Bentley Pharmaceuticals Reports Strong Fourth Quarter and Year-End Revenue Gains; Provides Update on Research and Development Programs.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 fourth quarter and the twelve months ended December 31, 2001. Total revenues for the fourth quarter of 2001 increased 54 percent to $8,156,000 from $5,312,000 compared to the fourth quarter of the prior year. Revenue growth during the quarter primarily reflected the progress that the company is making in securing additional market share of the rapidly 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. The net loss for the quarter was $563,000, or 4 cents 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 $185,000, or 1 cent per basic and diluted common share for the same quarter of 2000. Total revenues for the year increased 42 percent to $26,411,000 from $18,617,000 in the prior year. Net income for the year, which included pre-tax gains of $5,050,000 on sales of drug licenses during 2001, improved to $1,361,000 or 10 cents per basic common share (8 cents per diluted share), compared to a net loss of $745,000, or 6 cents per basic and diluted common share in the comparable period last year. James R. Murphy, president 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. of Bentley, said, "We are extremely pleased by this quarter's top line growth, which primarily reflects Bentley's increasing share of Spain's rapidly emerging generic drug market. During the fourth quarter, our two Spanish subsidiaries were granted approval from the Spanish Ministry of Health to manufacture and market three dosage dosage /dos·age/ (do´saj) the determination and regulation of the size, frequency, and number of doses. dos·age n. 1. Administration of a therapeutic agent in prescribed amounts. levels of generic 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 , commonly known as Merck & Co's (NYSE NYSE See: New York Stock Exchange : MRK MRK Merck & Company (stock symbol) MRK Mayer-Rokitansky-Kuster (anomaly) MRK Manual Remote Keying ) Zocor(R), and a 10 mg. tablet dosage form 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 generic loratadine, commonly known as Schering-Plough's (NYSE: SGP SGP Singapore (ISO Country code) SGP Schering-Plough (stock symbol) SGP Stability and Growth Pact SGP Southern Great Plains SGP Staatkundig Gereformeerde Partij SGP Speedway Grand Prix ) Claritin(R). We launched sales of simvastatin in late January 2002 and loratadine is on schedule for launch during the second quarter of 2002 and we remain focused on further enhancing our market penetration Noun 1. market penetration - the extent to which a product is recognized and bought by customers in a particular market penetration - the act of entering into or through something; "the penetration of upper management by women" in Spain." "During the fourth quarter, we made significant progress in the drug-delivery side of our business and are encouraged by several advancements on this front. We entered into a research agreement with Pfizer Inc (NYSE: PFE 1. (text, editor) PFE - Programmer's File Editor. 2. (language) PFE - Portable Forth Environment. ) in which Pfizer was granted a research license for our drug-delivery platform to enhance its compounds with our patented drug-delivery technology. We also filed four new patents for the manufacture of omeprazole omeprazole /omep·ra·zole/ (o-mep´ra-zol) an inhibitor of gastric acid secretion used in the treatment of dyspepsia , gastroesophageal reflux disease, disorders of gastric hypersecretion, and peptic ulcer, including that associated with and lansoprazole, which dramatically reduce manufacturing time and significantly lower production costs. "We increased our investment in research and development activities in the fourth quarter, which should enable us to execute our strategy of advancing our drug-delivery technologies and expanding our clinical programs toward achieving commercialization: - Our out-licensed formulation of topical testosterone has progressed through Phase III evaluation and we are quite pleased with the results. - The clinical trials for evaluating our topical nail lacquer for treating nail-fungal infections are also on track at the University of Alabama-Birmingham. The first of our two studies (fingernail) is nearing completion and we anticipate reporting significantly better results than the currently marketed topical therapies. - A clinical study for evaluating topical androgen therapy for women suffering from fibromyalgia syndrome (FMS) has been initiated at the Dartmouth Medical School and is providing us with valuable information for designing more advanced studies. "Bentley's accomplishments in 2001 mark the success of the strategic investments we are making in our future. Going forward, we expect further growth in revenues and profits from our generic products and from our proprietary drug-delivery technologies. We anticipate generating sales of approximately $35 million in 2002," concluded Murphy. The company will host a conference call today at 8:30 A.M. EST EST electroshock therapy. EST abbr. electroshock therapy 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 two weeks 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 no. 3120558. Bentley Pharmaceuticals, Inc. is a drug delivery company focused on improving the absorption of a wide range of drugs and peptides through its drug delivery technologies, which it intends to commercialize in the U.S. and other major markets by licensing to other pharmaceutical companies. Bentley also manufactures and commercializes generic and branded products in Europe for the treatment of cardiovascular, gastrointestinal, 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. and infectious diseases infectious diseases: see communicable diseases. 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 the uncertainty of future financial results, additional financing requirements, the ability to find effective market distribution channels, development of new products, regulatory approval processes, the impact of competitive products or pricing, unpredictability of patent protection, technological changes, the effect of economic conditions and other uncertainties detailed in the Company's filings with the Securities and Exchange Commission.
BENTLEY PHARMACEUTICALS, INC.
Financial Highlights
(In thousands except per share data)
For the Three For the
Months Ended Year Ended
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12/31/01 12/31/00 12/31/01 12/31/00
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(Unaudited)
Net sales $8,156 $5,312 $26,411 $18,617
Cost of sales 3,618 2,012 11,462 7,189
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Gross profit 4,538 3,300 14,949 11,428
Total operating expenses 4,900 3,705 16,137 11,942
Gain on Sale of Drug Licenses (40) - 5,050 -
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Income (loss) from operations (402) (405) 3,862 (514)
Other income and (expense), net (7) 64 (49) (9)
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Income (loss) before income taxes (409) (341) 3,813 (523)
(Provision) benefit
for income taxes (154) 156 (2,452) (222)
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Net income (loss) $(563) $(185) $1,361 $ (745)
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Income (loss) per common share:
Basic $(0.04) $(0.01) $0.10 $(0.06)
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Diluted $(0.04) $(0.01) $0.08 $(0.06)
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Weighted average
common shares outstanding:
Basic 14,585 13,900 14,196 12,981
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Diluted 14,585 13,900 16,147 12,981
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BENTLEY PHARMACEUTICALS, INC.
Condensed Consolidated Balance Sheets
(In thousands)
December 31,
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2001 2000
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Assets
Cash and cash equivalents $ 5,736 $ 4,816
Other current assets 10,426 8,288
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Total current assets 16,162 13,104
Non-current assets 16,280 15,773
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Total $ 32,442 $ 28,877
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Liabilities and Stockholders' Equity
Current liabilities $ 9,886 $ 9,362
Non-current liabilities 2,132 1,699
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Total liabilities 12,018 11,061
Stockholders' equity 20,424 17,816
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Total $ 32,442 $ 28,877
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