Caprius, Inc. Reports Preliminary Financials for Fiscal Year 2003.Business Editors FORT LEE, N.J.--(BUSINESS WIRE)--Feb. 13, 2004 Caprius, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : CAPRE CAPRE Common Aircraft Portable Reprogramming Equipment CAPRE Capital Allocation Pricing for Reinsurers CAPRE Critically Appraised Practice Reflection Exercise (Queen's University) ) is reporting its preliminary unaudited financials for the year ended September September: see month. 30, 2003. The filing of the Company's 10 KSB KSB Kogod School of Business (American University) KSB Kelley School of Business (Indiana University) KSB Kantonsschule Am Brühl St. , which will include the audited financial statements, has been delayed pending a report by independent counsel as to charges made in an anonymous Nameless. See anonymous post and anonymous Web surfing. letter sent to the Company's auditors AUDITORS, practice. Persons lawfully appointed to examine and digest accounts referred to them, take down the evidence in writing, which may be lawfully offered in relation to such accounts, and prepare materials on which a decree or judgment may be made; and to report the whole, together . The Management strongly believes that there is no substance or merit to the matters contained in the letter. Most of the matters in the letter are similar to those in pending litigations against the Company, which litigations have been previously disclosed dis·close tr.v. dis·closed, dis·clos·ing, dis·clos·es 1. To expose to view, as by removing a cover; uncover. 2. To make known (something heretofore kept secret). by the Company and are being vigorously vig·or·ous adj. 1. Strong, energetic, and active in mind or body; robust. See Synonyms at healthy. 2. Marked by or done with force and energy. See Synonyms at active. defended. 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: The statements made in this press release that are not historical fact are "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 are based upon current expectations that include a number of risks and uncertainties. Additional factors that could potentially affect the Company's financial results may be found on the Company's filings with the Securities and Exchange Commission.
CAPRIUS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
September September
30, 30,
2003 2002
------------ ------------
ASSETS
Current Assets:
Cash and cash equivalents $ 774,819 $ 505,282
Accounts receivable, net of reserve for
bad debts of $6,500 and $13,000 at
September 30, 2003 and 2002 79,660 141,731
Inventories 820,484 -
Other current assets 78,634 6,948
Due from sale of Strax-short-term 308,037 -
Net assets of TDM business segment - 2,511,147
------------ ------------
Total current assets 2,061,634 3,165,108
------------ ------------
Property and Equipment:
Office furniture and equipment 153,222 193,469
Medical Equipment - 314,318
Equipment for lease 108,321 -
Leasehold improvements 18,119 950
------------ ------------
279,662 508,737
Less: accumulated depreciation 123,902 478,136
------------ ------------
Net property and equipment 155,760 30,601
------------ ------------
Other Assets:
Due from sale of Strax-long-term 103,973 -
Note Receivable - 350,000
Deferred financing cost, net of
accumulated amortization of $29,913 and
$2,301 at September 30, 2003 and
September 30, 2002 11,437 39,049
Deferred acquisition costs - 189,463
Goodwill 737,010 -
Intangible assets net of accumulated
amortization of $213,417 at September
30, 2003 826,583 -
Other 13,330 22,794
------------ ------------
Total other assets 1,692,333 601,306
------------ ------------
Total Assets $ 3,909,727 $ 3,797,015
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Notes payable, net of unamortized
discount of $5,000 at September 30,
2002 $ - $ 546,650
Accounts payable 1,109,080 408,841
Accrued expenses 469,024 198,087
Accrued compensation 110,940 86,018
Current maturities of long-term debt and
capital lease obligations - 12,806
------------ ------------
Total current liabilities 1,689,044 1,252,402
Long-term Debt and Capital Lease
Obligations, net of current maturities - 22,226
Total Liabilities 1,689,044 1,274,628
------------ ------------
Minority Interest in MCM Subsidiary 20,000 -
------------ ------------
Commitments and contingencies - -
Stockholders' Equity:
Preferred stock, $.01 par value
Authorized - 1,000,000 shares
Issued and outstanding - Series A,
none; Series B, convertible, 27,000
shares at September 30, 2003 and
September 30, 2002.
Liquidation preference $2,700,000 2,700,000 2,700,000
Common stock, $.01 par value
Authorized - 50,000,000 shares
Issued - 20,469,062 shares at
September 30, 2003 and 20,419,062
shares at September 30, 2002 204,691 204,191
Additional paid-in capital 67,581,258 67,579,258
Accumulated deficit (68,283,016) (67,958,812)
Treasury stock (22,500 common shares, at
cost) (2,250) (2,250)
------------ ------------
Total stockholders' equity 2,200,683 2,522,387
------------ ------------
Total Liabilities and Stockholders' Equity $ 3,909,727 $ 3,797,015
============ ============
CAPRIUS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Years Ended September 30,
-------------------------
2003 2002
------------ ------------
Revenues:
Product sales and rental revenues $ 550,579 $ -
Consulting income 50,000 -
------------ ------------
Total revenues 600,579 -
------------ ------------
Operating Expenses:
Cost of product sales and rental revenue 357,708 -
Research and development 122,116 -
Selling, general and administrative 4,110,652 1,582,636
Provision for bad debt and collection
costs 45,008 -
------------ ------------
Total operating expenses 4,635,484 1,582,636
------------ ------------
Operating loss (4,034,905) (1,582,636)
Interest expense (17,962) -
------------ ------------
Loss from continuing operations (4,052,867) (1,582,636)
Income from operations of discontinued
TDM business segment (including gain on
disposal of $3,214,189 in October 2002) 3,287,587 1,421,633
Loss from operations of discontinued
Strax business segment (including gain
on disposal of $125,658 at September 30,
2003) (18,830) (256,690)
------------ ------------
Loss before minority interest (784,110) (417,693)
Loss applicable to minority interest (459,906) -
------------ ------------
Net Loss $ (324,204) $ (417,693)
============ ============
Net income (loss) per basic and diluted
common share
Continuing operations $ (0.18) $ (0.09)
Discontinued operations 0.16 0.07
------------ ------------
Net income (loss) per basic and diluted
common share $ (0.02) $ (0.02)
============ ============
Weighted average number of common shares
outstanding, basic and diluted 20,402,315 17,171,140
============ ============
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