Enzon Reports Second Quarter Results.BRIDGEWATER, N.J. -- Enzon Pharmaceuticals, Inc. (Nasdaq:ENZN) today announced its financial results for the quarter ended December 31, 2004, the second quarter of Enzon's fiscal year (FY) 2005. The Company reported adjusted net income of $1.3 million or $0.03 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share for the second quarter of FY 2005, versus adjusted net income of $2.3 million or $0.05 per diluted share for the second quarter of FY 2004. The decrease in adjusted net income versus the prior year was primarily due to a $3.7 million decline in ABELCET(R) sales and a $1.5 million decline in royalties, which are predominately made up of royalties from sales of PEG-INTRON(R). The Company's adjusted net income for the second quarters of FY 2005 and FY 2004 exclude expenses related to the change in fair value of a financial instrument that the Company formed to reduce the investment risk associated with 1.5 million shares of NPS NPS National Park Service NPS Naval Postgraduate School NPS Net Promoter Score (customer management) NPS Non-Point Source pollution NPS Native Plant Society NPS Norfolk Public Schools (Virginia) Pharmaceuticals Inc. (Nasdaq: NPSP NPSP New Parent Support Program NPSP National Polio Surveillance Project (India) NPSP Native Plant Stewardship Program (Washington Native Plant Society) NPSP Nonparametric Statistical Package ) common stock that Enzon received in June 2003. Enzon and NPS agreed to terminate the companies' February 2003 plan of merger in June 2003 and in accordance with the merger termination agreement, Enzon received the NPS common stock. Enzon has reported adjusted net income because the Company believes that it is representative of the underlying operations of its business and is relevant to gaining an understanding of the Company's trends and potential future performance. On a reported basis, calculated in accordance with U.S. generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting (GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). ), Enzon reported a net loss of $532,000 or $0.01 cent per diluted share for the second quarter of FY 2005, as compared to net income of $2.3 million or $0.05 cents per diluted share for the second quarter of FY 2004. A table reconciling the Company's net loss and net income calculated in accordance with GAAP to its adjusted net income for the second quarters of FY 2005 and FY 2004 has been included later in this release. Second Quarter Highlights One of the Company's most notable accomplishments during the quarter was the establishment of its new leadership with the appointment of Jeffrey H. Buchalter to the position of President and Chief Executive Officer. Prior to joining Enzon, Mr. Buchalter served as President, Chief Executive Officer, and Director of ILEX Ilex a bush bearing berries containing saponins; cause vomiting, diarrhea. Called also holly. Oncology oncology /on·col·o·gy/ (ong-kol´ah-je) the sum of knowledge regarding tumors; the study of tumors. on·col·o·gy n. , which was acquired by Genzyme Corporation (Nasdaq: GENZ) in December 2004. Mr. Buchalter has more than 20 years of industry experience, as well as a proven track record of creating business opportunities, developing and commercializing successful pharmaceuticals, and leading a highly-regarded, oncology-focused pharmaceutical company. "In my new role as Enzon's chief executive officer, I am growing increasingly confident in Enzon's potential," said Jeffrey H. Buchalter, chairman and chief executive officer. "In order to identify ways to maximize that potential, I am placing my initial focus on gaining an in-depth understanding of all aspects of Enzon's operations. This is an essential first step in defining our strategy to drive Enzon to the next level and build substantial long-term value for our shareholders." Additional highlights are as follows: --The Company deepened the expertise of its executive management team with the addition of Craig Tooman as Executive Vice President, Strategic Planning Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people. and Corporate Communications Corporate communications is the process of facilitating information and knowledge exchanges with internal and key external groups and individuals that have a direct relationship with an enterprise. . Mr. Tooman has nearly 20 years of industry experience and has worked extensively in diverse pharmaceutical positions including, investor communications, strategic planning, finance, marketing, and sales. Mr. Tooman's previous senior posts include Senior Vice President, Strategic Planning and Corporate Communications of ILEX Oncology and Vice President, Investor Relations Investor relations The process by which the corporation communicates with its investors. of Pharmacia Corporation. --Schering-Plough launched PEG-INTRON(R) combination therapy in Japan for the treatment of chronic hepatitis Chronic hepatitis Long lasting inflammation of the liver due to viruses or other causes. Mentioned in: Tube Compression of the Esophagus and Stomach chronic hepatitis C. PEG-INTRON and REBETOL combination therapy is the first and only PEGylated interferon-based combination therapy approved in Japan. Schering-Plough holds an exclusive worldwide license to PEG-INTRON and Enzon receives royalties on worldwide sales of PEG-INTRON. With an estimated 1.5 to 2 million Japanese who are chronically infected in·fect tr.v. in·fect·ed, in·fect·ing, in·fects 1. To contaminate with a pathogenic microorganism or agent. 