Columbia Laboratories Reports Six Months Earnings of $.04 Per Share.AVENTURA, Fla.--(BUSINESS WIRE)--July 28, 1999-- Ares-Serono to Present Positive Crinone(r) Data at September American Society for Reproductive Medicine Meeting and to Commence Fourth Quarter Worldwide Launch Columbia Laboratories, Inc. (AMEX AMEX See: American Stock Exchange :COB) today reported net income of $1,175,494 or $.03 per share on sales of $7,159,117 for the three months ended June 30, 1999 as compared to a net loss of $3,289,158 or $.11 per share on sales of $2,124,727 in the comparable 1998 period. The earnings per share calculation for the three and six months ended June 30, 1999 reflects a one-time deduction of $133,320 related to the sale of the Series C Convertible Preferred Stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". completed in the first quarter of 1999. The $133,320, although not required to be reflected as an expense in the income statement, was deducted from net income in computing net income per common share. Without this one-time deduction, earnings per share for the three months ended June 30, 1999 would have been $.04 per share. For the six month period ended June 30, 1999, net income was $1,315,604 or $.04 per share on sales of $12,625,578 as compared to a net loss of $6,486,583 or $.23 per share on sales of $4,396,712 in the comparable 1998 period. Ares-Serono, the world leader in reproductive health Within the framework of WHO's definition of health[1] as a state of complete physical, mental and social well-being, and not merely the absence of disease or infirmity, reproductive health, or sexual health/hygiene , which recently acquired the right to market Crinone, Columbia's natural progesterone progesterone (prōjĕs`tərōn'), female sex hormone that induces secretory changes in the lining of the uterus essential for successful implantation of a fertilized egg. which is delivered vaginally through a bio-adhesive gel, will present new positive data on Crinone from a multi-center study at the American Society for Reproductive Medicine meeting to be held in Toronto, Canada in late September. The conference will mark the beginning of Ares-Serono's marketing efforts. The fourth quarter will see the launch of Crinone in several new countries in Europe and Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. , and a significant step-up in marketing efforts in countries where Crinone is already available for sale. Ares-Serono is a leading biotechnology company, headquartered in Geneva Geneva, canton and city, Switzerland Geneva (jənē`və), Fr. Genève, canton (1990 pop. 373,019), 109 sq mi (282 sq km), SW Switzerland, surrounding the southwest tip of the Lake of Geneva. , Switzerland. The world leader in reproductive health, Ares-Serono is also active in growth/metabolism and multiple sclerosis/immunology. With 1998 sales of US$918 million, Ares-Serono operates in 45 countries and its products are sold in more than 100 countries. Shares of Ares-Serono S.A., the holding company of the group, are traded on the Swiss stock exchange (TK:AREB). Columbia Laboratories, Inc. is a U.S.-based international pharmaceutical company dedicated to the development of women's prescription and over-the-counter products, including those which help prevent 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 research in reproductive endocrinology Reproductive endocrinology and infertility (REI) is a surgical subspecialty of obstetrics and gynecology that addresses hormonal functioning as it pertains to reproduction. has also led to the development of a product to treat "Andropause andropause /an·dro·pause/ (an´dro-pawz) a variable complex of symptoms, including decreased Leydig cell numbers and androgen production, occurring in men after middle age, purported to be analogous to menopause in women. " in men. Columbia's products primarily utilize the Company's patented bioadhesive delivery system. 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, 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. Prospective 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, the risk that orders received may not be fulfilled and other risks and uncertainties that may be detailed, from time-to-time, in Columbia's reports filed with the Securities and Exchange Commission. Columbia Laboratories, Inc. and Subsidiaries Condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. Consolidated Statements of Operations (Unaudited) Six Months Three Months Ended Ended June 30, June 30, 1999 1998 1999 1998 ----------- ----------- ---------- ---------- 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 $12,625,578 $4,396,712 $7,159,117 $2,124,727 COST OF GOODS SOLD Cost of goods sold The total cost of buying raw materials, and paying for all the factors that go into producing finished goods. cost of goods sold 3,625,038 2,372,282 1,848,197 966,298 ----------- ----------- ---------- ---------- Gross profit 9,000,540 2,024,430 5,310,920 1,158,429 ----------- ----------- ---------- ---------- OPERATING EXPENSES Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. : Selling and distribution 2,012,089 1,757,088 1,154,262 1,119,322 General and administrative 2,774,490 2,847,161 1,289,892 1,270,608 Research and development 2,875,246 3,722,493 1,485,170 1,931,384 ----------- ----------- ---------- ---------- Total operating expenses 7,661,825 8,326,742 3,929,324 4,321,314 ----------- ----------- ---------- ---------- Income (loss) from operations 1,338,715 (6,302,312) 1,381,596 (3,162,885) ----------- ----------- ---------- ---------- OTHER INCOME (EXPENSE): License fees, net of expenses 387,500 - - Interest income 56,263 107,883 25,768 65,013 Interest expense (377,676) (222,097) (188,838) (188,838) Other, net (20,198) (70,057) 968 (2,448) ----------- ----------- ---------- ---------- 45,889 (184,271) (162,102) (126,273) ----------- ----------- ---------- ---------- Income (loss) before income taxes 1,384,604 (6,486,583) 1,219,494 (3,289,158) Provision for income taxes 69,000 - 44,000 - ----------- ----------- ---------- ----------- Net income (loss) $1,315,604 $(6,486,583) $1,175,494 $(3,289,158) =========== =========== ========== ========== INCOME (LOSS) PER COMMON SHARE: Basic $ .04 $ (.23) $ .03 $ (.11) =========== =========== ========== ========== 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. $ .04 $ (.23) $ .03 $ (.11) =========== =========== ========== ========== WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: Basic 28,685,000 28,673,000 28,686,000 28,685,000 =========== =========== ========== ========== Diluted 29,474,000 28,673,000 29,881,000 28,685,000 =========== =========== ========== ========== |
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