Collagen Corporation Reports Year-End Results.PALO ALTO Palo Alto, city, California Palo Alto (păl`ō ăl`tō), city (1990 pop. 55,900), Santa Clara co., W Calif.; inc. 1894. Although primarily residential, Palo Alto has aerospace, electronics, and advanced research industries. , Calif.--(BUSINESS WIRE)--August 11, 1998-- Aesthetic Technologies Sales Up 25% and Operating Income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. Up 67%; Cohesion cohesion: see adhesion and cohesion. Cohesion (physics) The tendency of atoms or molecules to coalesce into extended condensed states. This tendency is practically universal. Technologies Files CE Mark Dossier For CoStasis(TM) Hemostat hemostat /he·mo·stat/ (he´mo-stat) 1. a small surgical clamp for constricting blood vessels. 2. an antihemorrhagic agent. he·mo·stat n. 1. Collagen collagen (kŏl`əjən), any of a group of proteins found in skin, ligaments, tendons, bone and cartilage, and other connective tissue. Cells called fibroblasts form the various fibers in connective tissue in the body. Corporation (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 :CGEN CGEN Convective Sigmet Generation ) today reported financial results for the 1998 fiscal year. Several of the Company's objectives met over the past year or subsequent to year end include: -- The receipt of a tax-free ruling from the IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. for the spin-off The situation that arises when a parent corporation organizes a subsidiary corporation, to which it transfers a portion of its assets in exchange for all of the subsidiary's capital stock, which is subsequently transferred to the parent corporation's shareholders. of Cohesion Technologies ("CT"); -- An increase in Aesthetic Technologies ("AT") sales from operations of 25%, after adjusting for foreign exchange; -- An increase in AT operating income from operations of 67%, before a $1.5 million restructuring charge restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. ; -- The discontinuation dis·con·tin·u·a·tion n. A cessation; a discontinuance. Noun 1. discontinuation - the act of discontinuing or breaking off; an interruption (temporary or permanent) discontinuance of the LipoMatrix business and restructuring of the AT business to reduce costs and to align operations consistent with AT's strategy; -- The commencement by CT of a pivotal U.S. clinical study with CoStasis(TM) surgical hemostat ("CoStasis hemostat CoStasis® hemostat Surgery An atraumatic, bioresorbable, liquid hemostat spray to control bleeding in hepatic, orthopedic, cardiothoracic, and general surgical procedures ") for bleeding in hepatic hepatic /he·pat·ic/ (he-pat´ik) pertaining to the liver. he·pat·ic adj. 1. Of, relating to, or resembling the liver. 2. Acting on or occurring in the liver. n. , orthopedic orthopedic /or·tho·pe·dic/ (-pe´dik) pertaining to the correction of deformities of the musculoskeletal system; pertaining to orthopedics. , cardiothoracic cardiothoracic /car·dio·tho·rac·ic/ (-thah-ras´ik) pertaining to the heart and the thorax. car·di·o·tho·rac·ic n. Of or relating to the heart and the chest. and general surgical procedures Surgical procedures have long and possibly daunting names. The meaning of many surgical procedure names can often be understood if the name is broken into parts. For example in splenectomy, "ectomy" is a suffix meaning the removal of a part of the body. "Splene-" means spleen. ; -- The completion by CT of patient enrollment in the European clinical study with CoStasis hemostat for bleeding in cardiothoracic surgery Cardiothoracic surgery is the field of medicine involved in the surgical treatment of diseases affecting organs inside the thorax (the chest). Generally treatment of conditions of the heart (heart disease) and lungs (lung disease). and the filing of the CE mark dossier. "Fiscal 1998 has been a year of tremendous accomplishments and noteworthy results," stated Gary Petersmeyer, president and chief executive officer. "Both AT and CT have evolved considerably over the past year in preparing to become separate, independent companies. Amid this activity, AT posted 25% top-line growth and a 67% increase in operating income from operations before a non-recurring restructuring charge, and CT made excellent clinical and pre-clinical progress with CoStasis hemostat and CoSeal(TM) surgical sealant Sealant A thin plastic substance that is painted over teeth as an anti-cavity measure to seal out food particles and acids produced by bacteria. Mentioned in: Tooth Decay sealant see bone sealant. , respectively." Aesthetic Technologies AT reported a 23% increase in product sales for the fourth quarter of fiscal 1998, after adjusting for $352,000 in unfavorable foreign exchange, to $23.0 million compared with $19.0 million in the fiscal 1997 