Cortech Announces Third 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. . (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 a net loss for the three months ended September September: see month. 30, 2001 of $82,000, or $.02 per share, compared to net income of $100,000, or $.03 per share, for the comparable period in 2000. For the nine months ended September 30, 2001, the net loss was $82,000, or $.02 per share, compared to net income of $332,000, or $.09 per share, for the comparable period in the prior year. The net loss for the three months ended September 30, 2001 can be attributed to substantially lower interest income due to rate declines and increased legal expenses in connection with the previously announced 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. Pharmaceuticals. The Company anticipates incurring in·cur tr.v. in·curred, in·cur·ring, in·curs 1. To acquire or come into (something usually undesirable); sustain: incurred substantial losses during the stock market crash. 2. significant legal expenses in connection with the Ono arbitration in the current quarter and the first quarter of fiscal 2002. Cortech has 3,695,618 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.
CORTECH, INC.
OPERATING RESULTS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
(in thousands, except per share data)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
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2001 2000 2001 2000
---- ---- ---- ----
Revenues:
Interest income $ 115 $ 200 $ 472 $ 575
Other income - - - 96
---------- --------- ---------- ---------
Total revenues 115 200 472 671
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Expenses:
General and
administrative 213 98 562 326
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Income (loss)
before income
taxes (98) 102 (90) 345
Provision (benefit)
for income taxes (16) 2 (8) 13
--------- ---------- ---------- ---------
Net income (loss) ($ 82) $ 100 ($82) $ 332
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Basic and
diluted
net income
(loss) per
common share ($.02) $ .03 ($.02) $ .09
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CONDENSED BALANCE SHEET
September 30, 2001
(in thousands)
(Unaudited)
Cash and cash equivalents $ 13,619
Prepaid expenses and other 30
---------
Total assets $ 13,649
=========
Liabilities $ 187
Stockholders' equity 13,462
---------
Total liabilities and stockholders'
equity $ 13,649
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