CPCI ANNOUNCES FIRST QUARTER RESULTS - GAIN ON REALIZATION OF ITS NABI ASSETS; 17% INCREASE IN HOME HEALTHCARE EARNINGS -.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. , QUEBEC--(BUSINESS WIRE)--DECEMBER 12, 1994-- CONTINENTAL PHARMA CRYOSAN INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. .(ME, TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CPM (1) (Critical Path Method) A project management planning and control technique implemented on computers. The critical path is the series of activities and tasks in the project that have no built-in slack time. .A, CPM.B) Continental Pharma Cryosan Inc. (CPCI See CompactPCI. ) announces its financial results for its first quarter ended October October: see month. 31, 1994. Consolidated revenues were $12,345,000 compared with $11,937,000 for the comparable period last year. The 3.4% increase was due in part to increased contract research revenue for IBEX ibex (ī`bĕks), wild goat, genus Capra, found in rugged country on mountain ranges from central Asia to the Himalayas, S Europe, and NE Africa. Technologies Inc. and to the favourable Canada/U.S. exchange rate into which its home healthcare revenues are converted. Net earnings were $1,589,000 ($0.07 per Class A share and $0.06 per Class B share) compared with $714,000 ($0.03 per Class A and B share) last year. This year's earnings include an after tax gain of $1,857,000 on the realization of the NABI NABI North American Bus Industries NABI Native American Basketball Invitational NABI National Amateur Bowlers Incorporated NABI National Association of Background Investigators assets (See below). In terms of operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before , a 17% increase in the net earnings of home healthcare was offset by a significant increase in the R&D expenditures of IBEX. "The underlying trends in our results are positive", commented Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs O. Hecht, CPCI's 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. . "Our home healthcare earnings are rising steadily and IBEX, as planned, has increased it R&D expenditures in order to speed up the development of its first therapeutic product". Gain on Realization of NABI assets In October 1994, CPCI received $12.4 million in full payment of the additional purchase price due from North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. Biologicals Biologicals Biological products used to induce immunity to various infectious diseases or noxious substances of biological origin. The term is usually limited to immune serums, antitoxins, vaccines, and toxoids that have the effect of providing protective , Inc. (NABI). This sum includes the normal quarterly payment of U.S. $551,449 from NABI as well as the profit made from the exercise of NABI warrants and subsequent sale of shares through a NABI public offering. This transaction resulted in the previously mentioned gain of $1,857,000 net of income taxes ($3,507,000 before taxes) during the first quarter. Also as a result of this transaction, CPCI's cash position increased to $10,747,000 as at October 31, 1994. The Company's ratio of 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. to equity is at a healthy level of 0.09:1. Segmented Results ConPharma Home HearlthCare, Inc. (CHHC) - CHHC's revenues were $11,083,000 for the quarter, representing a 1.8% increase over last year. In U.S. dollars, CHHC's revenues were substantially the same in both years. Since early 1994, CHHC has been affected by downward pressures on pricing from managed care organizations in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . To offset the impact of these pressures, CHHC has taken measures to cut overhead costs overhead costs see fixed costs. and consolidate operations. Selling, general and administrative expenses were reduced by 11%. This increased efficiency resulted in a 17% increase in net income to $641,000 for the quarter. CHHC expects to see a continuing positive effect on earnings as a result of its reduced cost structure and aggressive marketing policies. IBEX Technologies Inc. - The first quarter revenues of IBEX were $1,030,000 versus $819,000 last year. This increase was due to higher contract research revenues, as well as $154,000 in investment income earned on surplus cash on hand. The net loss for the quarter was $714,000 compared with a profit of $43,000 a year ago, as IBEX increased its R&D expenses in order to accelerate the development of its first therapeutic,
Drug (IND) application in 1995 which will enable the Company to
proceed with human trials for this product.
Separation of IBEX
CPCI has very recently received an Advance Income Tax
Ruling which enables it to separate IBEX from the Company to
become a stand alone publicly traded biotechnology company.
Management is committed to implement this process during the first
half of 1995.
Profile
Continental Pharma Cryosan Inc. is a growth-oriented
healthcare products and services company. Its wholly-owned
subsidiary, ConPharma Home HealthCare, Inc. currently operates a
network of 36 centres in the Northeastern United States. IBEX
Technologies, Inc., an 83%-owned CPCI subsidiary, is a
biotechnology company engaged in the discovery and development of
enzyme-based therapeutic and diagnostic products.
-0-
CONSOLIDATED STATEMENT OF EARNINGS
Three months ended
(In thousands of dollars - unaudited) October 31 st
___________________________
1994 1993 %
___________________________
Sales and revenues $12,345 $11,937 3%
___________________________
Net earnings before gain on realization of NABI assets, income taxes and non-controlling
interest 52 1,095 -95%
Gain on realization of NABI assets 3,507
__________________________
Net earnings before income taxes
and non-controlling interest 3,559 1,095 225%
Provision for income taxes (2,083) (381) 447%
___________________________
Net earnings before non-controlling interest 1,476 714 107% Non-controlling interest share
of IBEX's loss 113
____________________________
Net earnings $1,589 $714 123%
__________________________
___________________________
Net earnings per Class A common share Basic & Fully Diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. $0.07 $0.03 Net earnings per Class B common share
Basic & Fully Diluted $0.06 $0.03
___________________________
Segmented information (In thousands of dollars - unaudited) _____________________________________ Conpharma Home Health Care Inc.
Sales and revenues $11,083 $10,891 2%
Net earnings before income taxes $1,074 $926 16%
Net earnings $641 $548 17%
___________________________
IBEX Technologies Inc.
Sales and revenues $1,030 $819 26%
Net earnings (loss) ($714) $43
___________________________
Corporate activities
Revenues $232 $227 2%
___________________________
Net earnings (loss) $1,662 $123 1251%
___________________________
Average number of shares outstanding
Class A subordinate voting shares 14,869,977
Class B multiple voting shares 9,287,876
CONTACT: C. Emmett Pearson Thomas O. Hecht
Executive Vice-President President & CEO
(514) 344-4004 (514) 344-4004
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