CORTECH Announces Third Quarter Results.Business Editors BEDMINSTER Bedminster may refer to:
CORTECH, INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (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 :CRTQ) reported net income for the three months ended September September: see month. 30, 2000 of $100,000, or $.05 per share, compared to net income of $263,000, or $.14 per share, for the comparable period in 1999. For the nine months ended September 30, 2000, net income was $332,000, or $.18 per share, compared to net income of $2,305,000, or $1.24 per share, for the comparable period in the prior year. Net income for the three and nine months ended September 30, 1999 included a non-recurring license fee of $2,000,000 received in connection with an agreement with Ono Pharmaceutical Co., Ltd of Osaka, Japan, to license the worldwide rights to an oral elastase elastase /elas·tase/ (e-las´tas) see pancreatic elastase. e·las·tase n. An enzyme found especially in pancreatic juice that catalyzes the hydrolysis of elastin. inhibitor inhibitor /in·hib·i·tor/ (in-hib´i-tor) 1. any substance that interferes with a chemical reaction, growth, or other biologic activity. 2. program. Per share information referred to in this news release is both basic and diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of . On October 30, 2000 the Board of Directors approved a stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program authorizing the Company to repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. up to 160,000 shares of its Common Stock at prices deemed favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. from time to time in the open market or in privately negotiated transactions subject to market conditions, the Company's financial position and other considerations. Cortech has 1,852,209 shares outstanding. This 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 may involve known and unknown risks, uncertainties and other factors that may cause Cortech's actual results and performance in future periods to be materially different from any future results or performance suggested by these statements. Cortech cautions investors not to place undue reliance on forward-looking statements, which speak only to management's expectations on this date.
CORTECH, INC.
OPERATING RESULTS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
(in thousands, except per share data)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2000 1999 2000 1999
Revenues:
Interest income $ 200 $ 157 $ 575 $ 408
Gain on
disposition
of property
and equipment -- 125 -- 435
Non-recurring
license fee -- -- -- 2,000
Other income -- 92 96 152
------ ------ ------ ------
Total revenues 200 374 671 2,995
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Expenses:
General and
administrative 98 101 326 462
------ ------ ------ ------
Income before
income taxes 102 273 345 2,533
Provision for
income taxes 2 10 13 228
------ ------ ------ ------
Net income $ 100 263 $ 332 $2,305
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Basic and
diluted net
income per
common share $ .05 $ .14 $ .18 $ 1.24
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CONDENSED BALANCE SHEET
September 30, 2000
(in thousands)
(Unaudited)
Cash and cash equivalents $ 7,045
Short-term investments 6,498
Prepaid expenses and other 152
-------
Total assets $13,695
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Liabilities $ 171
Stockholders' equity 13,524
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Total liability and stockholders' equity $13,695
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