BioChem Pharma reports 1995 third quarter results.Inc. today reported total revenue of $41.7 million for the three months ended September September: see month. 30, 1995 , compared with $42.7 million for the year-earlier period ended October October: see month. 31, 1994. This slight decrease is mainly attributable to the seasonal nature of influenza vaccine influenza vaccine Flu vaccine A vaccine recommended for those at high risk for serious complications from influenza: > age 65; Pts with chronic diseases of heart, lung or kidneys, DM, immunosuppression, severe anemia, nursing home and other chronic-care sales. Due to the change in the Company's fiscal year from January January: see month. 31 to December December: see month. 31, most of last year's vaccine vaccine Preparation containing either killed or weakened live microorganisms or their toxins, introduced by mouth, by injection, or by nasal spray to stimulate production of antibodies against an infectious agent. sales were reported in the third quarter whereas in 1995, some will be reported in the fourth quarter. Before amortization, income taxes, non-controlling interest in the earnings of subsidiaries and the share of loss of the associated company associated company associate n → Partnerfirma f associated company n → società collegata , North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. Vaccine (NAVA NAVA National Association for the Visual Arts NAVA National Association for Variable Annuities NAVA Navajo National Monument (US National Park Service) NAVA North American Vexillological Association ), BioChem's operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. increased from $71,000 for the third quarter of 1994, to $1.6 million for the third quarter of 1995. Considering these items, BioChem reported a net loss of $5.2 million, or $0.11 per share this third quarter of 1995, compared with a net loss of $5.4 million, or $0.12 per share, for the quarter ended October 31, 1994. These losses include respectively, $2.9 million and $2.6 million from the share of loss of NAVA, an item which does not involve outlays Outlays Payments on obligations in the form of cash, checks, the issuance of bonds or notes, or the maturing of interest coupons. of funds. The gross profit margin Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. of this quarter improved from 46% last year to 53% this year. This reflects the rationalization rationalization, in psychology: see defense mechanism. of operations within the diagnostic subsidiary, BioChem ImmunoSystems. Research and development costs, excluding amortization, amounted to $5.2 million for the three months ended September 30, 1995, compared with $4.2 million for the third quarter of the previous fiscal year. As of September 30, 1995, BioChem's assets amounted to $269.2 million, compared with $247.8 million a year earlier. Working capital increased to $91.3 million as at September 30, 1995, compared with $75.9 million as at October 31, 1994. Shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. amounts to $125.9 million as at September 30, 1995 to finance assets of $269.2 million. BioChem Pharma is an international biopharmaceutical company dedicated to the research, development and commercialization of innovative products for the detection, prevention and treatment of human diseases. The Company's shares are traded on the Montreal Montreal (mŏn'trēôl`), Fr. Montréal (môNrāäl`), city (1991 pop. 1,017,666), S Que., Canada, on Montreal island, surrounded by St. Lawrence River and Rivière des Prairies. and Toronto Stock exchanges Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. (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 ) and on 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 Sheets as at September 30, 1995 and October 31, 1994 (Unaudited) In thousands of Canadian dollars
September 30 October 31
1995 1994
ASSETS
Current assets
Cash and temporary investments 48,792 28,824
Accounts receivable 78,361 71,411
Inventories 27,338 33,278
Prepaid expenses and deposits 2,949 5,583
157,440 139,096
Investment in an associated company 16,543 13,577 Other investments 5,113 1,376 Capital assets 62,189 63,062 Goodwill 23,733 25,287 Other assets 4,212 5,376
269,230 247,774
LIABILITIES
Current liabilities
Bank indebtedness 15,357 13,110
Accounts payable and accrued
liabilities 36,476 41,780
Unearned revenue 4,022 4,026
Income taxes payable 4,499 2,110
Current portion of long-term debt 5,756 2,138
66,110 63,164
Long-term debt 68,962 77,661 Deferred income taxes 640 1,098 Other liabilities 5,732 5,206 Non-controlling interest 1,918 3,206 SHAREHOLDERS' EQUITY 125,868 97,439
269,230 247,774
-0-
BIOCHEM PHARMA INC.
Consolidated Earnings
Quarters and nine months ended September 30, 1995 and October 31, 1994
(Unaudited)
In thousands of Canadian dollars except per share information
Quarters ended Nine months ended
September 30 October 31 September 30 October 31
1995 1994 1995 1994
Revenue Sales 38,898 40,955 121,994 72,042 Royalties - 69 4,443 4,128 Research and development contracts 1,612 925 4,797 3,448 Interest and other revenue 1,232 766 4,313 2,612 Total revenue 41,742 42,715 135,547 82,230 Expenses Cost of goods sold 18,127 22,200 55,915 37,227 Selling and administrative 14,813 14,614 44,498 27,022 Research and development - net of tax credits of $908 in 1995 and $863 in 1994 5,156 4,232 15,446 12,334 Financial 2,006 1,598 6,272 2,939 Total expenses 40,102 42,644 122,131 79,522 Earnings before the following items 1,640 71 13,416 2,708 Amortization (2,538) (1,998) (9,036) (4,392) Income taxes (1,395) (938) (5,656) (1,966) Loss before non-controlling interest and share of loss of the associated company (2,293) (2,865) (1,276) (3,650) Non-controlling interest in the earnings of subsidiaries (7) 68 (157) (170) Share of loss of the associated company (2,853) (2,567) (7,064) (6,152) Net loss (5,153) (5,364) (8,497) (9,972) Loss per common share (0.11) (0.12) (0.18) (0.21) Weighted average number of common shares outstanding 49,031,509 46,476,395 48,294,001 46,420,440 Note: Certain comparative figures have been reclassified in order to conform with the presentation adopted in the current year. -0- CONTACT: Christine Lennon Director, Investor and Corporate Relations BioChem Pharma Inc. (514) 978-7771 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion