BioChem announces fourth quarter and 1996 results.LAVAL, Quebec Laval (pronounced  ) is a city and a region in southwestern Quebec, Canada in the Greater Montreal Area. It is located on Île Jésus, across the Rivière des Prairies from Montreal. , Canada--(BUSINESS WIRE)--March 12, 1997--BioChem Pharma 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 : BCHXF; 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 ) today reported net income of $33.4 million, or $0.63 per share for 1996, compared to a net loss of $5.0 million or $0.10 per share, for 1995. All figures are in Canadian dollars. In addition, the Company increased by 46% its R&D expenses for the year ended December 31, 1996, compared to the corresponding year-earlier period. Operating revenue operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. for 1996 reached $233.6 million, an increase of 25% over the preceding year. "We are very proud that our flagship discovery 3TC/Epivir has rapidly become a cornerstone of 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. combination therapy. With today's results, driven by the royalty revenue on worldwide sales of 3TC./Epivir(TM), I am pleased to announce that BioChem has entered a new era of growth and profitability," said Dr. Francesco Bellini Francesco Bellini (born 12 October 1978) is an Luxembourgian footballer of Italian descent. He plays as a defender for Luxembourgian club FC Mamer 32. After some years playing for the youth teams at CA Spora Luxembourg (where he won the national cup) and the senior team of , 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. of BioChem Pharma. "The key to it all is innovation. The Company's increase in direct R&D spending in 1996 underscores our commitment to leadership in the research and development of new therapeutics and vaccines for years to come." The Board of Directors of BioChem Pharma also approved today a two-for-one stock split of its common stock outstanding. This split is subject to approval by regulatory and stock exchange authorities and will take effect April 7, 1997. As a result of the stock split, the number of outstanding shares of the Company's common stock will increase to approximately 108 million. The stock split is intended to broaden the stockholder base and to increase the liquidity of the Company's shares. For the fourth quarter of 1996, the Company reported net income of $19.9 million or $0.38 per share, compared to net income of $3.5 million or $0.08 per share, in the fourth quarter of 1995. For that same quarter, operating revenue amounted to $65.0 million, an increase of 25% over revenue of $51.8 million reported for the fourth quarter of 1995. BioChem's net results include its share of the loss reported by North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. Vaccine, Inc. (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 ) which amounts to $4.1 million for 1996, compared to $8.1 million for 1995. The share of the loss in 1996 is presented net of a gain on dilution, recorded in the fourth quarter of 1996 and amounting to $5.5 million. The improvement in BioChem's results was mainly due to increased royalty revenue on worldwide sales of the Company's flagship discovery, 3TC/Epivir, from Glaxo Wellcome, the exclusive licensee of 3TC/Epivir. In 1996, total worldwide sales of 3TC/Epivir were $429.3 million (US $314.8 million), making it the best-selling drug to come from a biopharmaceutical company in its first full year of sales. As a result, BioChem's royalty revenue in 1996 amounted to $57.1 million, a significant increase over the preceding year. This improvement was achieved despite a decrease in diagnostic product sales to $141.3 million in 1996 from $156.9 million in 1995, as a result of strong competition in the hematology sector of the business. The Company's total assets as of December 31, 1996, were $572.3 million, compared with $285.2 million as of December 31, 1995. Working capital amounted to $362.7 million as of December 31, 1996, compared to $102.4 million the year-earlier. BioChem Pharma, celebrating its tenth anniversary, is an international biopharmaceutical company dedicated to the research, development and commercialization of innovative products for the prevention, detection and treatment of human diseases. The Company lists its common shares on the Montreal and Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. (BCH) and the NASDAQ stock market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. (BCHXF). BioChem Pharma news releases and other company information can be found on the World Wide Web at: http://www.biochem- pharma.com . 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 reflect the company's current expectation regarding future events. The forward-looking statements involve risks and uncertainties. Actual events could differ materially from those projected herein and depend on a number of factors including the success of the company's research strategy, the applicability of the discoveries made therein, the successful and timely completion of clinical studies and the uncertainties related to the regulatory process. -0- BIOCHEM PHARMA INC. CONSOLIDATED BALANCE SHEET consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. AS AT DECEMBER 31, 1996 AND 1995 In thousands of Canadian dollars December 31 December 31 1996 1995 $ $ ASSETS Current assets Current Assets Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. Cash and temporary investments 314,751 63,401 Accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying 91,170 76,651 Inventories 32,003 29,674 Prepaid expenses 1,619 1,520 Deferred income taxes 1,100 703 440,643 171,949 Investment in an affiliated company 12,166 15,690 Other investments 13,359 6,129 Capital assets capital assets n. equipment, property, and funds owned by a business. (See: capital, capital account) 75,143 64,100 Goodwill 24,073 25,352 Other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. 