Cortech Announces First Quarter Results.Business Editors 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. . (CRTQ - 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 ) today announced a net loss of $419,000 or $.11 per share for the three months ended March 31, 2002 compared to net income of $64,000 or $.02 per share for the three months ended March 31, 2001. The net loss for the quarter ended March 31, 2002 is due to lower interest income caused by lower interest rates and increased legal expenses incurred in connection with the Company's on-going Adj. 1. on-going - currently happening; "an ongoing economic crisis" ongoing current - occurring in or belonging to the present time; "current events"; "the current topic"; "current negotiations"; "current psychoanalytic theories"; "the ship's current position" arbitration arbitration Process of resolving a dispute or a grievance outside a court system by presenting it for decision to an impartial third party. Both sides in the dispute usually must agree in advance to the choice of arbitrator and certify that they will abide by the proceeding 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. The Company anticipates significant legal expenses in the second quarter of 2002 in connection with this arbitration. Cortech is actively seeking acquisitions and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. a merger partner. Cortech has 3,670,162 shares of common stock 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. The per share earnings in the text of this news release are 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, INC.
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2002 AND 2001
(in $000's, except per share amounts)
(Unaudited)
Three Months Ended
March 31,
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2002 2001
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Revenues:
Interest income $ 55 $ 192
Expenses:
General and administrative 474 124
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Income (loss) before income taxes ( 419) 68
Provision for income taxes - 4
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Net income (loss) ( $ 419) $ 64
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Basic and fully diluted net income (loss)
per share ( $ .11) $ .02
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CONDENSED BALANCE SHEET
MARCH 31, 2002
(in $000's)
(Unaudited)
ASSETS
Cash and cash equivalents $ 13,187
Prepaid expenses and other 22
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Total assets $ 13,209
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LIABILITIES AND STOCKHOLDERS' EQUITY
Accrued liabilities $ 400
Stockholders' equity 12,809
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Total liabilities and stockholders' equity $ 13,209
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