Cortech Reports Three and Nine Months 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 September September: see month. 30, 1999 of $263,000, or $.14 per share, compared to a net loss of $1,281,000, or $.69 per share, for the comparable period in 1998. For the nine months ended September 30, 1999, net income was $2,305,000, or $1.24 per share, compared to a net loss of $4,111,000, or $2.22 per share, for the comparable period in the prior year. Net income for nine months ended September 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. Cortech continues to investigate opportunities to redeploy re·de·ploy tr.v. re·de·ployed, re·de·ploy·ing, re·de·ploys 1. To move (military forces) from one combat zone to another. 2. its assets into an operating business. 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.
CORTECH, INC.
OPERATING RESULTS
FOR THE THREE AND NINE MONTHS ENDED
SEPTEMBER 30, 1999 AND 1998
(in thousands, except per share data)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
1999 1998 1999 1998
Revenues:
Interest income $ 157 $ 171 $ 408 $ 550
Gain on disposition of
property and equipment 125 -- 435 228
Non-recurring license fee -- -- 2,000 --
Other income 92 -- 152 22
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Total revenues 374 171 2,995 800
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Expenses:
General and administrative 101 1,452 462 4,475
Research and development -- -- -- 436
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Total expenses 101 1,452 462 4,911
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Income (loss) before income
taxes 273 ( 1,281) 2,533 ( 4,111)
Provision for income taxes 10 -- 228 --
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Net income (loss) $ 263 ($1,281) $ 2,305 ($4,111)
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Basic and diluted net income
(loss) per common share $ .14 ($ .69) $ 1.24 ($ 2.22)
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Weighted average number
of common shares outstanding 1,852 1,852 1,852 1,852
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CONDENSED BALANCE SHEET
September 30, 1999
(in thousands)
(Unaudited)
Cash and cash equivalents $13,446
Prepaid expenses and other 9
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Total assets $13,455
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Liabilities $ 609
Stockholders' equity 12,846
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Total liability and stockholders' equity $13,455
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