fourth quarter. Fiscal 1998 fourth quarter product sales included worldwide facial aesthetic product sales up 14%, after adjusting for unfavorable foreign exchange of $337,000, to $17.4 million. Sales of Contigen(R) Bard bard, in Wales, term originally used to refer to the order of minstrel-poets who composed and recited the poems that celebrated the feats of Celtic chieftains and warriors. collagen implant implant /im·plant/ (im-plant´) to insert or to graft (tissue, or inert or radioactive material) into intact tissues or a body cavity. ("Contigen implant"), a treatment for stress urinary incontinence stress urinary incontinence n. See stress incontinence. , were $4.8 million in the fiscal 1998 fourth quarter, compared with $2.3 million in the prior year. Fiscal 1998 sales increased 25%, after adjusting for $2.3 million in unfavorable foreign exchange, to $84.6 million compared with $69.3 million in fiscal 1997. Total facial aesthetic product sales were $63.0 million during fiscal 1998, up 12% over the prior year after adjusting for $2.1 million in unfavorable foreign exchange. Fiscal 1998 revenues from the sale of Contigen implant were $17.7 million, compared with $7.9 million during fiscal 1997. The following table reflects AT's sales, expenses and operating income from operations for the 1998 and 1997 fiscal years, before the non-recurring restructuring charge in fiscal 1998 of $1.5 million. -0-
Fiscal 1998 Fiscal 1997 Growth Rate
Sales $84.6 $69.3 22%
Total Expenses $75.4 $63.8 18%
Operating Income $9.2 $5.5 67%
"The fiscal 1998 fourth quarter saw increasing acceptance among U.S. dermatologists, plastic surgeons plastic surgeon A surgeon specialized in reconstruction or cosmetic enhancement of various body regions, most commonly the face–nose, chin, and cheeks, breasts and buttocks; PSs remove fat deposits through liposuction; PSs reduce scarring or disfigurement and facial plastic surgeons of SoftForm(R) facial implant, and a favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. - albeit preliminary - response to SoftForm implant in Europe and Canada. Public relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most efforts for the SoftForm implant have recently resulted in 99 television "pick-ups" and 5.7 million consumers have viewed 30 second news clips about this product. During May we sponsored a seminar in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. to re-launch Zyderm(R) and Zyplast(R) implant products to leading health, beauty and lifestyle journalists. We look forward to continued visibility for our products in consumer media beginning this Fall as a result of this seminar," said Mr. Petersmeyer. "In the fourth quarter, the Company decided to divest To deprive or take away. Divest is usually used in reference to the relinquishment of authority, power, property, or title. If, for example, an individual is disinherited, he or she is divested of the right to inherit money. of the LipoMatrix breast implant breast implant, saline- or silicone-filled prosthesis used after mastectomy as a part of the breast reconstruction process or used cosmetically to augment small breasts. business following the previously announced decision to pursue a divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). of LipoMatrix. Therefore, AT has accounted for its LipoMatrix subsidiary, the manufacturer of the Trilucent(R) breast implant, as a discontinued operation discontinued operation A segment of a business that has been abandoned or sold or for which plans for one or another of these actions have been approved. See also continuing operations. , recognizing losses from operations for the 1998 fiscal year of $5.3 million before taxes and taking a write-off on disposal of the business of $8.6 million, net of taxes. In addition, in anticipation of the spin-off of CT, AT reorganized re·or·gan·ize v. re·or·gan·ized, re·or·gan·iz·ing, re·or·gan·iz·es v.tr. To organize again or anew. v.intr. To undergo or effect changes in organization. and recorded a one-time restructuring charge of $1.5 million to consolidate our worldwide sales and administration operations in preparation for more efficient operations following the spin-off," stated Norman Halleen, vice president and chief financial officer. Before the above-mentioned restructuring charge, AT had income from operations of $2.4 million for the fourth quarter of fiscal 1998 and $9.2 million for the 1998 fiscal year, compared with $1.8 million and $5.5 million for the same periods in the prior year, respectively. Cohesion Technologies CT is focused on developing and commercializing proprietary surgical products, bioresorbable hemostatic hemostatic /he·mo·stat·ic/ (he?mo-stat´ik) 1. causing hemostasis, or an agent that so acts. 2. due to or characterized by stasis of the blood. he·mo·stat·ic adj. devices and biosealants for tissue repair and regeneration. These products are expected to increase the effectiveness of open and minimally invasive surgeries minimally invasive surgery Laparoscopic surgery, see there. See Laparoscopic cholecystectomy. . CT's immediate focus is on the estimated $1.3 billion worldwide surgical hemostasis hemostasis /he·mo·sta·sis/ (he?mo-sta´sis) (he-mos´tah-sis) 1. the arrest of bleeding by the physiological properties of vasoconstriction and coagulation or by surgical means. 