Cell Therapeutics Announces First Quarter Results.SEATTLE--(BUSINESS WIRE)--May 5, 1998--Cell Therapeutics therapeutics Treatment and care to combat disease or alleviate pain or injury. Its tools include drugs, surgery, radiation therapy, mechanical devices, diet, and psychiatry. , Inc. (Nasdaq:CTIC CTIC Conservation Technology Information Center CTIC Chicago Title Insurance Company CTIC Centro Tecnológico de la Información y de la Comunicación (Spanish: Center for the Development of Information and Communication Technologies in Asturias) ) today reported financial results for the first quarter ended March 31, 1998. The net loss for the period was approximately $6.2 million, or $0.40 per share, compared to a net loss of approximately $5.6 million, or $0.57 per share, in the comparable period of 1997. A greater number of shares were outstanding during the first quarter of 1998, reflecting the Company's follow-on offering Follow-On Offering An offering of additional shares after a company has had an initial public offering. Notes: This sometimes means the company is strapped for cash. So they need to issue more shares to pay bills or finance a new project. in October 1997. Cell Therapeutics, Inc. (cti) recorded approximately $3.3 million of revenues for the quarter ended March 31, 1998, from development cost reimbursements under its collaboration agreement with the R.W. Johnson Pharmaceutical Research Institute and Ortho Biotech bi·o·tech n. Informal Biotechnology. biotech Noun short for biotechnology Noun 1. Inc., both Johnson & Johnson Companies. Johnson & Johnson is cti's corporate partner for the development of lisofylline, the Company's lead drug candidate. Revenues for the comparable quarter in 1997 were approximately $2.0 million, also reflecting development cost reimbursements under the collaboratio from approximately $5.8 million in the first of lisofylline. As of March 31, 1998, td drug candidate, lisofylline. Lisofylline is being developed to reduce the incidence and severity of the trial with its second lead compound, CT-2584, for the treatment of advanced prostate cancer prostate cancer, cancer originating in the prostate gland. Prostate cancer is the leading malignancy in men in the United States and is second only to lung cancer as a cause of cancer death in men. . CT-2584 is a nylline and related compounds includes risk s associated with preclinical preclinical /pre·clin·i·cal/ (-klin´i-k'l) before a disease becomes clinically recognizable. pre·clin·i·cal adj. 1. and clinical development in the biial failure of lisofylline and related compound costs of developing, producing, and selling lon, the Company's most recent Registrations on Development Stage Company) 991 (Date of llaboration agreements $ 3,277,935 $ 2,0003,630) (109,002,09 7) Other Income (Expense): Investment income 971,789 373,924 7,8ted net loss per share 15,381,435 5,302,804 Pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma basic and 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. net diluted net loss per share ssets 953,009 ess current portion 2,0 Total Liabilities and Shareholders' Ees converted to common stock at the close of the Company's 3/26/97 initial public offering as if they wereker, 800/664-CTIC invest@ctiseatt Business Editors LAKE FOREST, Calif.--(BUSINESS WIRE)--May 5, 1998--I-Flow Corp. (Nasdaq:IFLO) Tuesday announced that revenue for the first quarter ended March 31, 1998 was $4,072,000. Revenue for the 1997 first quarter was $4,302,000. The net loss was $148,000, or $0.01 per share, compared with net income of $337,000, or $0.02 per diluted share, for the same period last year. Pring the first quarter, I-Flow entered into an an the current quarter. Earhart said that I-Flow also recently signed a letter of intent to enter into a similar agreement under which B. Braun of America Inc. will distribute I-Flow's elastomeric pumps to its full line IV solutiong levels by our U.S. specialty distributors and an increase in demand from our customers in Asia," Earhart said. "While the restructuring of our worldwide distribution network and the strengthening of our domestic sales force has taexperienced an better trained domestic sales force to work with our specialty distributors and with B. Braun of America Inc. And we have an extensive family of quality ioncology and hematology hematology Branch of medicine concerned with the nature, function, and diseases of the blood. It covers the cellular and serum composition of blood, the coagulation process, blood-cell formation, hemoglobin synthesis, and disorders of all these. practices for the first time through InfuSystem's highly trained sales force and its network of more than a thousand physician practices and major cancer centers throughout 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. . "In addition, the cross-selling and distribution benefits fromnal ambulatory Movable; revocable; subject to change; capable of alteration. An ambulatory court was the former name of the Court of King's Bench in England. It would convene wherever the king who presided over it could be found, moving its location as the king moved. infusion pump infusion pump A device designed to deliver drugs and/or 'biologicals', at low doses and at a constant or controllable rate; ↑ rates of delivery in such devices may be associated with local hemolysis, compromising the potential benefits of a calibrated delivery mana mana: see animism; taboo. mana Among Polynesian and Melanesian peoples, a supernatural force or power that may be ascribed to persons, spirits, or inanimate objects. gement and distribution company based in Detroit. At March 31, 1998, I-Flow reported working capital of $5.4 million, 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. of $4.3 million, and shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. of $13.6 million. I-Flow designs, develops, and markets technically advanced, low- cost ambulatory infusion systems that deliver fluids for a variety of medical treatments in the home, alternate site/outpatient centers and hospitals. -0- The statements contained in this release which are not historical facts may be deemed to contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. with respect to events, the occurrence of which involve significant risks and uncertainties, including, without limitation, future demand for the company's services, competition within the industry, and other risks or uncertainties detailed in the company's Securities and Exchange Commission filings. -0-
I-FLOW CORP.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
($ in thousands, except for per share data)
Three Months Ended
March 31,
1998 1997
(Unaudited)
REVENUE $ 4,072 $ 4,302
Cost of sales 1,482 1,748
Gross profit 2,590 2,554
EXPENSES:
Selling, general
& administrative 2,215 1,795
Research & development 365 326
Total expenses 2,580 2,121
Operating Income 10 433
Interest (expense) (151) (79)
Income taxes (7) (17)
Net income (loss) $ (148) $ 337
Net income per share
Basic $ (0.01) $ 0.03
Diluted $ (0.01) $ 0.02
Weighted average shares
Basic 13,651 12,770
Diluted 13,651 14,211
-0-
CONDENSED CONSOLIDATED BALANCE SHEET
($ in thousands)
March 31, Dec. 31,
ASSETS 1998 1997
(unaudited) (audited)
Current Assets $12,072 $10,040
Property, Plant &
Equipment, Net 4,020 2,232
Other Assets 8,517 5,363
Total $24,609 $17,635
LIABILITIES AND EQUITY
Current Liabilities $ 6,687 $ 5,391
Long-term liabilities 4,345 1,637
Shareholders' Equity 13,577 10,607
$24,609 $17,635
CONTACT: I-Flow Corp., Lake Forest Gayle L. Arnold, 714/206-2700 or Neil G. Berkman Associates, Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. 310/277-5162 |
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