BioChem Announces Second Quarter Results - Third Consecutive Quarter of Profitability - (Part 2 of 2 - Financial Tables).MONTREAL--(BUSINESS WIRE)--July 23, 1996--BIOCHEM PHARMA Pharma may be an abbreviation for:
Antonym: dec. . (ME, TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :BCH BCH Beach BCH Banco Central de Honduras BCH Boot Console Handler BCH Boulder Community Hospital (Boulder, CO, USA) BCH Broadcast Channel BCH Belfast City Hospital BCH Banco Central-Hispano )(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 :BCHXF) -0- BIOCHEM PHARMA INC. CONSOLIDATED BALANCE SHEET AS AT JUNE 30, 1996 AND 1995 (Unaudited) BIOCHEM PHARMA INC. CONSOLIDATED BALANCE SHEET AS AT JUNE 30, 1996 AND 1995 (Unaudited) In thousands of Canadian dollars ____________________________________________________________
June 30 June 30
1996 1995
_______ _______
ASSETS
Current assets
Cash and temporary investments 271,718 46,315
Accounts receivable 95,571 79,245
Inventories 33,830 27,853
Prepaid expenses and deposits 3,325 2,889
_______ _______
424,444 156,302
Investment in an affiliated company 10,669 19,659 Other investments 13,202 5,013 Capital assets 69,110 63,648 Goodwill 24,591 23,801
Other assets 2,793 3,575
_______ _______
544,809 271,998
_______ _______
_______ _______
LIABILITIES
Current liabilities
Bank indebtedness 23,648 10,437
Accounts payable and accrued
liabilities 42,022 37,763
Unearned revenue 2,970 4,040
Income taxes payable 4,413 3,882
Current portion of long-term
debt 13,767 5,723
_______ _______
86,820 61,845
Long-term debt 57,053 71,021 Deferred income taxes 1,083 728 Other liabilities 5,891 3,470 Non-controlling interest 7,369 2,110
SHAREHOLDERS' EQUITY 386,593 132,824
_______ _______
544,809 271,998
_______ _______
_______ _______
BIOCHEM PHARMA INC. CONSOLIDATED STATEMENT OF EARNINGS QUARTERS AND SIX MONTHS ENDED JUNE 30, 1996 AND 1995 (Unaudited) In thousands of Canadian dollars except per share information _____________________________________________________________
Quarter ended
_____________
June 30 June 30
1996 1995
_______ _______
Operating revenue
Sales 41,502 39,547
Royalties 10,275 1,510
Research and development contracts 894 2,260
Interest and other revenue 4,715 1,668
_______ _______
56,936 44,985
_______ _______
Expenses
Cost of sales 19,689 17,794
Selling and administrative 14,406 15,205
Milestone repayments 62 -
Research and development 8,171 5,425
Financial 1,939 1,525
_______ _______
44,267 39,999
_______ _______
Earnings before amortization,
income taxes and other 12,669 4,986
Amortization (2,881) (3,665)
_______ _______
Earnings before income taxes and
other 9,788 1,321
Income taxes (1,352) (1,323)
Non-controlling interest (4) (62)
Share of loss of an affiliated
company (4,335) (2,348)
_______ _______
Net earnings (loss) 4,097 (2,348)
_______ _______
_______ _______
Earnings (loss) per common share 0.08 (0.05)
_______ _______
_______ _______
Six months ended
_____________
June 30 June 30
1996 1995
_______ _______
Operating revenue
Sales 81,400 83,096
Royalties 17,899 4,443
Research and development contracts 1,325 3,185
Interest and other revenue 7,220 3,081
_______ _______
107,844 93,805
________ _______
Expenses
Cost of sales 38,307 37,788
Selling and administrative 29,757 29,685
Milestone repayments 1,408 -
Research and development 15,051 10,290
Financial 3,938 4,160
_______ _______
88,461 81,923
_______ _______
Earnings before amortization,
income taxes and other 19,383 11,882
Amortization (5,632) (6,604)
_______ _______
Earnings before income taxes and
