizer tablet and tablet computer. TABLET - A query language. ["Human Factor Comparison of a Procedural and a Non-procedural Query Language", C. Welty et al, ACM Trans Database Sys 6(4):626-649 (Dec 1981)]. product has a higher rate of absorption than Termalgin(R), a tablet popular among Europeans. Bentley's product reached maximum blood concentration in only 25 minutes versus Termalgin, which took 45 minutes. "Clinical trials for evaluating our topical topical /top·i·cal/ (top´i-k'l) pertaining to a particular area, as a topical antiinfective applied to a certain area of the skin and affecting only the area to which it is applied. top·i·cal adj. nail lacquer lacquer, solution of film-forming materials, natural or synthetic, usually applied as an ornamental or protective coating. Quick-drying synthetic lacquers are used to coat automobiles, furniture, textiles, paper, and metalware. for treating nail-fungal infections remain on track at the University of Alabama-Birmingham. We recently announced successful results of our fingernail fin·ger·nail n. The nail on a finger. onychomycosis pilot study, which showed improvement in over 80% of patients who used a clotrimazole clotrimazole /clo·trim·a·zole/ (klo-trim´ah-zol) an imidazole derivative used as a broad-spectrum antifungal agent. clo·trim·a·zole n. lacquer formulation containing Bentley's CPE-215(R) drug delivery technology. Most patients reported that they experienced less discomfort, more pliable nails and the onset of clear nail growth. These encouraging results lead us to the next phase of development, evaluating our lacquer against placebos and other currently marketed therapies. Results of our toenail toenail /toe·nail/ (to´nal) the nail on any of the digits of the foot. ingrown toenail see under nail. toe·nail n. study are expected in early 2003. We are also progressing with our pre-clinical study at Dartmouth College Dartmouth College, at Hanover, N.H.; coeducational; chartered 1769, opened 1770, the ninth colonial college (see Wheelock, Eleazar). Originally a men's college, Dartmouth began admitting women in 1972. for evaluating topical androgen androgen (ăn`drəjən): see testosterone. androgen Any of a group of hormones that mainly influence the development of the male reproductive system. therapy for women suffering from fibromyalgia syndrome fibromyalgia syndrome Fibrositis, tension myalgia Psychiatry A condition characterized by muscular pain, fatigue, sleep disorders, anxiety, depression, headaches, IBS–possibly linked to anxiety and panic disorders Management Exercise, benzodiazepines, SSRIs, and continue to gather valuable information for more advanced studies. "The strategic investments we are making in the company continue to position us well for future growth. Looking ahead, we expect additional revenue growth and profits from both our generic products and our proprietary drug-delivery technologies. With a strong first half behind us, we look forward to the rest of the year, and expect to generate total revenues of approximately $35-37 million in 2002," concluded Mr. Murphy. The company will host a conference call on Wednesday, August 7 at 8:30 a.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT to discuss results. Those who wish to participate in the conference call may call (888) 335-6674 fifteen minutes before the 8:30 a.m. starting time Noun 1. starting time - the time at which something is supposed to begin; "they got an early start"; "she knew from the get-go that he was the man for her" commencement, get-go, offset, outset, showtime, start, kickoff, beginning, first . A replay will be available by telephone for 30 days following the completion of the live call at (877) 519-4471 toll free in the U. S. or (973) 341-3080 for international callers, PIN # 3407491. Bentley Pharmaceuticals, Inc. is a specialty pharmaceutical company focused on advanced drug delivery technologies and pharmaceutical products. Bentley's proprietary drug technologies enhance or facilitate the absorption of pharmaceutical compounds across various membranes. Bentley also manufactures and markets a growing portfolio of generic and branded pharmaceuticals in Spain for the treatment of cardiovascular, gastrointestinal, infectious 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 subsidiaries Laboratorios Belmac and Laboratorios Davur. Copies of the company's press releases and other information 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: The statements which are not historical facts contained in this press release are 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. that involve certain risks and uncertainties including but not limited to risks associated with identifying suitable drugs for drug delivery technologies, expanding generic and branded drug operations, development and commercialization of our products, relationships with our strategic partners, uncertainty of clinical trials, regulatory approval process, product sales concentration, unpredictability of patent protection, technological changes, the effect of economic conditions and other uncertainties detailed in Bentley's filings with the Securities and Exchange Commission.
