Cortech Announces Year End Results.Business Editors BEDMINSTER Bedminster may refer to:
Cortech, Inc. (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) today announced net income of $401,000 or $.21 per share for the year ended December December: see month. 31, 2000, compared to net income of $2,650,000 or $1.43 per share for the year ended December 31, 1999. Net income for the year ended December 31, 1999 included 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, of which $200,000 of withholding taxes The amount legally deducted from an employee's wages or salary by the employer, who uses it to prepay the charges imposed by the government on the employee's yearly earnings. was withheld at the source and remitted directly to the Japanese taxing authorities. Cortech is actively seeking acquisitions and/or a merger partner. Cortech has 1,849,809 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 YEARS ENDED DECEMBER 31, 2000 AND 1999
(in $000's, except per share amounts)
Years Ended December 31,
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2000 1999
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Revenues:
Interest income $ 781 $ 574
Gain on disposition of property
and equipment - 435
Technology license revenue - 2,000
Other income 96 216
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Total revenues 877 3,225
Expenses:
General and administrative 454 342
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Income before taxes 423 2,883
Provision for income taxes 22 233
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Net income $ 401 $ 2,650
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Basic net income per share $ .22 $ 1.43
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Diluted net income per share $ .21 $ 1.43
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CONDENSED BALANCE SHEET
December 31, 2000
(in $000's)
ASSETS
Cash and cash equivalents $ 7,107
Short-term investments 6,611
Prepaid expenses and other 81
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Total assets $ 13,799
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LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities $ 207
Stockholders' equity 13,592
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Total liabilities and
stockholders' equity $ 13,799
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