2. To communicate a pathogen or disease to. 3. To invade and produce infection in. with hepatitis C Hepatitis C Definition Hepatitis C is a form of liver inflammation that causes primarily a long-lasting (chronic) disease. Acute (newly developed) hepatitis C is rarely observed as the early disease is generally quite mild. , the introduction of PEG-INTRON combination therapy in this market represents an important near-term opportunity for Enzon. --Enzon initiated its North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. development program for ATG-FRESENIUS S, a polyclonal antibody Polyclonal antibodies are antibodies that are derived from different B-cell lines. They are a mixture of immunoglobulin molecules secreted against a specific antigen, each recognising a different epitope. preparation used for T-lymphocyte suppression in organ transplant organ transplant: see transplantation, medical. patients. Enzon is developing ATG ATG antithymocyte globulin. lymphocyte immune globulin (antithymocyte globulin equine, ATG, ATG equine, LIG) Atgam Pharmacologic class: Immunoglobulin Therapeutic class: Immunosuppressant Fresenius S Fresenius may mean:
n. Informal Biotechnology. biotech Noun short for biotechnology Noun 1. GmbH, a subsidiary of the healthcare company Fresenius AG. The product is approved outside the U.S. for the prevention of organ rejection and marketed by Fresenius in over 60 countries worldwide. In January 2005, patient dosing was initiated in a double-blind, multi-center, randomized ran·dom·ize tr.v. ran·dom·ized, ran·dom·iz·ing, ran·dom·iz·es To make random in arrangement, especially in order to control the variables in an experiment. study clinical trial for ATG-Fresenius S for the prevention of acute organ rejection in patients receiving lung transplantation Lung Transplantation Definition Lung transplantation involves removal of one or both diseased lungs from a patient and the replacement of the lungs with healthy organs from a donor. . Revenues Combined product sales for the Company's four internally marketed products (ABELCET, ADAGEN(R), DEPOCYT(R), and ONCASPAR(R)) decreased to $27.0 million for the second quarter of FY 2005, as compared to $27.7 million for the second quarter of FY 2004. The decrease in product sales was attributable to a decline in sales of the Company's antifungal antifungal /an·ti·fun·gal/ (-fung´gal) 1. destructive to fungi, or suppressing their reproduction or growth; effective against fungal infections. 2. an agent that so acts. product, ABELCET. ABELCET sales were impacted by increasingly competitive conditions in the intravenous antifungal market. For the second quarter of FY 2005, North American sales of ABELCET were $14.3 million compared to $18.0 million for the second quarter of FY 2004. The decrease in ABELCET sales was partially offset by increased sales for each of the Company's other three internally marketed products for the second quarter of FY 2005 versus the second quarter of FY 2004. Sales of ADAGEN, an enzyme replacement therapy Enzyme replacement therapy is a medical treatment replacing an enzyme in patients in whom that particular enzyme is deficient or absent. Usually this is done by giving the patient an intravenous (IV) infusion containing the enzyme. used to treat a type of severe combined immunodeficiency disease Noun 1. severe combined immunodeficiency disease - a congenital disease affecting T cells that can result from a mutation in any one of several different genes; children with it are susceptible to infectious disease; if untreated it is lethal within the first year or , increased to $5.6 million for the second quarter of FY 2005, as compared to $4.0 million for the second quarter of FY 2004. Historically, quarterly sales of ADAGEN experience volatility because of the small number of patients on therapy. Sales of ONCASPAR, which is used in combination with other chemotherapeutics to treat acute lymphoblastic leukemia acute lymphoblastic leukemia n. Abbr. ALL Lymphoblastic leukemia occurring mainly in older adults, characterized by rapid onset and progression of symptoms. Also called acute lymphocytic leukemia. , increased to $5.5 million for the second quarter of FY 2005, as compared to $4.4 million for the second quarter of FY 2004. The increase in sales of ONCASPAR over the prior year was primarily driven by product demand and replacement of product that was returned due to the Company's voluntary recall of certain batches of ONCASPAR during the first quarter of FY 2004. Sales of DEPOCYT, which is used for the treatment of lymphomatous lymphomatous pertaining to, or of the nature of, lymphoma. meningitis meningitis (mĕnĭnjī`tĭs) or cerebrospinal meningitis (sĕr'əbrōspī`nəl), acute inflammation of the meninges, the membranes that cover and protect the brain and spinal cord. , grew to $1.6 million for the second quarter of FY 2005, an increase of $300,000 over the second quarter of FY 2004. DEPOCYT's growth over the prior year was primarily attributable to the Company's sales and marketing efforts to support the product. Royalties for the second quarter of FY 2005 decreased to $10.1 million versus $11.5 million for the second quarter of FY 2004. Royalties are principally comprised of royalties from sales of PEG-INTRON, which is marketed by Schering-Plough Corporation (NYSE NYSE See: New York Stock Exchange : SGP SGP Singapore (ISO Country code) SGP Schering-Plough (stock symbol) SGP Stability and Growth Pact SGP Southern Great Plains SGP Staatkundig Gereformeerde Partij SGP Speedway Grand Prix ) for the treatment of chronic hepatitis C. Although PEG-INTRON showed signs of market share stabilization in the second quarter of FY 2005, the decrease versus the prior year's comparable quarter was due to ongoing competition in a contracting market. Research and Development The Company's investment in research and development increased by $1.5 million to $8.9 million in the second quarter of FY 2005, as compared to $7.4 million for the second quarter of FY 2004. This increase was primarily attributable to the Company's share of costs related to MARQIBO(R) (vincristine sulfate vin·cris·tine sulfate n. The sulfate salt of a dimeric alkaloid obtained from a plant of the genus Vinca that exhibits antineoplastic activity similar to that of vinblastine sulfate and is used especially in the treatment of lymphocytic liposomes Liposomes Aqueous compartments enclosed by lipid bilayer membranes; liposomes are also known as lipid vesicles. Phospholipid molecules consist of an elongated nonpolar (hydrophobic) structure with a polar (hydrophilic) structure at one end. injection). Under a January 2004 agreement, Enzon and Inex Pharmaceuticals Corporation (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension : IEX IEX Ion Exchange (chromatography) IEX Inter-Exchange Carrier ) agreed to jointly develop Inex's proprietary oncology product, MARQIBO. In January 2005, the United States Food and Drug Administration United States Food and Drug Administration (FDA), n.pr a unit of the Public Health Service created to protect the health of the nation against impure and unsafe foods, drugs, and cosmetics. (FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. ) provided an action letter to the Company's partner, Inex, detailing that MARQIBO is "not approvable" under the FDA's accelerated approval regulations based on the Phase 2b clinical trial data submitted. The FDA's "not approvable" decision was expected after the FDA's Oncologic on·col·o·gy n. The branch of medicine that deals with tumors, including study of their development, diagnosis, treatment, and prevention. [Greek onkos, mass, tumor; see nek- Drugs Advisory Committee voted December 1, 2004 against recommending accelerated approval for MARQIBO as a treatment for patients with relapsed aggressive non-Hodgkin's lymphoma non-Hodg·kin's lymphoma n. Any of various malignant lymphomas characterized by the absence of Reed-Sternberg cells. Non-Hodgkin's lymphoma . Enzon and Inex are currently evaluating the next steps for MARQIBO. Selling, General and Administrative (SG&A) SG&A expenses increased by $2.3 million to $13.8 million in the second quarter of FY 2005, as compared to $11.5 million for the second quarter of FY 2004. This increase was primarily due to increased sales and marketing costs, as well as higher audit fees. Cash and Investments The Company's cash reserves Cash reserves See: Cash investments cash reserves Investment funds that are held in short-term assets such as Treasury bills and certificates of deposit until more permanent investment opportunities are available. , which include cash, cash equivalents, and marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has , totaled $209.1 million as of December 31, 2004 compared with $186.2 million as of June 30, 2004. During the quarter ended December 31, 2004, the Company received cash proceeds of $7.5 million related to the sale of 375,000 shares of NPS Pharmaceuticals, Inc. common stock, which were received as part of the previously mentioned merger termination agreement. Reconciliation of GAAP net (loss) income to adjusted net income
The following table reconciles the Company's GAAP net (loss) income to
adjusted net income for the three months ended December 31, 2004 and
2003:
Three Months Ended
(in thousands except per share data)
-------------------------------------------
12/31/04 12/31/03
-------------------------------------------
Net Net income Net Net income
Income per Income per
diluted diluted
share share
-------------------------------------------
GAAP ($532) ($0.01) $ 2,319 $ 0.05
Net adjustments to GAAP(1) 1,828 0.04 (61) --
-------------------------------------------
As adjusted $ 1,296 $ 0.03 $ 2,258 $ 0.05
===================== =====================
(1)The Company's adjusted net income for the second quarter of FY 2005
excludes net realized losses related to the sale of shares of NPS
common stock totaling $2.0 million. In addition, the Company's
adjusted net income for the second quarter of FY 2005 and the second
quarter of FY 2004 exclude unrealized gains of $196,000 and $61,000,
respectively, related to a financial instrument the Company formed to
reduce its investment risk associated with 1.5 million shares of NPS
common stock received in June 2003. The Company received the common
stock under a merger termination agreement with NPS. The amounts are
net of income taxes. As of December 31, 2004, the Company holds 1.1
million shares of NPS common stock.