2. and sealant markets. For the fiscal 1998 fourth quarter, CT invested $4.8 million in research and development, including the commencement of a pivotal U.S. clinical study in hepatic, orthopedic, cardiothoracic and general surgery for CoStasis hemostat, a sprayable atraumatic atraumatic /atrau·mat·ic/ (a?traw-mat´ik) not producing injury or damage. atraumatic not producing injury or damage. atraumatic adjective Without injury product to treat bleeding. "We are pleased to have underway pivotal studies with CoStasis hemostat in the U.S. and in Europe. Patient treatment in our European study was recently completed at 111 patients, and we are highly encouraged by the product's clinical performance to date," said David Foster  This article or section resembles a .Please help [ improve this article] by removing excessive trivia, irrelevant praise and criticism, lists and collections of links that are of . , chief executive officer of Cohesion Technologies. "I am also pleased to note that we recently filed a Design Dossier for CoStasis hemostat in preparation for obtaining a CE Mark, which would allow us market entry into Europe. In addition, we plan to begin clinical feasibility studies The analysis of a problem to determine if it can be solved effectively. The operational (will it work?), economical (costs and benefits) and technical (can it be built?) aspects are part of the study. Results of the study determine whether the solution should be implemented. with our second product, CoSeal(TM) surgical sealant by the end of this calendar year." Sales of Collagraft(R) bone graft bone graft Orthopedic surgery Sterilized bony tissue, often of cadaveric origin, used to fill and/or 'sculpt' bone defects Indications Spinal fusion, revision of failed articular prostheses, filling traumatic or malignant bone defects, or periodontal defects. matrix and strip during the fiscal 1998 fourth quarter were $437,000 up 38% compared with the $317,000 reported in the prior year fourth quarter. On a 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 basis, assuming an allocation of Collagen's historical results between the operating groups, CT's operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. was $6.5 million during the fiscal 1998 fourth quarter and $31.5 million for fiscal 1998 (including $10.6 million of in-process R&D charges related to the purchase of substantially all of the remaining outstanding shares of Cohesion Corporation), compared with operating losses of $4.7 million and $16.4 million for the fiscal 1997 prior year periods, respectively. Cohesion holds approximately 1.0 million shares of Boston Scientific The Boston Scientific Corporation (NYSE: BSX) (abbreviated BSC), is a worldwide developer, manufacturer and marketer of medical devices whose products are used in a range of interventional medical specialties, including interventional cardiology, peripheral interventions, Corporation (NYSE NYSE See: New York Stock Exchange : BSX BSX Bermuda Stock Exchange BSX Bandai Satellaview-X BSX Bicycle Super-X (Cross) ) common stock, as well as 844,000 shares of Innovasive Devices common stock (NASDAQ: IDEA). Consolidated Results "I am pleased to note that our plans to spin-off Cohesion Technologies in a one-for-one distribution of shares to Collagen Corporation stockholders of record on August 12, 1998 will not result in recognition of taxable income Under the federal tax law, gross income reduced by adjustments and allowable deductions. It is the income against which tax rates are applied to compute an individual or entity's tax liability. The essence of taxable income is the accrual of some gain, profit, or benefit to a taxpayer. or loss by Collagen Corporation or its stockholders for U.S. federal income tax purposes. The next step toward completing the distribution is a vote by Collagen Corporation stockholders on August 12," Mr. Petersmeyer remarked. Total revenues increased 25% to $22.7 million during the fourth quarter of fiscal 1998, compared with $18.2 million during the prior-year period. After adjusting for $339,000 of unfavorable foreign exchange, revenues were up 27% over the prior-year period. The fiscal 1998 fourth quarter loss as reported was $9.3 million, or a loss of $1.04 per 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. share, compared