BioSepra announces fourth-quarter results.MARLBOROUGH, Mass.--(BUSINESS WIRE)--Feb. 27, 1996--BioSepra Inc. (Nasdaq: BSEP BSEP Bile Salt Export Pump BSEP Basic Skills Education Program BSEP Black Sea Environmental Program ) today announced results for the fourth quarter of 1995. For the three months ended December 31, 1995, revenues were $3.4 million, compared with $4.1 million for the three months ended December 31, 1994. Fourth-quarter 1994 figures include $1.5 million in sales of a product line that was discontinued in mid-1995. The net loss was $1.0 million, or $0.14 per share, compared with a net loss of $2.8 million, or $0.40 per share for the same period in 1994. For the year ended December 31, 1995, BioSepra's revenues increased to $12.5 million from $11.3 million for 1994. The net loss was $12.7 million, or $1.81 per share, compared with a net loss of $11.1 million, or $1.73 per share for 1994. The company's 1995 results include a one-time $4.1 million restructuring and impairment charge taken in connection with the major cost-reduction program BioSepra announced on June 5, 1995. "We are pleased with the positive impact of the restructuring on our financial performance, which began to show in the fourth quarter," said Jean-Marie Vogel, president and chief executive officer. "During the year we introduced the leading-edge ProSys(TM) Workstation, and as it gained market acceptance, we received repeat orders from large customers. ProSys(TM) Workstations are now being used in process development by some of the largest pharmaceutical companies in the U.S and in twelve countries abroad. We also closed 1995 with more pharmaceutical companies turning to BioSepra and its HyperD(TM) media at the later stages of their process development, and expect this to continue in 1996." Vogel continued, "Also last year, we formed a significant strategic alliance with Beckman Instruments (NYSE NYSE See: New York Stock Exchange : BEC), designed to strengthen our foothold in the research, or early-stage drug development, market. Beckman placed their first substantial order in the first quarter of 1996. Separately, we expanded our distribution network in Europe and Asia. The midyear mid·year n. 1. The middle of the calendar or academic year. 2. a. An examination given in the middle of a school year. b. midyears A series of such examinations. restructuring, designed to reduce our costs, is being reflected in our fourth-quarter margins. We expect our financial results will continue to improve as we increase our market presence with our products. "With our strong product portfolio, and with our organization refocused on core markets, we are well positioned for 1996," Vogel concluded. BioSepra Inc. is a leading supplier of process development systems, columns and chromatographic chro·mat·o·graph n. An instrument that produces a chromatogram. tr.v. chro·mat·o·graphed, chro·mat·o·graph·ing, chro·mat·o·graphs To separate and analyze by chromatography. media used for the development and production of biopharmaceutical products. BioSepra supplies its chromatography media and proprietary products for use in the production of 16 commercial biopharmaceutical products, including interferons, insulin, human growth hormone human growth hormone (HGH): see growth hormone. , EPO EPO see erythropoietin. EPO Erythropoietin, see there and vaccines. Condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. consolidated statements of operations and consolidated balance sheets 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. follow. -0- BIOSEPRA INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE AND TWELVE MONTH PERIODS ENDED DECEMBER 31, 1995 AND 1994 (Unaudited) Three months ended Year ended (In thousands, except per share amounts) December 31, December 31, 1995 1994 1995 1994 Net revenues $ 3,380 $ 4,085 $ 12,487 $ 11,296 Costs and expenses: Cost of sales 1,654 2,423 8,344 5,933 Research & development 456 1,175 2,761 3,383 Restructuring and impairment costs(1) - - 4,144 - Purchase of in-process research and development(2) - - - 3,500 Selling, general and administrative 2,115 3,288 9,544 9,605 -------- ------- ------- ------- Total costs and expenses 4,225 6,886 24,793 22,421 ------- ------- ------- ------- Income (loss) from operations (845) (2,801) (12,306) (11,125) Other income (expenses), net (122) (27) (369) 2 ------- ------- --------- --------- Net income (loss) (967) (2,828) (12,675) (11,123) ====== ====== ======= ======= Net income (loss) per share $ (0.14) $(0.40) $ (1.81) $ (1.73) ====== ====== ======= ======= Weighted average number of common and common equivalent shares outstanding 7,013 7,000 7,004 6,417 (1) Represents a non-recurring charge identified as impairment and restructuring costs of operations. (2) Represents a non-recurring charge identified as the portion of the purchase price paid for Biopass S.A.'s ongoing research and development projects which had not yet resulted in commercially viable products. -0- BIOSEPRA INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands) Dec. 31, Dec. 31, 1995 1994 ASSETS Cash and cash equivalents(1) $ 3,693 $ 9,466 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 3,495 4,236 Inventory 3,120 5,298 Property, plant and equipment, net 2,139 2,670 Excess of investment over net assets Net assets The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand. net assets See owners' equity. acquired, net 9,892 12,992 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. 1,485 943 ------- ------- Total assets $ 23,824 $ 35,605 ======= ====== LIABILITIES AND STOCKHOLDERS EQUITY Accounts payable and accrued expenses Accrued Expense An accounting expense recognized in the books before it is paid for. It is a liability, usually current. These expenses are typically periodic and documented upon a company's balance sheet due to the high probability of collection. $ 5,321 $ 7,181 Deferred contract revenue 3,500 737 Notes payable and 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. 4,089 4,677 ------ ------- Total liabilities 12,910 12,595 ------- ------- Total stockholders equity 10,914 23,010 ------- ------- Total liabilities and stockholders equity $ 23,824 $ 35,605 ====== ======= (1) Includes 7,917,000 french francs (1,614,000 equivalent U.S. dollars in 1995 and 1,483,000 equivalent U.S. dollars in 1994) held in escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. related to the purchase of Biopass S.A. CONTACT: Jean-Marie Vogel (508) 481-6802 or Jean M. Devine (508) 481-6700 |
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