Biovail Reports Record 1999 First Quarter Financial Results.TORONTO--(BW HealthWire)--April 28, 1999-- Biovail Biovail TSX: BVF NYSE: BVF is Canada's largest pharmaceutical company, operating internationally in all aspects of pharmaceutical products. Its major production facility is located in Steinbach, Manitoba. Corporation International (NYSE NYSE See: New York Stock Exchange :BVF BVF Biovail Corporation (stock symbol) BVF Berufsverband der Frauenärzte eV (Muenchen, Germany) BVF Bearing Versus Frequency )(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :BVF) today reported record first quarter financial results for the period ended March 31, 1999. Revenue for the first quarter of 1999 increased 29% to $28.2 million, compared with $21.9 million reported for the first quarter of 1998. 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. for the quarter increased to $11.6 million, a 38% improvement over the $8.4 million earned in the first quarter of 1998. Net income for the first quarter of 1999 was $8.3 million, or $0.34 per share, compared to net income of $7.8 million or $0.29 per share in 1998. Eugene Melnyk Eugene Melnyk (born May 27, 1959 in Toronto, Ontario) is a Canadian businessman of Ukrainian origin who now resides in Barbados. He is the chairman and chief executive officer of Biovail Corporation. , Chairman of the Board, commented, "We are very pleased to have accomplished significant growth over last year in revenues and net income. All segments of our business performed very well in contributing to our strong financial results. As well, significant progress has been made in furthering our product development milestones." Mr. Melnyk concluded, "We are currently well positioned, scientifically, operationally and financially, to leverage our business to take advantage of accretive opportunities as they arise." Biovail Corporation International is an international full-service full-ser·vice adj. Associated with or offering complete service: full-service gasoline pumps; full-service banks. pharmaceutical company, engaged in the formulation formulation /for·mu·la·tion/ (for?mu-la´shun) the act or product of formulating. American Law Institute Formulation , clinical testing, registration and manufacture of drug products utilizing advanced drug delivery technologies. "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 To the extent any statements made in this release contain information that is not historical, these statements are essentially forward looking and are subject to risks and uncertainties, including the difficulty of predicting FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. and TPD TPD Tons Per Day TPD Therapeutic Products Directorate TPD Total and Permanent Disablement (insurance) TPD Temperature Programmed Desorption TPD Temporary Partial Disability (insurance) approvals, acceptance and demand for new pharmaceutical products, the impact of competitive products and pricing, new product development and launch, reliance on key strategic alliances, availability of raw materials, the regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. environment, fluctuations in operating results and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission. -0-
BIOVAIL CORPORATION INTERNATIONAL
CONSOLIDATED BALANCE SHEETS
(All dollar amounts are expressed in thousands of U.S. dollars)
(Unaudited)
March 31, December 31,
1999 1998
------------- ------------
ASSETS
Current
Cash and short-term deposits $ 79,256 $ 78,279
Accounts receivable 41,383 42,768
Inventories 13,760 10,542
Executive loans 2,975 2,924
Deposits and prepaids 3,254 3,357
------------- ------------
140,628 137,870
LONG-TERM INVESTMENTS 10,055 10,055
CAPITAL ASSETS, net 24,818 23,677
OTHER ASSETS, net 27,769 28,317
------------- ------------
$203,270 $199,919
------------- ------------
------------- ------------
LIABILITIES
Current
Accounts payable $ 7,319 $ 12,244
Accrued liabilities 8,147 4,129
Income taxes payable 594 1,004
Customer prepayments 13,956 4,516
Current portion of long-term debt 733 653
------------- ------------
30,749 22,546
LONG-TERM DEBT 125,836 126,182
------------- ------------
156,585 148,728
------------- ------------
SHAREHOLDERS' EQUITY
Share capital 20,939 19,428
Warrants 8,244 8,244
Retained earnings 18,345 24,748
Cumulative translation adjustment (843) (1,229)
------------- ------------
46,685 51,191
------------- ------------
------------- ------------
$203,270 $199,919
------------- ------------
------------- ------------
BIOVAIL CORPORATION INTERNATIONAL
CONSOLIDATED STATEMENTS OF INCOME
(all dollar amounts except per share data are expressed
in thousands of U.S. dollars)
(Unaudited)
Three Months Ended
March 31,
1999 1998
------------ ------------
REVENUE
Product Sales $ 12,562 $ 11,467
Research and development 6,717 7,844
Royalty and licensing 8,952 2,578
------------ ------------
28,231 21,889
------------ ------------
EXPENSES
Cost of goods sold 5,039 5,142
Research and development 5,324 4,029
Selling, general and
administrative 6,245 4,311
------------ ------------
16,608 13,482
------------ ------------
OPERATING INCOME 11,623 8,407
INTEREST INCOME (EXPENSE), net (2,792) (68)
------------ ------------
INCOME BEFORE INCOME TAXES 8,831 8,339
PROVISION FOR INCOME TAXES 533 491
------------ ------------
NET INCOME $ 8,298 $ 7,848
------------ ------------
------------ ------------
EARNINGS PER SHARE $ 0.34 $ 0.29
------------ ------------
------------ ------------
WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING 24,603,400 26,736,000
------------ ------------
------------ ------------
BIOVAIL CORPORATION INTERNATIONAL
CONSOLIDATED STATEMENTS OF CASH FLOWS
(all dollar amounts data are expressed in thousands of U.S. dollars)
(Unaudited)
Three Months Ended
March 31,
1999 1998
----------- -----------
NET INFLOW (OUTFLOW) OF CASH RELATED
TO THE FOLLOWING ACTIVITIES
OPERATING
Net income for the period $ 8,298 $ 7,848
Depreciation and amortization 1,489 1,164
----------- -----------
9,787 9,012
Changes in non-cash operating items 7,210 (616)
----------- -----------
16,997 8,396
----------- -----------
INVESTING
Additions to fixed assets, net (1,611) (1,207)
Executive stock purchase plan loans (52) 213
Acquisition of royalty interest - (15,000)
Long-term investments - (7,500)
----------- -----------
(1,663) (23,494)
----------- -----------
FINANCING
Acquisition of share capital (14,933) -
Issuance of share capital 1,424 3,660
Repayment of other long-term debt (300) (597)
Increase in other long-term debt - 15,000
----------- -----------
(13,809) 18,063
----------- -----------
Effect Of Exchange Rate Changes On Cash (548) 8
----------- -----------
INCREASE (DECREASE) IN CASH 977 2,973
----------- -----------
CASH AND SHORT TERM DEPOSITS,
BEGINNING OF PERIOD 78,279 8,275
----------- -----------
CASH AND SHORT TERM DEPOSITS,
END OF PERIOD $79,256 $11,248
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