with a reported net income of $7.6 million, or $0.86 per diluted share for the prior year period. The fiscal 1998 fourth quarter loss includes $1.3 million in non-recurring costs associated with the spin-off of CT, $1.5 million of restructuring costs, and $1.2 million of LipoMatrix operating losses. During the fourth quarter, the Company realized a pre-tax gain on sale of Boston Scientific common stock, of $5.4 million, compared with a gain of $15.4 million from the sale of Prograft Medical in the fiscal 1997 fourth quarter. Fiscal 1998 revenues were $82.8 million, up 21% compared with $68.3 million in fiscal 1997 or 24% after adjusting for unfavorable foreign exchange. The loss from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the was $1.9 million, or a loss of $0.21 per diluted share in fiscal 1998, compared with income from continuing operations of $14.8 million or $1.66 per diluted share in fiscal 1997. The fiscal 1998 loss from continuing operations included $10.6 million acquired in-process R&D charge related to the purchase of substantially all of the remaining outstanding shares of Cohesion Corporation, and a non-recurring restructuring charge of $1.5 million. Including the losses from the discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. of LipoMatrix of $3.6 million after tax, and the disposal of the LipoMatrix operations of $8.6 million after tax, Collagen reported a net loss of $14.1 million for the 1998 fiscal year. Collagen realized a net gain on investments totaling $19.1 million during fiscal 1998, compared with a net gain of $24.5 million during fiscal 1997. During the fiscal 1998 fourth quarter, Collagen repurchased 100,000 shares of its common stock in the open market, pursuant to its stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program. Set forth on the following pages are unaudited, pro forma results of operations for AT and CT fiscal 1998 and 1997 fourth quarter and full year results. These results assume the separation of the AT and CT operations and are based upon an allocation of assets between the two groups. Collagen Corporation designs, develops, manufactures and markets on a worldwide basis high quality biocompatible biocompatible /bio·com·pat·i·ble/ (-kom-pat´i-b'l) being harmonious with life; not having toxic or injurious effects on biological function. products for the treatment of defective, diseased dis·eased adj. 1. Affected with disease. 2. Unsound or disordered. , traumatized or aging human tissues with the goal of superior physician and patient satisfaction for its products. Except for the historical information contained herein, the matters discussed in this press release 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. , the accuracy of which is necessarily subject to risks and uncertainties including the timing of product introductions, receipt of regulatory approvals, clinical efficacy of and market demand for products, product development cycles, results of clinical studies, development and rate of growth of new markets, potential unfavorable publicity regarding Collagen Corporation and/or Cohesion Technologies or their respective products and possible reversal of sales trends, among other matters discussed in this release. Actual results are subject to risks and uncertainties, and actual events and results may differ significantly from the discussion of such matters in the forward-looking statements. Such differences may be based upon factors within Collagen Corporation's and Cohesion Technologies' control, such as strategic planning Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people. decisions by management and reallocation Noun 1. reallocation - a share that has been allocated again allocation, allotment - a share set aside for a specific purpose 2. reallocation of internal resources, or on factors outside of Collagen Corporation's and Cohesion Technologies' control, such as scientific advances by third parties, introduction of competitive products and delays by regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities , as well as those factors set forth in Collagen's 1998 Proxy Statement Proxy Statement A document containing the information that a company is required by the SEC to provide to shareholders so they can make informed decisions about matters that will be brought up at an annual stockholder meeting. for Special Meeting of Stockholders and under the heading "Factors That May Affect Future Results of Operations" in Collagen's Form 10-Q/A filed for the quarter ended March 31, 1998 and those factors set forth under the heading "Risk Factors" in the Cohesion Technologies Registration Statement on Form 10. Collagen Corporation's press releases can be accessed on the Internet at http://www.businesswire.com/cnn/cgen.htm -0-
Aesthetic Technologies Inc.
