Bio-Plexus Reports Year-End 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)--March 31, 1999--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 and needles under the PUNCTUR-GUARD(R) and DROP-IT(R) brand names, today reported results for the year ended December December: see month. 31, 1998. Revenues for the year ended 1998 increased $4,265,000 to $9,307,000 from $5,042,000 for 1997. The company incurred a net loss for the year of $2,960,000 or $0.24 per share on 12,263,870 shares compared with a net loss of $12,812,000 or $1.37 per share on 9,320,800 shares for 1997. "The numbers clearly illustrate our turnaround Turnaround A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. strategy is working," said 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:
"Tennessee Tennessee, state, United States Tennessee (tĕn`əsē', tĕn'əsē`), state in the south-central United States. has now joined California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). in passing safety needle needle, implement of metal or other material used to carry the thread in sewing and in various forms of needlework and manufacturing. The earliest needles were merely awls or punches. legislation, bills are being introduced in 18 other states, and Federal OSHA OSHA n. Occupational Safety and Health Administration, a branch of the US Department of Labor responsible for establishing and enforcing safety and health standards in the workplace. is also considering more stringent regulations to protect health care workers from 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. It is now more likely a question of when rather than whether safe needles become a national standard," Higgins added. 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 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. . 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.
STATEMENTS OF CASH FLOWS
For the Year Ended December 31,
1998 1997 1996
Cash Flows from Operating
Activities
Net loss $(2,960,000) $(12,812,000) $(12,870,000)
Adjustments to reconcile net
loss to cash used
by operating activities:
Depreciation and
amortization 923,000 1,343,000 1,317,000
Inducement expense on
conversion 640,000
Imputed dividend 500,000
Writedown of equipment to
net realizable value 1,359,000 512,000 550,000
Amortization of deferred
debt financing expenses 63,000 382,000 96,000
Amortization of debt
discount 59,000 1,819,000 454,000
Decrease (increase) in
assets:
Accounts receivable (169,000) (9,000) (248,000)
Inventories (117,000) (51,000) 773,000
Notes receivable 152,000
Increase (decrease) in
liabilities:
Accounts payable and
accrued expenses (91,000) (1,074,000) 1,008,000
Accrued interest payable 2,000 (1,000) (2,000)
Accrued vacation and other
accrued employee costs (43,000) (10,000) 19,000
Accrued product
replacement costs 222,000
Increase in deferred
revenue 34,000 841,000
Other 155,000 164,000 (345,000)
Net cash used in
operating activities (411,000) (7,756,000) (9,248,000)
Cash Flows from Investing
Activities
Purchases and construction
of fixed assets (82,000) (409,000) (2,066,000)
Long-term investments (600,000)
Cost of patents (115,000) (108,000) (29,000)
Net cash used in
investing activities (797,000) (517,000) (2,095,000)
Cash Flows from Financing
Activities
Proceeds from sale of
convertible
preferred stock 5,000,000
Proceeds from sale of
common stock 1,250,000 2,493,000
Proceeds from exercise of
common stock warrants 282,000 345,000
Proceeds from exercise of
common stock options 29,000 50,000 142,000
Redemption of common stock (20,000)
Proceeds from long-term debt 300,000 4,700,000
Increase in notes payable 250,000
Proceeds from sale and
leaseback 369,000 2,228,000
Repayments of long-term debt (1,568,000) (4,441,000) (1,892,000)
Net cash provided by
financing activities 241,000 8,453,000 823,000
Net (decrease)
increase
in cash and cash
equivalents (967,000) 180,000 (10,520,000)
Cash and cash
equivalents,
beginning of period 1,502,000 1,322,000 11,842,000
Cash and cash
equivalents,
end of period $535,000 $1,502,000 $1,322,000
Supplemental cash flow
disclosures:
Cash payments of interest $572,000 $1,093,000 $1,276,000
Cash payments of income
taxes 4,000 9,000 15,000
Surrender of debt upon
warrant exercise 2,265,000 1,110,000
Surrender of debt upon
conversion to equity 5,787,000
BIO-PLEXUS, INC
STATEMENTS OF OPERATIONS
For the Year Ended December 31,
1998 1997 1996
Revenue:
Product 5,086,000 3,542,000 2,743,000
Services 4,171,000 -- --
Licensing fees 50,000 1,500,000 --
Total revenue 9,307,000 5,042,000 2,743,000
Costs and expenses:
Product 4,781,000 4,971,000 4,760,000
Services 267,000 -- --
Research and development 463,000 1,044,000 1,511,000
Other operating and
engineering costs 1,857,000 1,053,000 896,000
Selling, general and
administrative 4,310,000 6,500,000 6,949,000
Total operating costs
and expenses 11,678,000 13,568,000 14,116,000
Financing expenses:
CII debt:
Interest expense -- -- 28,000
Amortization of deferred
debt financing 63,000 382,000 96,000
Other financing expenses 633,000 3,551,000 1,745,000
Less: Interest income (107,000) (147,000) (372,000)
Total financing expenses 589,000 3,786,000 1,497,000
Net loss (2,960,000) (12,312,000) (12,870,000)
Less: Imputed dividend on
preferred stock -- (500,000) --
Net loss applicable to
common stock $(2,960,000) $(12,812,000) $(12,870,000)
Net loss (basic and diluted)
per common share $(0.24) $(1.37) $(1.89)
Weighted average common
shares outstanding 12,263,870 9,320,800 6,815,936
BIO-PLEXUS, INC.
BALANCE SHEETS
December 31, December 31,
1998 1997
Change
ASSETS
Current assets:
Cash and cash equivalents $535,000 $1,502,000
Accounts receivable 564,000 395,000
Inventories:
Raw materials 1,164,000 985,000
Work-in-process 470,000 625,000
Finished goods 390,000 297,000
2,024,000 1,907,000
Notes receivable -- 152,000
Other current assets 246,000 168,000
Total current assets 3,369,000 4,124,000
Investment in Jordan Pharmaceuticals 600,000 --
Fixed assets, net 4,661,000 7,087,000
Deferred debt financing expenses 10,000 73,000
Patents, net of amortization 252,000 152,000
Other assets 260,000 252,000
$9,152,000 $11,688,000
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt $1,811,000 $2,219,000
Note payable 250,000 --
Accounts payable and accrued expenses 528,000 619,000
Accrued interest payable 28,000 26,000
Accrued vacation 196,000 248,000
Other accrued employee costs 213,000 204,000
Product replacement costs 222,000 --
Deferred revenue 875,000 841,000
Total current liabilities 4,123,000 4,157,000
Other long-term debt, net 2,403,000 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, 12,793,165 and 12,137,787
shares issued and outstanding 65,349,000 64,070,000
Accumulated deficit (62,872,000) (59,912,000)
Total shareholders' equity 2,477,000 4,158,000
$9,152,000 $11,688,000
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