Columbia Laboratories reports first quarter 1995 and year end 1994 financial results.MIAMI--(BUSINESS WIRE)--April 18, 1995--Columbia Laboratories Inc. (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. :COB) Tuesday Tuesday: see week. reported 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 $3,205,366 for the first quarter ended March 31, 1995. The 1995 first quarter sales more than doubled the sales of $1,502,782 from the same quarter last year. The net loss decreased to $1,132,779, or 5 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , from a net loss of $3,466,711, or 16 cents per share, during the comparable 1994 period. The increase in sales during 1995, compared to the same quarter in 1994, is primarily the result of two of Columbia Columbia, cities, United States Columbia (kəlŭm`bēə). 1 City (1990 pop. 75,883), Howard co., central Md., between Washington, D.C., and Baltimore. Labs' patented bioadhesive products now available on drug store shelves throughout the U.S., renewed sales activity from the company's OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). segment as well as revenue received from a research agreement which began in late 1994. For the year ended Dec. 31, 1994, the company reported a net loss of $13,393,889, or 59 cents per share, as compared to a net loss of $8,452,983, or 40 cents per share, in 1993. Net sales for fiscal 1994 were $8,769,064, compared with $8,150,227 in fiscal 1993. "The $13.4 million loss during 1994 was primarily due to costs incurred in order to support the worldwide regulatory filings for Crinone Crinone® Gynecology A topical progesterone used to manage infertility and 2º amenorrhea. See Hormone replacement therapy. (tm), our 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. product, and Advantage 24(r), our 24 hour spermicide spermicide /sper·mi·cide/ (sper´mi-sid) an agent destructive to spermatozoa.spermici´dal sper·mi·cide n. An agent that kills spermatozoa, especially as a contraceptive. . We expect both products to contribute to our bottom line in 1995 and the future," said Nicholas Nicholas, Russian grand duke Nicholas (Nikolai Nikolayevich) (nyĭkəlī` nyĭkəlī`əvĭch), 1856–1929, Russian grand duke and army officer; first cousin of Czar Alexander III and grandson of Czar A. Buoniconti, Columbia's vice chairman of the board and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . Research and development expenses for fiscal 1994 were $9,376,047 compared with $5,290,912 in fiscal 1993. 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 products primarily utilize the company's patented bioadhesive delivery technology. -0-
COLUMBIA LABORATORIES INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended
March 31,
1995 1994
---- ----
(Unaudited)
NET SALES $3,205,366 $1,502,782 COST OF GOODS SOLD 1,631,813 703,729 Gross profit 1,573,553 799,053 OPERATING EXPENSES: Selling and distribution 643,775 485,003 General and administrative 652,290 786,424 Research and development 1,529,512 2,637,741 Lease termination cost -- -- Total operating expenses 2,825,577 3,909,168 Loss from operations (1,252,024) (3,110,115)
OTHER INCOME (EXPENSE):
License fees, net -- --
Interest income 5,787 20,935
Interest expense (71,569) (356,552)
Guaranteed return to
minority shareholders
of subsidiary -- --
Other, net 185,027 (20,979)
119,245 (356,596)
Net loss $(1,132,779) $(3,466,711)
NET LOSS PER COMMON SHARE $ (.05) $ (.16) WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING 24,931,000 22,165,000
Year Ended
Dec. 31,
1994 1993 1992
---- ---- ----
NET SALES $8,769,064 $8,150,227 $9,173,042 COST OF GOODS SOLD 5,539,424 5,077,816 5,327,459 Gross profit 3,229,640 3,072,411 3,845,583
OPERATING EXPENSES:
Selling and distribution 2,036,353 2,571,164 3,373,259
General and
administrative 2,799,863 3,491,201 4,701,646
Research and
development 9,376,047 5,290,912 3,129,026
Lease termination cost -- 238,282 1,000,000
Total operating
expenses 14,212,263 11,591,559 12,203,931
Loss from operations (10,982,623) (8,519,148) (8,358,348)
OTHER INCOME (EXPENSE):
License fees, net 174,741 561,297 2,776,043
Interest income 61,030 89,540 114,801
Interest expense (2,479,610) (431,983) (548,924)
Guaranteed return to
minority shareholders
of subsidiary -- -- (2,585,118)
Other, net (167,427) (152,689) 65,610
(2,411,266) 66,165 (177,588)
Net loss $(13,393,889) $(8,452,983) $(8,535,936) NET LOSS PER COMMON SHARE $ (.59) $ (.40) $ (.51) WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING 22,530,000 21,380,000 16,880,000 CONTACT: Columbia Laboratories Inc., Miami Margaret Margaret, 1930–2002, British princess, second daughter of King George VI and sister of Queen Elizabeth II, b. Glamis, Scotland. In 1960 she married a commoner, the photographer Antony Armstrong-Jones, who was created earl of Snowdon in 1961. J. Roell, 305/860-1692 |
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