Bio-Plexus Reports 3Rd Quarter Earnings.VERNON Vernon, city, Canada Vernon, city (1991 pop. 23,514), S British Columbia, Canada, near the north end of Okanagan Lake. The center of a fruit-growing and dairying area, it has packing and dehydrating plants. , Conn.--(BUSINESS WIRE)--Nov. 16, 1998--Bio-Plexus, 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 : BPLX), designer, developer, manufacturer, and marketer of safety medical needles and other products under the PUNCTUR-GUARD(R) and DROP-IT(R) names, today released earnings for the third quarter, ended September September: see month. 13, 1998. Total revenues for the quarter increased to $2,988,000 from $770,000, and net profit was $62,000 or $0.01 per share as compared with a loss of $3,274,000 or $0.33 per share for the same period a year ago. "The net profit realized this quarter reflects our ongoing commitment to aggressively grow our business while applying stringent financial controls," said Bio-Plexus 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. Richard Ri·chard , Joseph Henri Maurice Known as "Rocket." 1921-2000. Canadian hockey player. A right wing for the Montreal Canadiens (1942-1960), he led his team to eight Stanley Cup championships and was the first player to score 50 goals in a L. Higgins Higgins may refer to: People with the surname Higgins:
"California's new law mandating the use of safety needles, and additional needlestick injury needlestick injury Infection control The unintentional exposure of a health care worker to a needle used in direct Pt management. See Hospital-acquired penetration contacts, Sharps. reporting requirements recently passed by Congress and signed by the President, are clear indicators of the market's shift to safety," Higgins continued. "Bio-Plexus has proven its leadership in healthcare worker safety through the elegance and effectiveness of its safety designs and demonstrated partnering ability," he concluded. Bio-Plexus holds U.S. and international patents on safety medical devices marketed under the Punctur-Guard and Drop-It brand names. These devices are designed to reduce the incidence of accidental accidental /ac·ci·den·tal/ (ak?si-den´t'l) 1. occurring by chance, unexpectedly, or unintentionally. 2. nonessential; not innate or intrinsic. needlesticks among healthcare workers. In a Centers for Disease Control study, Punctur-Guard Blood Collection Needles were found to reduce the rate of accidental needlesticks by 76%, the highest rate of any device studied. Accidental needlesticks number more than 950,000 per year in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and can result in the transmission of deadly diseases including HIV HIV (Human Immunodeficiency Virus), either of two closely related retroviruses that invade T-helper lymphocytes and are responsible for AIDS. There are two types of HIV: HIV-1 and HIV-2. HIV-1 is responsible for the vast majority of AIDS in the United States. and Hepatitis B Hepatitis B Definition Hepatitis B is a potentially serious form of liver inflammation due to infection by the hepatitis B virus (HBV). It occurs in both rapidly developing (acute) and long-lasting (chronic) forms, and is one of the most common chronic and C. NOTE: THIS PRESS RELEASE MAY CONTAIN 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. , WHICH ARE SUBJECT TO CHANGE. THE ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE DESCRIBED IN ANY FORWARD-LOOKING STATEMENT. -0-
BIO-PLEXUS, INC.
CONDENSED BALANCE SHEETS
September 30, December 31,
1998 1997
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 443,000 $1,502,000
Accounts receivable 707,000 395,000
Inventories:
Raw materials 1,054,000 985,000
Work-in-process 505,000 625,000
Finished goods 647,000 297,000
------------ ------------
2,206,000 1,907,000
Note receivable 600,000 152,000
Other current assets 172,000 168,000
Total current assets 4,128,000 4,124,000
Fixed assets, net 6,059,000 7,087,000
Deferred debt financing expenses 12,000 73,000
Patents, net of amortization 257,000 152,000
Other assets 258,000 252,000
------------ ------------
$ 10,714,000 $ 11,688,000
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt $ 1,847,000 $ 2,219,000
Note payable 250,000 -
Accounts payable and accrued expenses 616,000 619,000
Accrued interest payable 41,000 26,000
Accrued vacation 195,000 248,000
Other accrued employee costs 110,000 204,000
Deferred revenue 1,960,000 841,000
Total current liabilities 5,019,000 4,157,000
Other long-term debt, net 2,402,000 3,204,000
Redeemable Class A common stock - 20,000
Redeemable common stock warrants 149,000 149,000
Commitments and contingencies - -
Shareholders' equity:
Convertible preferred stock, no par value,
3,000,000 authorized, no shares issued
and outstanding - -
Common stock, no par value, 18,000,000
authorized, 12,279,165 and 12,137,787
shares issued and outstanding 64,343,000 64,070,000
Accumulated deficit (61,199,000) (59,912,000)
Total shareholders' equity 3,144,000 4,158,000
------------ ------------
$ 10,714,000 $ 11,688,000
BIO-PLEXUS, INC.
CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
September 30,
1998 1997
Revenue:
Product $ 1,723,000 $ 770,000
Services 1,265,000 -
Total revenue 2,988,000 770,000
Operating costs and expenses:
Research and development 157,000 364,000
Other operating and engineering costs 1,570,000 1,227,000
Selling, general and administrative 1,049,000 1,557,000
Total operating costs and expenses 2,776,000 3,148,000
Financing expenses:
Amortization of deferred debt financing 20,000 182,000
Other financing expenses 150,000 239,000
Less: Interest income (20,000) (25,000)
Total financing expenses 150,000 396,000
Net profit (loss) $ 62,000 $ (2,774,000)
Less: Imputed dividend on preferred stock - (500,000)
Net profit (loss) applicable to common
stock $ 62,000 $ (3,274,000)
Per share of common stock:
Basic and diluted $ 0.01 $ (0.33)
Weighted average common shares outstanding:
Basic 12,181,826 9,985,246
Diluted 12,195,740 -
BIO-PLEXUS, INC.
CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
Nine Months Ended
September 30,
1998 1997
Revenue:
Product $ 3,873,000 $ 2,836,000
Services 2,996,000 -
Licensing fees - 1,500,000
Total revenue 6,869,000 4,336,000
Operating costs and expenses:
Research and development 376,000 1,022,000
Other operating and engineering costs 4,060,000 4,455,000
Selling, general and administrative 3,266,000 5,101,000
Total operating costs and expenses 7,702,000 10,578,000
Financing expenses:
Amortization of deferred debt financing 61,000 361,000
Other financing expenses 493,000 3,299,000
Less: Interest income (100,000) (114,000)
Total financing expenses 454,000 3,546,000
Net loss $ (1,287,000) $ (9,788,000)
Less: Imputed dividend on preferred
stock - (500,000)
Net loss applicable to common stock $ (1,287,000) $ (10,288,000)
Per share of common stock:
Basic and diluted $ (0.11) $ (1.22)
Weighted average common shares
outstanding 12,160,987 8,427,644
BIO-PLEXUS, INC.
CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine Months Ended September 30,
1998 1997
Cash Flows from Operating Activities
Net loss $ (1,287,000) $ (10,288,000)
Adjustments to reconcile net loss to
cash used by operating activities:
Depreciation and amortization 752,000 1,029,000
Inducement expense on conversion - 640,000
Imputed dividend - 500,000
Writedown of equipment to net
realizable value 113,000 -
Amortization of deferred debt
financing expenses 61,000 361,000
Amortization of debt discount 45,000 1,781,000
Decrease (increase) in assets:
Accounts receivable (312,000) 26,000
Inventories (299,000) 96,000
Notes - receivable 152,000 -
Increase (decrease) in liabilities:
Accounts payable and accrued expenses (3,000) (858,000)
Accrued interest payable 15,000 43,000
Accrued vacation and other employee
costs (147,000) (28,000)
Increase in deferred revenue 1,119,000 1,137,000
Other 183,000 82,000
Net cash provided by (used in)
operating activities 392,000 (5,479,000)
Cash Flows from Investing Activities
Purchases and construction of fixed assets (21,000) (706,000)
Issuance of note receivable (600,000) -
Cost of patents (115,000) (64,000)
Net cash used in investing activities (736,000) (770,000)
Cash Flows from Financing Activities
Proceeds from sale of convertible preferred
stock - 4,897,000
Proceeds from sale of common stock 250,000 280,000
Proceeds from exercise of common stock
warrants - 282,000
Proceeds from exercise of common stock
options 23,000 50,000
Redemption of common stock (20,000) -
Proceeds from long-term debt - 4,700,000
Increase in notes payable 250,000 -
Proceeds from sale and leaseback 109,000 369,000
Repayments of long-term debt (1,327,000) (3,661,000)
Net cash provided by (used in)
financing activities (715,000) (6,917,000)
Net (decrease) increase in cash and
cash equivalents (1,059,000) (668,000)
Cash and cash equivalents, beginning
of period 1,502,000 1,322,000
Cash and cash equivalents, end of
period $ 443,000 $ 1,990,000
Supplemental cash flow disclosures:
Cash payments of interest $ 433,000 $ 836,000
Cash payments of income taxes 4,000 9,000
Surrender of debt upon warrant exercise - 8,053,000
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