Correcting...CORRECTION - Phoenix International Life Sciences Inc. Announces Substantial Profit for its Third Quarter of 1997.SAINT LAURENT Saint Lau·rent or Saint-Lau·rent A city of southern Quebec, Canada, an industrial suburb of Montreal. Population: 77,391. , Qubuec--(BUSINESS WIRE)--July 21, 1997-- PHOENIX(ME;TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). PHX PHX Phoenix, AZ, USA - Sky Harbor International Airport (Airport Code) PHX Patient History PHX Primary Heat Exchanger ) CORRECTION CORRECTION,punishment. Chastisement by one having authority of a person who has committed some offence, for the purpose of bringing him to legal subjection. 2. It is chiefly exercised in a parental manner, by parents, or those who are placed in loco parentis. - An error occured in the news release transmitted earlier today, July July: see month. 21, 1997, for PHOENIX INTERNATIONAL LIFE SCIENCES INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . In the "Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: Statement of Income" table, the second and fourth columns should have read 1996 instead of 1997. THE COMPLETE AND CORRECTED VERSION FOLLOWS: Phoenix International reported consolidated net revenues of $21.7 million for the third quarter of 1997, compared to $17.4 million for the corresponding period in 1996, a growth of 25 percent. Growth over the second quarter of 1997 was 14 percent. Net income for the period was $1.75 million, or $0.09 per share, compared to a net income of $487,000 or $0.03 per share in the comparable period in 1996, and a net profit in the second quarter of 1997 of $99,000. As a result of continuing cost controls, the gross margin improved to 38.4 percent of net revenues, as compared to 34.2 percent in the second quarter of 1997. The Company's backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. for the fourth quarter suggests that the financial performance will be comparable to that of this quarter. A major project in the Company's analytical analytical, analytic pertaining to or emanating from analysis. analytical control control of confounding by analysis of the results of a trial or test. department was canceled in June June: see month. due to termination The point where a line, channel or circuit ends. See SCSI termination and hybrid. of development of the drug, and revenues derived de·rive v. de·rived, de·riv·ing, de·rives v.tr. 1. To obtain or receive from a source. 2. from the scientific software division will be weaker than projected due to client requests for changes to the functionality of the software previously delivered in Beta version A pre-shipping release of hardware or software that has gone through alpha test. A beta version of software is supposed to be very close to the final product, but, in practice, it is more a way of getting users to test the software in the first place under real conditions. . These revenues will now only have a significant impact in the first half of the 1998 fiscal year. Through automation and infrastructure change, capacity has been expanded in several analytical departments without addition of either human or equipment resources. This increased capacity is expected to accommodate the revenue growth anticipated in 1998, without addition of further "production" resources. A long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. initiative to further expand capacity company wide, through process change, is planned to start in the first quarter of 1998. Efforts being made in Cincinnati Cincinnati (sĭnsənăt`ē, –năt`ə), city (1990 pop. 364,040), seat of Hamilton co., extreme SW Ohio, on the Ohio River opposite Newport and Covington, Ky.; inc. as a city 1819. to reduce certain cost/revenue ratios to industry standard ratios, are expected to bear fruit in early 1998. Phoenix International Life Sciences Inc. is a multi service contract research organization (CRO) which provides an integrated package of clinical, analytical and ancillary Subordinate; aiding. A legal proceeding that is not the primary dispute but which aids the judgment rendered in or the outcome of the main action. A descriptive term that denotes a legal claim, the existence of which is dependent upon or reasonably linked to a main claim. services to the pharmaceutical and biotechnology biotechnology, the use of biological processes, as through the exploitation and manipulation of living organisms or biological systems, in the development or manufacture of a product or in the technological solution to a problem. industries. Approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 88 percent of the Montreal-based Company's business is with firms in 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. . Since beginning its operations in 1989, Phoenix has grown to approximately 1,000 employees, and its management believes it ranks among North America's largest multi-service CROs.
Phoenix International Life Sciences Inc.
CONSOLIDATED STATEMENTS OF INCOME
Unaudited
(In thousands of dollars, except per share amounts)
Third Third Nine Months Nine months
Quarter Quarter ended ended
May 31 May 31
1997 1996 1997 1996
$ $ $ $
_______ _______ __________ ___________
Gross revenues 22,711 17,662 59,826 47,229
Reimbursed costs 980 238 1,873 888
_______ _______ __________ ___________
Net revenues 21,731 17,424 57,953 46,341
Direct costs - net of
refundable tax credits 13,386 10,647 37,854 32,684
_______ _______ __________ ___________
Gross profit 8,345 6,777 20,099 13,657
_______ _______ __________ ___________
Expenses - net of
refundable tax credits
Selling, general and
administrative 5,492 5,150 16,158 14,711
Internal research
and development 829 771 2,696 2,858
Interest on long-term
debt 183 357 548 888
_______ _______ __________ ___________
6,504 6,278 19,402 18,457
_______ _______ __________ ___________
Financing income 25 38 74 106
Non-refundable tax
credits 550 550
_______ _______ __________ ___________
Income (loss) before
income taxes 2,416 537 1,321 (4,694)
Income taxes 668 50 848 132
_______ _______ __________ ___________
Net Income (loss)
for the period 1,748 487 473 (4,826)
_______ _______ __________ ___________
Basic earnings (loss)
per share 9 3 2 (27)
cents cents cents cents
_______ _______ __________ ___________
Weighted average shares
outstanding 19,590,466 18,069,252 19,588,099 17,847,212
__________ __________ __________ __________
__________ __________ __________ __________
CONSOLIDATED STATEMENTS OF
RETAINED EARNINGS
For nine months ended May 31
Unaudited
(In thousands of dollars)
1997 1996
$ $
____ ____
Retained earnings,
beginning of period 6,843 13,476
Net income (loss) 473 (4,826)
Share issue costs (1,270)
_______ _______
Retained earnings,
end of period 7,316 7,380
_______ _______
_______ _______
Phoenix International Life Sciences Inc.
(Incorporated under the laws of Canada)
CONSOLIDATED BALANCE SHEETS
Unaudited
[In thousands of dollars] May 31 May 31
1997 1996
$ $
ASSETS
______ ______
Current
Cash 3,277
Accounts receivable 17,023 17,817
Investment tax credits recoverable 2,501 4,026
Contracts in progress 8,917 3,835
Other 5,928 877
______ ______
34,369 29,832
Capital assets 46,049 45,837
Other assets 5,016 9,823
______ ______
85,434 85,492
LIABILITIES AND SHAREHOLDERS' EQUITY
Current 995
Accounts payable and accrued liabilities 9,632 10,423
Current portion of long-term debt and
capital lease obligations 7,026 1,984
______ ______
17,653 12,407
______ ______
Long-term debt and capital
lease obligations 3,507 9,385
Other deferred credits 2,436 2,452
______ ______
5,943 11,837
Shareholders' equity
Capital stock 54,522 54,405
Retained earnings 7,316 6,843
______ ______
61,838 61,248
______ ______
85,434 85,492
______ ______
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
May 31, 1997
1) These interim financial statements are the responsibility of
management and, in its opinion, include all the adjustments, which
are of a normal recurring nature, necessary for a fair statement of
the results for the interim period presented.
2) Fully diluted earnings per share have not been presented as
they do not differ materially from basic earnings per share.
3) Certain of the comparative figures have been reclassified to
conform to the presentation adopted in the current year.
Phoenix International Life Sciences Inc.
CONSOLIDATED STATEMENT OF
CHANGES IN FINANCIAL POSITION
For the nine months ended May 31
Unaudited
[In thousands of dollars] 1997 1996
$ $
OPERATING ACTIVITIES
Net income (loss) 473 (4,826)
Items not affecting cash
Depreciation and amortization 5,825 4,795
Deferred income taxes 550
Net-refudnable tax credits (550)
______ ______
6,298 (31)
______ ______
Net change in non-cash working
capital items related to operations (3,554) (3,321)
______ ______
Cash provided by (used in)
operating activities 2,744 (3,352)
______ ______
INVESTING ACTIVITIES
Decrease in loans receivable 108 210
Capital asset additions (5,419) (15,904)
Investment in joint venture (117)
Investment (480)
Acquisition of Centre de Recherche
Clinique de Laval (1,500)
Other assets (373) (471)
______ ______
Cash used in investing activities (6,281) (17,665)
______ ______
FINANCING ACTIVITIES
Assumption (repayment) of long-term debt (836) 2,497
Other deferred credits (16)
Issue of shares 117 28,519
Share issue costs (1,270)
______ ______
Cash provided by financing activities (735) 29,746
______ ______
Decrease in cash position during the period (4,272) 8,729
Cash (bank indebtedness),
beginning of period 3,277 (1,768)
______ ______
Cash (bank indebtedness), end of period (995) 6,961
______ ______
CONTACT: Phoenix International Life Sciences Inc. Jean-Yves Caloz, c.a., 514/333-0033 FAX: 514/333-7306 JYves@Pils.com |
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