BENTLEY PHARMACEUTICALS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except per share data)
For the Three For the Six
Months Ended Months Ended
-------------------- -------------------
June 30, June 30,
-------- --------
2002 2001 2002 2001
--------- --------- --------- ---------
Revenues:
Net product sales $ 10,075 $ 6,125 $ 19,381 $ 11,939
Research and development
collaboration 58 -- 175 --
-------- -------- -------- --------
Total revenues 10,133 6,125 19,556 11,939
Cost of net product sales 4,515 2,687 8,540 5,136
-------- -------- -------- --------
Gross profit 5,618 3,438 11,016 6,803
-------- -------- -------- --------
Operating expenses:
Selling and marketing 2,608 2,251 5,218 4,442
General and administrative 1,315 984 2,409 1,863
Research and development 583 463 1,347 884
Depreciation and amortization 237 208 484 447
-------- -------- -------- --------
Total operating expenses 4,743 3,906 9,458 7,636
-------- -------- -------- --------
Gain on sale of drug
licenses 520 -- 592 4,977
-------- -------- -------- --------
Income (loss) from operations 1,395 (468) 2,150 4,144
-------- -------- -------- --------
Other income (expenses):
Interest income 85 33 93 91
Interest expense (67) (52) (110) (123)
Other (8) 12 4 14
-------- -------- -------- --------
Income (loss) before
income taxes 1,405 (475) 2,137 4,126
Provision for foreign
income taxes 886 94 1,483 2,053
-------- -------- -------- --------
Net income (loss) $ 519 ($ 569) $ 654 $ 2,073
======== ======== ======== ========
Net income (loss) per
common share:
Basic $ 0.03 ($ 0.04) $ 0.04 $ 0.15
======== ======== ======== ========
Diluted $ 0.03 ($ 0.04) $ 0.03 $ 0.13
======== ======== ======== ========
Weighted average common
shares outstanding:
Basic 16,823 13,952 15,735 13,941
======== ======== ======== ========
Diluted 20,484 13,952 19,204 15,690
======== ======== ======== ========
BENTLEY PHARMACEUTICALS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(unaudited)
(in thousands, except per
share data) June 30, December 31,
2002 2001
-------- -----------
ASSETS
Current assets:
Cash and cash equivalents $16,489 $5,736
Short-term investments 10,194 -
Receivables, net 10,701 6,937
Inventories, net 3,899 2,563
Deferred taxes 157 141
Prepaid expenses and other 842 462
-------- --------
Total current assets 42,282 15,839
-------- --------
Non-current assets:
Fixed assets, net 7,330 5,595
Drug licenses and related
costs, net 10,704 10,276
Other 358 409
------- --------
Total non-current
assets 18,392 16,280
------- --------
$60,674 $32,119
======= ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 6,177 $4,820
Accrued expenses 4,558 2,490
Short-term borrowings 897 1,757
Current portion of
long-term debt 133 -
Deferred income 306 496
-------- ------
Total current
liabilities 12,071 9,563
-------- ------
Non-current
liabilities:
Taxes payable 2,016 1,827
Long-term debt 290 142
Other 163 163
-------- -------
Total non-current
liabilities 2,469 2,132
Commitments and contingencies
Stockholders' equity: Preferred
stock, $1.00 par value,
authorized 2,000 shares,
issued and outstanding,
zero shares - -
Common stock, $.02 par value,
authorized 35,000 shares,
issued and outstanding,
17,316 and 14,585 shares 347 292
Stock purchase warrants (to
purchase 3,353 and 3,424
shares of common stock) 432 433
Additional paid-in capital 120,657 97,501
Accumulated deficit (73,678) (74,332)
Accumulated other
comprehensive loss (1,624) (3,470)
-------- --------
Total stockholders'
equity 46,134 20,424
-------- --------
$60,674 $32,119
======== ========
--30--af/md/ny*
CONTACT: Porter, LeVay & Rose, Inc.
Michael J. Porter, President
Sarah Torres, Asst. VP - Editorial
Linda Decker, VP - Investor Relations
(212) 564-4700
or
Bentley Pharmaceuticals, Inc.
Michael D. Price, VP & CFO
(603) 964-8006
KEYWORD: NEW HAMPSHIRE
INDUSTRY KEYWORD: MEDICAL PHARMACEUTICAL CONFERENCE CALLS
EARNINGS
SOURCE: Bentley Pharmaceuticals, Inc.
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