6,881 2,000 572,265 285,220 LIABILITIES Current liabilities Current Liabilities Usually appearing on a company's balance sheet, it represents the amount owed for interest, accounts payable, short-term loans, expenses incurred but unpaid, and other debts due within one year. Bank indebtedness 12,981 22,184 Accounts payable and accrued liabilities 44,010 34,732 Unearned revenue Unearned Revenue When an individual or company receives money for a service or product that has yet to be fulfilled. Notes: For example, prepayment on a lease contract - the revenue is a liability until it has been earned. See also: Earned Income, Passive Income 2,588 3,546 Income taxes payable 1,973 3,253 Current portion of long-term debt Current Portion Of Long-Term Debt A portion of the balance sheet that represents the total amount of long-term debt that must be paid within the next year. The balance sheet has a liability section, which is broken down into long-term and current debt. 16,349 5,768 77,901 69,483 Long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. 57,706 69,662 Deferred income taxes 1,354 1,244 Other liabilities other liabilities Small and relatively insignificant liabilities. For financial reporting purposes, firms often combine small liabilities into this single category rather than listing each liability separately. 6,929 5,430 Non-controlling interest 12,543 4,807 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. 415,832 134,594 572,265 285,220 -0- BIOCHEM PHARMA INC. CONSOLIDATED STATEMENT OF EARNINGS QUARTERS AND YEARS ENDED DECEMBER 31, 1996 AND 1995 In thousands of Canadian dollars except per share information Quarter ended Year ended Dec. 31 Dec. 31 Dec. 31 Dec. 31 1996 1995 1996 1995 $ $ $ $ Operating revenue Sales 37,851 40,476 156,941 162,470 Royalties 22,338 8,15 57,062 12,596 Interest 3,185 902 13,008 2,976 Other 1,591 2,313 6,607 9,349 64,965 51,844 233,618 187,391 Expenses Cost of sales 19,191 18,326 75,759 74,241 Selling and administrative 17,718 13,988 62,968 58,486 Milestone repayments 1,913 1,825 4,552 1,825 Research and development 9,336 6,641 32,186 22,087 Financial 1,469 2,542 7,527 8,649 49,627 43,322 182,992 165,288 Earnings before amortization, income taxes and other 15,338 8,522 50,626 22,103 Amortization (3,121) (3,841)(11,457) (13,042) Earnings before income taxes and other 12,217 4,681 39,169 9,061 Income taxes 2,059 213 (1,451) (5,443) Non-controlling interest (95) (327) (211) (484) Share of loss of an affiliated company, net of gain on dilution 5,727 (1,037) (4,113) (8,101) Net income (loss) 19,908 3,530 33,394 (4,967) Earnings (loss) per common share 0.38 0.08 0.63 (0.10) Weighted average number of common shares outstanding 53,242,514 48,522,229 -0- BIOCHEM PHARMA INC. CONSOLIDATED STATEMENT OF CHANGES IN FINANCIAL POSITION QUARTERS AND YEARS ENDED DECEMBER 31, 1996 AND 1995 In thousands of Canadian dollars Quarter ended Year ended Dec. 31 Dec. 31 Dec. 31 Dec. 31 1996 1995 1996 1995 $ $ $ $ Cash provided by (used for) the following activities: OPERATING ACTIVITIES Net income (loss) 19,908 3,530 33,394 (4,967) Non-cash items Amortization 3,121 3,841 11,457 13,042 Share of loss of an affiliated company, net of gain on dilution (5,727) 1,037 4,113 8,101 Non-controlling interest 95 327 211 484 Deferred income taxes (532) 444 (384) (927) Other (95) (849) (252) (1,258) 16,770 8,330 48,539 14,475 Changes in non-cash working capital items 9,084 (3,062) (10,944) (11,468) 25,854 5,268 37,595 3,007 FINANCING ACTIVITIES Issuance of common shares 653 3,207 247,732 34,735 Non-controlling interest 2,500 2,394 7,500 2,394 Increase in long-term debt 4,270 183 4,389 714 Repayment of long-term debt (153) (420) (6,303) (6,396) Other 901 53 977 351 8,171 5,417 254,295 31,798 INVESTING ACTIVITIES Acquisition of investments (45) (103) (7,769) (4,243) Acquisition of capital assets (5,116) (5,276) (18,353) (10,574) Disposal of capital assets 10 621 639 877 Other (4,495) 286 (5,743) (503) (9,646) (4,472) (31,226) (14,443) Foreign currency translation adjustment 68 1,569 (111) (714) Increase in cash position 24,447 7,782 260,553 19,648 Cash position, beginning of period 277,323 33,435 41,217 21,569 Cash position, end of period 301,770 41,217 301,770 41,217 Cash position comprises cash and temporary investments, less bank indebtedness. CONTACT: FOR ADDITIONAL INFORMATION: Christine Lennon Vice President, Corporate Communications Corporate communications is the process of facilitating information and knowledge exchanges with internal and key external groups and individuals that have a direct relationship with an enterprise. BioChem Pharma Inc. (514) 978-7771 E-mail: corpcombiochem-pharma.com |
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