Pro Forma Results
(Unaudited)
(In thousands, except per share amounts)
Quarter Ended
June 30, 1998
AT AT
Continuing Operations
Operations LipoMatrix Before
Restructuring
Expense
Revenues:
Product sales $22.2 $23.0
Costs and expenses:
Cost of sales 6.1 6.7
Selling, general and
administrative 10.8 11.6
Research and development 1.7 2.3
18.6 20.6
Income(loss) from operations
before non-recurring item 3.6 $(1.2) $ 2.4
Non-recurring item:
Restructuring expense (1.5)
Income (loss) $ 2.1
Quarter Ended
June 30, 1997
AT AT
Continuing Operations
Operations LipoMatrix Before
Restructuring
Expense
Revenues:
Product sales $17.8 $19.0
Costs and expenses:
Cost of sales 4.1 5.2
Selling, general and
administrative 8.7 9.4
Research and development 1.3 2.6
14.1 17.2
Income(loss) from operations
before non-recurring item 3.7 $(1.9) $ 1.8
Non-recurring item:
Restructuring expense --
Income (loss) $ 3.7
Year Ended
June 30, 1998
AT AT
Continuing Operations
Operations LipoMatrix Before
Restructuring
Expense
Revenues:
Product sales $80.7 $84.6
Costs and expenses:
Cost of sales 22.8 26.0
Selling, general and
administrative 37.0 40.4
Research and development 6.5 9.0
66.3 75.4
Income(loss) from operations
before non-recurring item 14.4 $(5.3) $ 9.2
Non-recurring item:
Restructuring expense (1.5)
Income (loss) $ 12.9
Year Ended
June 30, 1997
AT AT
Continuing Operations
Operations LipoMatrix Before
Restructuring
Expense
Revenues:
Product sales $65.8 $69.3
Costs and expenses:
Cost of sales 15.1 18.2
Selling, general and
administrative 31.6 36.4
Research and development 4.5 9.2
51.2 63.8
Income(loss) from operations
before non-recurring item 14.6 $(9.1) $ 5.5
Non-recurring item:
Restructuring expense --
Income (loss) $14.6
Cohesion Technologies
Pro Forma Results
(Unaudited)
(In millions)
Quarter ended Year ended
June 30, June 30,
1998 1997 1998(a) 1997(a)
Revenues $ 0.5 $ 0.4 $ 2.0 $ 2.5
Costs and
expenses:
Cost of sales 0.4 0.2 1.2 2.1
Selling general
& administrative 1.7 1.9 5.5 7.2
Research & Development 4.8 3.0 16.2 9.6
Acquired in-process
research &
development 0.1 -- 10.6 --
Total operating costs
and expenses 7.0 5.1 33.5 18.9
Loss from operations $ (6.5) $ (4.7) $ (31.5) $ (16.4)
Other income:
Net gain on investments,
principally Boston
Scientific Corp. $ 5.4 $ (0.2) $ 19.1 $ 9.1
Net gain on investments,
principally Prograft
Medical Inc. $ -- $ 15.4 -- $ 15.4
(a) NOTE: Amounts derived from audited financial statements for the
periods illustrated.
COLLAGEN CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share amounts)
Quarter Ended Year Ended
June 30, June 30,
1998 1997 1998(a) 1997(a)
Revenues:
Product sales $ 22,732 $18,240 $ 82,772 $68,335
Costs and expenses:
Cost of sales 6,388 4,268 23,958 17,223
Selling, general and
administrative 12,470 10,572 42,535 38,792
Research and development 6,637 4,331 22,715 14,087
Restructuring expense 1,541 -- 1,541 --
Acquired in-process research
and development 57 -- 10,587 --
Total operating costs and
expenses 27,093 19,171 101,336 70,102
Loss from operations (4,361) (931) (18,564) (1,767)
Other income (expense):
Net gain on investments,
principally Boston Scientific
Corporation (Target Therapeutics
Inc. in fiscal 1997) 5,358 (159) 19,096 9,063
Net gain on investment in
Prograft Medical, Inc. -- 15,395 -- 15,395
Equity in earnings (losses) of
affiliates, net 80 (240) (151) (970)
Interest income 286 213 988 1,110
Interest expense (6) (122) (56) (473)
Income before income taxes and
minority interest and
discontinued operations 1,357 14,156 1,313 22,358
Provision for income taxes 1,296 5,286 3,207 8,324
Minority interest 22 (273) (16) (764)
Income (loss) from continuing
operations 39 9,143 (1,878) 14,798
Discontinued operations:
Loss from operations (1,198) (1,883) (5,278) (9,145)
Benefit for income taxes 369 354 1,629 1,718
Loss from discontinued
operations net of taxes (829) (1,529) (3,649) (7,427)
Loss from disposal (11,045) -- (11,045) --
Benefit for income taxes 2,489 -- 2,489 --
Loss from discontinued
operations net of taxes (8,556) -- (8,556) --
Total loss from discontinued
operations net of taxes (9,385) (1,529) (12,205) (7,427)
Net income (loss) $ (9,346) $ 7,614 $(14,083) $ 7,371
Net income (loss) per share
- Basic:
Continuing operations $ -- $ 1.04 $ (.21) $ 1.68
Discontinued operations (1.04) (0.17) (1.37) (0.84)
Net income (loss) per share
- Basic $ (1.04) $ 0.87 $ (1.58) $ 0.84
Net income (loss) per share
- Diluted:
Continuing operations $ -- $ 1.03 $ (.21) $ 1.66
Discontinued operations (1.04) (0.17) (1.37) (0.83)
Net income (loss) per share
- Diluted $ (1.04) $ 0.86 $ (1.58) $ 0.83
Shares used in calculating per
share information - Basic 8,947 8,799 8,913 8,804
Shares used in calculating per
share information - Diluted 8,947 8,867 8,913 8,930
(a) NOTE: Amounted derived from audited financial statements for the
periods illustrated.
COLLAGEN CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share amounts)
June 30, June 30,
1998 1997
ASSETS
Current assets:
Cash and cash equivalents $ 7,916 $ 18,381
Short-term investments 8,011 5,117
Accounts receivable, less
allowance for doubtful accounts
($505 in 1998 and $418 in 1997) 13,764 10,722
Inventories, net 12,101 10,173
Inventories of discontinued operations, net 417 4,121
Other current assets, net 11,016 9,226
Total current assets 53,225 57,740
Property and equipment, net 14,448 13,945
Property and equipment of discontinued
operations, net -- 1,315
Intangible assets, net 6,861 8,687
Purchased Intangibles and goodwill -- 6,078
Investment in Boston Scientific
Corporation 73,979 83,874
Loans to officers and employees 1,526 1,865
Other investments and assets, net 16,300 11,136
$ 166,339 $ 184,640
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 3,561 $ 2,363
Accrued compensation 4,749 3,886
Accrued liabilities 14,020 8,735
Income taxes payable 10,415 9,376
Net liabilities of discontinued
operations 781 1,020
Total current liabilities 33,526 25,380
Long-term liabilities:
Deferred income taxes 30,780 35,449
Other long-term liabilities 1,393 3,677
Total long-term liabilities 32,173 39,126
Commitments and contingencies
Minority interest -- 49
Stockholders' equity:
Preferred stock, $.01 par value, authorized:
5,000,000 shares; none issued or
outstanding -- --
Common shares, $.01 par value, authorized:
28,950,000 shares, issued; 10,937,830 shares
(10,756,935 shares at June 30, 1997),
outstanding; 8,864,930 shares (8,809,035
shares at June 30, 1997) 109 108
Additional paid-in capital 69,619 67,204
Retained earnings 32,128 47,999
Cumulative translation adjustment (2,030) (1,529)
Unrealized gain on available-for-sale
investments 43,833 47,069
Treasury stock, 2,072,900 shares
(1,947,900 shares in 1997) (43,019) (40,766)
Total stockholders' equity 100,640 120,085
$ 166,339 $ 184,640
CONTACT: COLLAGEN CORPORATION
Lisa Morgensai
(650) 856-0200
or
Lippert/Heilshorn & Associates, Inc.
Investor Relations:
Bruce Voss (bruce@lhai.com)
(310) 575-4848
www.lhai.com
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