Cortech, Inc. Reports Financial Results.BEDMINSTER Bedminster may refer to:
CORTECH, INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (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 :CRTQ) reported net income for the three months ended June June: see month. 30, 1999 of $1,842,000, or $.99 per share, compared to a net loss of $1,431,000, or $.77 per share, for the comparable period in 1998. For the six months ended June 30, 1999, net income was $2,042,000, or $1.10 per share, compared to a net loss of $2,830,000, or $1.53 per share, for the comparable period in the prior year. Net income for the three and six months ended June 30, 1999 includes a non-recurring license fee of $2,000,000 received in connection with an agreement with Ono Ono (ō`nō), in the Bible, town, W central ancient Palestine, the modern Qiryat Ono, Israel, E of Tel Aviv. Pharmaceutical Co., Ltd of Osaka Osaka (ō`säkä), city (1990 pop. 2,623,801), capital of Osaka prefecture, S Honshu, Japan, on Osaka Bay, at the mouth of the Yodo River. , Japan, to license the worldwide rights to an oral elastase elastase /elas·tase/ (e-las´tas) see pancreatic elastase. e·las·tase n. An enzyme found especially in pancreatic juice that catalyzes the hydrolysis of elastin. inhibitor inhibitor /in·hib·i·tor/ (in-hib´i-tor) 1. any substance that interferes with a chemical reaction, growth, or other biologic activity. 2. program. Per share information referred to in this news release is both basic and diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of . Cortech has 1,852,209 shares outstanding. This release contains 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. which may involve known and unknown risks, uncertainties and other factors that may cause Cortech's actual results and performance in future periods to be materially different from any future results or performance suggested by these statements. Cortech cautions investors not to place undue reliance on forward-looking statements, which speak only to management's expectations on this date. -0-
CORTECH, INC.
OPERATING RESULTS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 1999 AND 1998
(in thousands, except per share data)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
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1999 1998 1999 1998
---- ---- ---- ----
Revenues:
Interest income $ 127 $ 183 $ 251 $ 379
Gain on disposition of
property and equipment 64 12 310 228
Non-recurring license fee 2,000 -- 2,000 --
Other income 15 22 60 22
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Total revenues 2,206 217 2,621 629
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Expenses:
General and administrative 146 1,498 361 3,023
Research and development -- 150 -- 436
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Total expenses 146 1,648 361 3,459
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Income (loss) before income
taxes 2,060 (1,431) 2,260 (2,830)
Provision for income taxes 218 -- 218 --
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Net income (loss) $ 1,842 ($1,431) $ 2,042 ($2,830)
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Basic and diluted net income
(loss) per common share $ .99 ($ .77) $ 1.10 ($ 1.53)
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Weighted average number of
common shares outstanding
(in 000's) 1,852 1,852 1,852 1,852
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CONDENSED BALANCE SHEET
June 30, 1999
(in thousands)
(Unaudited)
Cash and cash equivalents $13,359
Prepaid expenses and other 5
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Total assets $13,364
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Liabilities $ 781
Stockholders' equity 12,583
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Total liability and stockholders' equity $13,364
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