other 13,751 5,278
Income taxes (2,528) (4,261)
Non-controlling interest (86) (150)
Share of loss of an affiliated
company (5,612) (4,211)
_______ _______
Net earnings (loss) 5,525 (3,344)
_______ _______
_______ _______
Earnings (loss) per common share 0.11 (0.07)
_______ _______
_______ _______
Weighted average number of common
shares outstanding 52,545,824 47,947,310
___________ ___________
___________ ___________
Note: Certain comparative figures have been reclassified in order to conform with the presentation adopted in the current year. BIOCHEM PHARMA INC. CONSOLIDATED STATEMENT OF CHANGES IN FINANCIAL POSITION QUARTERS AND SIX MONTHS ENDED JUNE 30, 1996 AND 1995 (Unaudited) In thousand of Canadian dollars ____________________________________________________________
Quarter ended
_____________
June 30 June 30
1996 1995
____ ____
Cash provided by (used for) the following activities:
OPERATING ACTIVITIES
Net earnings (loss) 4,097 (2,348)
Non-cash items
Amortization 2,881 3,665
Share of loss of an
affiliated company 4,335 2,284
Non-controlling interest 4 62
Deferred income taxes (67) (2 119)
Other (223) (477)
______ ______
11,027 1,067
Changes in non-cash working
capital items (9,181) (4,349)
_______ _______
1,846 (3,282)
_______ _______
FINANCING ACTIVITIES
Issuance of common shares 1,262 1,297
Non-controlling interest - -
Increase in long-term debt - 159
Repayment of long-term debt (4,317) (4,106)
Other (31) -
_______ _______
(3,086) (2,650)
INVESTING ACTIVITIES
Acquisition of investments (783) (50)
Acquisition of capital assets (6,095) (2,057)
Disposal of capital assets 313 16
Other (947) 1 318
_______ _______
(7,512) (773)
_______ _______
Foreign currency translation
adjustment 704 (2,045)
_______ _______
Increase (decrease) in cash
position (8,048) (8,750)
Cash position at beginning 276,118 44,628
________ ________
Cash position at end 268,070 35,878
________ ________
________ ________
Cash position comprises cash and temporary investments less bank indebtedness.
Six months ended
_____________
June 30 June 30
1996 1995
____ ____
Cash provided by (used for) the following activities:
OPERATING ACTIVITIES
Net earnings (loss) 5,525 (3,344)
Non-cash items
Amortization 5,632 6,604
Share of loss of an
affiliated company 5,612 4,211
Non-controlling interest 86 150
Deferred income taxes (161) (1 283)
Other (316) (405)
______ ______
16,378 5,933
Changes in non-cash working
capital items (16,440) (9,087)
_______ _______
(62) (3,154)
_______ _______
FINANCING ACTIVITIES
Issuance of common shares 246,713 30,160
Non-controlling interest 2,500 -
Increase in long-term debt 30 351
Repayment of long-term debt (4,927) (4,531)
Other (48) -
_______ _______
244,268 25,980
_______ _______
INVESTING ACTIVITIES
Acquisition of investments (7,624) (4,040)
Acquisition of capital assets (9,949) (3,288)
Disposal of capital assets 629 200
Other (886) (894)
_______ _______
(17,830) (8,022)
_______ _______
Foreign currency translation
adjustment 477 (495)
_______ _______
Increase (decrease) in cash
position 226,853 14,309
Cash position at beginning 41,217 21,569
________ ________
Cash position at end 268,070 35,878
________ ________
________ ________
CONTACT: BioChem Pharma Inc. Christine Lennon Len·non , John 1940-1980. British musician and composer who was a member of the Beatles. With Paul McCartney he wrote many of the group's songs, including "I Want to Hold Your Hand" and "Ticket to Ride." Noun 1. , 514/978-7938 |
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