Caprius, Inc. Reports Second Quarter Financial Results.FORT LEE, N.J.--(BUSINESS WIRE)--May 20, 1999-- Caprius, Inc. (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 :CAPR CAPR Colegio de Abogados de Puerto Rico (Spanish) CAPR Civil Air Patrol Regulation CAPR Computer Assisted Pipeline Review CAPR Capability Requirement CAPR Capability Request ) announced today a net loss for its second quarter ended March 31, 1999 of $2,634,002 or $0.36 per share versus a loss of $2,089,034 or $0.28 per share for the comparable quarter of the prior year. The net loss for the quarter included a loss on the sale of the rehabilitation rehabilitation: see physical therapy. business in the amount of $1,427,487. Caprius intends to aggressively pursue ways that can maximize In a graphical environment, to enlarge a window to the full size of the screen. See Win Maximize windows. shareholder value. Caprius is focusing its efforts in identifying a candidate who can help utilize the Company's assets as a vehicle for the enhancement of shareholder value. 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. -0-
CAPRIUS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Six Months Ended
March 31, March 31,
1999 1998 1999 1998
-------------------- ----------------------
Revenues:
Net patient service
revenues $ 928,762 $ 875,253 $2,073,291 $1,717,363
-------------------- ----------------------
Total revenues 928,762 875,253 2,073,291 1,717,363
-------------------- ----------------------
Operating Expenses:
Cost of service
operations 887,926 660,016 1,858,601 1,483,500
Research and
development 71,478 839,105 496,480 1,399,640
Purchased research and
development
(see note 2) - (71,081) - 7,097,566
Selling, general and
administrative 1,142,589 1,611,962 2,011,987 2,817,856
Provision for bad debt
and collection costs (8,486) 125,180 114,534 160,772
Loss (gain) on sale of
imaging business - (133,889) 12,670 (61,468)
Loss on sale of
rehabilitation
business 1,427,487 - 1,427,487 -
-------------------- ----------------------
Total operating
expenses 3,520,994 3,031,293 5,921,759 12,897,866
-------------------- ----------------------
Operating income
(loss) from
continuing
operations (2,592,232)(2,156,040) (3,848,468)(11,180,503)
Other income 9,000 3,050 9,000 3,050
Interest income 9,684 112,316 25,842 232,443
Interest expense (60,454) (48,360) (119,376) (81,912)
-------------------- ----------------------
Income (loss) from
continuing operations
before minority
interests, equity in
loss of subsidiary
and provision for
income taxes (2,634,002)(2,089,034) (3,933,002)(11,026,922)
Equity in net loss of
unconsolidated
subsidiary - - - (67,358)
-------------------- ----------------------
Loss from continuing
operations before
provision for income
taxes (2,634,002)(2,089,034) (3,933,002)(11,094,280)
Provision for income
tax benefit - - - -
-------------------- ----------------------
Loss from continuing
operations (2,634,002)(2,089,034) (3,933,002)(11,094,280)
Income on disposal of
discontinued operations - - 1,100,000 -
-------------------- ----------------------
Net Loss $(2,634,002)$(2,089,034)$(2,833,002)$(11,094,280)
==================== ======================
Income (loss) per basic
and diluted common share:
Loss from continuing
operations $(0.36) $(0.28) $(0.53) $(1.66)
Income on disposal of
discontinued
operations - - 0.15 -
-------------------- ----------------------
Net loss per share $(0.36) $(0.28) $(0.38) $(1.66)
==================== ======================
Weighted average number
of common shares
outstanding 7,369,040 7,340,038 7,369,040 6,682,325
==================== ======================
CAPRIUS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
March 31, September 30,
1999 1998
--------------- --------------
ASSETS
Current Assets:
Cash and cash equivalents $ 593,650 $ 1,791,476
Accounts receivable, net of reserve
for bad debts of $80,259 at
March 31, 1999 and $663,314
at September 30, 1998 361,925 2,899,282
Note receivable 530,000 -
Inventory 721,394 720,858
Other current assets 535,672 584,875
--------------- --------------
Total current assets 2,742,641 5,996,491
--------------- --------------
Property and Equipment:
Medical equipment 2,026,771 2,145,674
Office furniture and equipment 257,771 251,199
Other equipment 1,516,874 1,518,874
Leasehold improvements 855,840 1,153,576
--------------- --------------
4,657,256 5,069,323
Less: accumulated depreciation
and amortization 1,942,949 1,824,946
--------------- --------------
Total property and equipment,
at cost 2,714,307 3,244,377
--------------- --------------
Other Assets:
Goodwill, net of accumulated
amortization of $27,007 at
March 31, 1999 and $2,357,703
at September 30, 1998 693,175 1,053,797
Other intangibles, net of
accumulated amortization of
$528,456 at March 31, 1999 and
$371,698 at September 30, 1998 1,083,920 1,240,678
Other 31,534 32,037
--------------- --------------
Total other assets 1,808,629 2,326,512
=============== ==============
$ 7,265,577 $ 11,567,380
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 552,156 $ 810,990
Accrued expenses 335,401 964,922
Accrued compensation 297,807 388,748
Other current liabilities - 53,664
Current portion of long-term
debt and capital lease
obligations 647,687 915,608
--------------- --------------
Total current liabilities 1,833,051 3,133,932
--------------- --------------
Long-term Debt and Capital Lease
Obligations, Net of Current Portion 1,039,704 1,207,624
Stockholders' Equity:
Preferred stock, $.01 par value
Authorized - 1,000,000 shares
Issued - Series A, none; Series
B, convertible, 27,000 shares at
March 31, 1999 and September 30,
1998 Liquidation preference
$2,700,000 2,700,000 2,700,000
Common stock, $.01 par value
Authorized - 50,000,000 shares
Issued and outstanding - 7,369,040
at March 31, 1999 and
September 30, 1998 73,690 73,690
Additional paid-in capital 63,561,672 63,561,672
Accumulated deficit (61,940,290) (59,107,288)
Treasury stock (22,500 common
shares, at cost) (2,250) (2,250)
--------------- --------------
Total stockholders' equity 4,392,822 7,225,824
=============== ==============
$ 7,265,577 $ 11,567,380
=============== ==============
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion