Columbia Laboratories Reports Second Quarter Results.Business Editors/Health & Medical Writers AVENTURA
Aventura is a Dominican-American Bachata-R&B music group based in Bronx, New York. , Fla.--(BUSINESS WIRE)--Aug. 10, 2000 Columbia Laboratories (AMEX AMEX See: American Stock Exchange :COB) today reported a net loss of $1,176,080 or $.04 per share on sales of $2,716,025 for the three months ended June 30, 2000 as compared to net income of $1,175,494 or $.03 per share on sales of $7,159,117 for the comparable 1999 period. While results for the three months ended June 30, 2000 were in line with analyst estimates, they reflected significantly lower sales of Crinone Crinone® Gynecology A topical progesterone used to manage infertility and 2º amenorrhea. See Hormone replacement therapy. (R) than in the second quarter of 1999 related to inventory buildup build·up also build-up n. 1. The act or process of amassing or increasing: a military buildup; a buildup of tension during the strike. 2. and the transition from our former marketing partner, Wyeth-Ayerst, to our new marketing partner, Ares-Serono. This Crinone inventory buildup has been worked down and our new marketing partner, Ares-Serono, began purchasing new product in the second quarter of 2000. As we announced previously, Columbia expects to see the benefits of the efforts of our new marketing partner during the second half of 2000. The results for the three months ended June 30, 2000 also included a $285,000 charge for the closing of the Company's corporate office in Florida. "This represents a further step in management's ongoing effort to streamline the Company by eliminating redundancies and surplus personnel," said James J. Apostolakis, Vice Chairman and President. The corporate and accounting functions will be conducted in the Company's office in Rockville Center, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . For the six month period ended June 30, 2000, the net loss was $2,537,776 or $.09 per share on net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight of $5,705,955 as compared to net income of $1,315,604 or $.04 per share on net sales of $12,625,578. Columbia Laboratories, Inc. is a U.S.-based international pharmaceutical company dedicated to research and development of women's health Women's Health Definition Women's health is the effect of gender on disease and health that encompasses a broad range of biological and psychosocial issues. care and endocrinology endocrinology Medical discipline dealing with regulation of body functions by hormones and other biochemicals and treatment of endocrine system imbalances. In 1841 Friedrich Gustav Henle first recognized “ductless glands,” which secrete products directly into products, including those intended to treat infertility infertility, inability to conceive or carry a child to delivery. The term is usually limited to situations where the couple has had intercourse regularly for one year without using birth control. , dysmenorrhea dysmenorrhea Pain or cramps before or during menstruation. In primary dysmenorrhea, caused by endocrine imbalances, severity varies widely. Irritability, fatigue, backache, or nausea may also occur. , endometriosis endometriosis (ĕn'dəmē'trē-ō`sĭs), a condition in which small pieces of the endometrium (the lining of the uterus) migrate to other places in the pelvic area. , hormonal hormonal, adj/n beneficial component in some essential oils that helps to bring hormone secretions to normal levels. hormonal emanating from or pertaining to hormones. deficiencies and the prevention of sexually transmitted diseases Sexually transmitted diseases Infections that are acquired and transmitted by sexual contact. Although virtually any infection may be transmitted during intimate contact, the term sexually transmitted disease is restricted to conditions that are largely . Columbia's products primarily utilize the company's patented bioadhesive delivery technology. This press release contains statements which constitute 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. within the meaning of Section 27A of the Securities Act of 1933, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , and Section 21E of the Securities Exchange Act of 1934, as amended. Those statements include statements regarding the intent, belief or current expectations of the company and its management team. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements. Such risks and uncertainties include, among other things, competitive economic, and regulatory factors in the pharmaceutical and health care industry, general economic conditions and other risks and uncertainties that may be detailed, from time-to-time, in Columbia's reports filed with the Securities and Exchange Commission including the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 1999. -0-
COLUMBIA LABORATORIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Six Months Ended Three Months Ended
June 30, June 30,
2000 1999 2000 1999
---- ---- ---- ----
NET SALES $ 5,705,955 $ 12,625,578 $ 2,716,025 $ 7,159,117
COST OF
GOODS SOLD 2,100,165 3,625,038 880,317 1,848,197
------------ ------------ ------------ ------------
Gross profit 3,605,790 9,000,540 1,835,708 5,310,920
------------ ------------ ------------ ------------
OPERATING
EXPENSES:
Selling and
distribution 1,414,589 2,012,089 601,719 1,154,262
General
and
administrative 1,844,833 2,774,490 1,056,705 1,289,892
Research and
development 2,529,611 2,875,246 1,166,199 1,485,170
------------ ------------ ------------ ------------
Total operating
expenses 5,789,033 7,661,825 2,824,623 3,929,324
------------ ------------ ------------ ------------
Income (loss)
from operations (2,183,243) 1,338,715 (988,915) 1,381,596
------------ ------------ ------------ ------------
OTHER INCOME
(EXPENSE):
License fees,
net of expenses -- 387,500 -- --
Interest income 135,909 56,263 107,605 25,768
Interest expense (377,676) (377,676) (188,838) (188,838)
Corporate
restructuring
expense (285,000) -- (285,000) --
Other, net 172,234 (20,198) 179,068 968
------------ ------------ ------------ ------------
(354,533) 45,889 (187,165) (162,102)
------------ ------------ ------------ ------------
Income (loss)
before income
taxes (2,537,776) 1,384,604 (1,176,080) 1,219,494
Provision for
income taxes -- 69,000 -- 44,000
------------ ------------ ------------ ------------
Net income
(loss) ($ 2,537,776) $ 1,315,604 ($ 1,176,080) $ 1,175,494
============ ============ ============ ============
INCOME (LOSS)
PER COMMON AND
POTENTIAL
COMMON SHARE:
Basic $ (.09) $ .04 $ (.04) $ .03
============ ============ ============ ============
Diluted $ (.09) $ .04 $ (.04) $ .03
============ ============ ============ ============
WEIGHTED AVERAGE
NUMBER OF
COMMON AND
POTENTIAL
COMMON SHARES
OUTSTANDING:
Basic 29,986,278 28,685,000 30,445,392 28,686,000
============ ============ ============ ============
Diluted 29,986,278 29,474,000 30,445,392 29,881,000
============ ============ ============ ============
Balance Sheet Data June 30, 2000 December 31, 1999
------------------ ------------- -----------------
Cash and cash equivalents $9,221,413 $1,982,085
Working capital 10,663,888 3,441,367
Total assets 16,785,013 12,987,613
Convertible subordinated note payable 10,000,000 10,000,000
Stockholders equity (deficiency) 3,661,842 (272,214)
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