Bio-Plexus Reports First Quarter Results.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.--(BW HealthWire)--May 11, 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 products under the PUNCTUR-GUARD(R) name, today announced results for the first quarter ended March 31, 1998. Net losses for the period were $1,025,000, or $0.10 per share, compared to $2,407,000 or $0.33 per share for the comparable period last year. "I am pleased with the reduction in 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. , which are down more than 50% compared to the same period a year ago. The reduction is primarily a result of the strong initiatives taken by the company to streamline streamline, path of a fluid flowing steadily and without appreciable turbulence. A body is said to be streamlined if its shape offers the least possible resistance to a current of air, water, or other fluid. operations and reduce costs," according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. 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:
Higgins continued, "We are making solid progress on other fronts -- our newly defined relationship on the i.v. catheter catheter /cath·e·ter/ (kath´e-ter) 1. a tubular, flexible surgical instrument that is inserted into a cavity of the body to withdraw or introduce fluid. 2. urethral c. project will provide us with up to $4 million in 1998 in additional operating capital Noun 1. operating capital - capital available for the operations of a firm (e.g. manufacturing or transportation) as distinct from financial transactions and long-term improvements capital, working capital - assets available for use in the production of further assets . With the growing momentum for safer needles, I expect to see continuing improvement in the Company's financial performance throughout the coming year." The company holds U.S. and international patents on safety medical devices marketed under the PUNCTUR-GUARD name. 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. 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 hepatitis (hĕp'ətī`tĭs), inflammation of the liver. There are many types of hepatitis. Causes include viruses, toxic chemicals, alcohol consumption, parasites and bacteria, and certain drugs. . -0- NOTE: THIS PRESS RELEASE CONTAINS 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 STATEMENTS OF OPERATIONS
Three Months Ended March 31,
1998 1997
Revenue:
Product $ 1,065,000 $ 1,112,000
Services 477,000 --
Licensing fees -- 1,500,000
Total revenue 1,542,000 2,612,000
Costs and expenses:
Research and development $ 108,000 $ 425,000
Other operating and
engineering costs 1,348,000 1,610,000
Selling, general and
administrative 1,132,000 1,876,000
Total operating
costs and expenses 2,588,000 3,911,000
Financing expenses:
CII debt:
Interest expense $ -- $ 1,000
Amortization of
deferred debt financing 20,000 33,000
Other financing expenses 179,000 1,126,000
Less: Interest income (40,000) (52,000)
Total financing expenses 159,000 1,108,000
Net loss $ (1,205,000) $ (2,407,000)
Net loss (basic and diluted)
per common share $ (0.10) $ (0.33)
Weighted average common
shares outstanding 12,145,954 7,371,577
-0-
BIO-PLEXUS, INC.
CONDENSED BALANCE SHEETS
March 31, December 31,
1998 1997
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 260,000 $ 1,502,000
Accounts receivable 642,000 395,000
Inventories:
Raw materials 1,007,000 985,000
Work-in-process 214,000 316,000
Finished goods 287,000 297,000
1,508,000 1,598,000
Notes receivable 20,000 152,000
Other current assets 155,000 168,000
Total current assets 2,585,000 3,815,000
Fixed assets, net 6,972,000 7,396,000
Deferred debt financing expenses 52,000 73,000
Patents, net of amortization 203,000 152,000
Other assets 252,000 252,000
$10,064,000 $11,688,000
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term
debt $ 2,142,000 $ 2,219,000
Accounts payable and accrued
expenses 934,000 619,000
Accrued interest payable 40,000 26,000
Accrued vacation 233,000 248,000
Other accrued employee costs 77,000 204,000
Deferred revenue 631,000 841,000
Total current liabilities 4,057,000 4,157,000
Other long-term debt, net 2,862,000 3,204,000
Redeemable Class A
common stock 20,000 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,
15,000,000 authorized,
12,154,787 and 12,137,787
shares issued and
outstanding 64,093,000 64,070,000
Accumulated deficit (61,117,000) (59,912,000)
Total shareholders'
equity 2,976,000 4,158,000
$ 10,064,000 $ 11,688,000
-0-
BIO-PLEXUS, INC.
CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended March 31,
1998 1997
Cash Flows from Operating Activities
Net loss $(1,205,000) $(2,407,000)
Adjustments to reconcile net loss to cash
used by operating activities:
Depreciation and amortization 298,000 353,000
Inducement expense on conversion -- 640,000
Writedown of equipment to net
realizable value 113,000 --
Amortization of deferred debt
financing expenses 20,000 33,000
Amortization of debt discount 15,000 76,000
Decrease (increase) in assets:
Accounts receivable (247,000) (241,000)
Inventories 90,000 (52,000)
Increase (decrease) in liabilities:
Accounts payable and accrued
expenses 315,000 (418,000)
Accrued interest payable 14,000 132,000
Accrued vacation and other employee
costs (142,000) (91,000)
(Decrease) increase in deferred revenue (210,000) 1,400,000
Other 145,000 11,000
Net cash used in operating activities (794,000) (564,000)
Cash Flows from Investing Activities
Purchases and construction of fixed assets (93,000) (191,000)
Cost of patents (53,000) (29,000)
Net cash used in investing activities (146,000) (220,000)
Cash Flows from Financing Activities
Proceeds from exercise of common stock
warrants -- 250,000
Proceeds from exercise of common stock
options 23,000 50,000
Proceeds from long-term debt -- 4,700,000
Proceeds from sale and leaseback 109,000 --
Repayments of long-term debt (434,000) (528,000)
Net cash provided by (used in) financing
activities (302,000) 4,472,000
Net (decrease) increase in cash and cash
equivalents (1,242,000) 3,688,000
Cash and cash equivalents, beginning of
period 1,502,000 1,322,000
Cash and cash equivalents, end of
period $ 260,000 $ 5,010,000
Supplemental cash flow disclosures:
Cash payments of interest $ 151,000 $ 274,000
Surrender of debt upon warrant exercise -- 3,353,000
-0- CONTACT: Bio-Plexus, Inc. Carol Coburn, 860/870-6112 bio.plexus@snet.net |
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