Adjusted net income, as Enzon defines it, may differ from similarly
named measures used by other entities, and consequently, could be
misleading unless all entities calculate and define adjusted net
income in the same manner.
Pipeline and Other Developments --Today, Enzon also announced that it will discontinue dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: further development of Pegamotecan, a PEGylated cytotoxic drug cytotoxic drug Oncology An anticancer drug which acts by killing or preventing the cell division Adverse effects Damage to noncancerous tissues or organs with a high proportion of actively dividing cells–eg, BM, hair follicles, GI tract, thereby limiting the of the topoisomerase topoisomerase an enzyme involved in DNA replication that introduces a single-strand nick in the DNA enabling it to swivel and thereby relieve the accumulated winding strain generated during unwinding of the double helix. I inhibitor class. The Company's decision is based on an interim analysis of the data from a Phase 2b trial in patients with gastric or gastroesophageal gastroesophageal /gas·tro·esoph·a·ge·al/ (-e-sof?ah-je´al) 1. pertaining to the stomach and esophagus. 2. proceeding from the stomach to the esophagus. cancers whose disease progressed following prior chemotherapy. Further, based on a strategic analysis of the potential investment return versus the required resource allocation resource allocation Managed care The constellation of activities and decisions which form the basis for prioritizing health care needs and associated development risks, the Company will not actively pursue other potential indications for Pegamotecan. The Company plans to redirect re·di·rect tr.v. re·di·rect·ed, re·di·rect·ing, re·di·rects To change the direction or course of. n. A redirect examination. re this R&D investment to advance other products within its pipeline and pursue other opportunities with greater potential. --In December 2004, Eyetech Pharmaceuticals Inc. (Nasdaq: EYET) received approval from the United States Food and Drug Administration for Macugen(TM) (pegaptanib sodium injection pegaptanib sodium injection Macugen Pharmacologic class: Selective vascular endothelial growth factor (VEGF) antagonist Therapeutic class: Ophthalmic agent Pregnancy risk category B ) for the treatment of neovascular (wet) age-related macular degeneration Age-related macular degeneration (ARMD)Degeneration of the macula (the central part of the retina where the rods and cones are most dense) that leads to loss of central vision in people over 60. (AMD (Advanced Micro Devices, Inc., Sunnyvale, CA, www.amd.com) A major manufacturer of semiconductor devices including x86-compatible CPUs, embedded processors, flash memories, programmable logic devices and networking chips. ), an eye disease associated with aging that destroys central vision. Eyetech has licensed PEGylation technology for use in Macugen from Nektar Therapeutics therapeutics Treatment and care to combat disease or alleviate pain or injury. Its tools include drugs, surgery, radiation therapy, mechanical devices, diet, and psychiatry. (Nasdaq: NKTR). Under a strategic alliance formed in 2002, Enzon licensed proprietary PEGylation technology to Nektar and will receive a share of Nektar's royalties or profits. Macugen was launched in January 2005.
Conference Call and Webcast
Kenneth J. Zuerblis, Enzon's chief financial officer, will be hosting
a conference call today, February 3, 2005 at approximately 5:00 PM
EST. All interested parties can access the live call using the
following information:
Domestic Dial-In Number: 888-428-4478
International Dial-In Number: 612-332-0802
Access Code: 766881
Enzon's conference call will also be webcast in a "listen only" mode
via the Internet at http://www.vcall.com. Additionally, for those
parties unable to listen at the time of Enzon's conference call, a
rebroadcast will be available following the call from Thursday,
February 3, 2005 at approximately 10:15 PM. This rebroadcast will end
on Thursday, February 10, 2005 at midnight. The rebroadcast may be
accessed using the following information:
Domestic Dial-In Number: 800-475-6701
International Dial-In Number: 320-365-3844
Access Code 766881
About Enzon Enzon Pharmaceuticals, Inc. is a biopharmaceutical company dedicated to the discovery, development and commercialization of therapeutics to treat life-threatening diseases. The Company has developed or acquired a number of marketed products, including PEG-INTRON(R), marketed by Schering-Plough, and ABELCET(R), ONCASPAR(R), ADAGEN(R), and DEPOCYT(R), marketed in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. by Enzon's specialized sales force. Enzon's science-driven strategy includes an extensive drug development program that leverages the Company's macromolecular mac·ro·mol·e·cule n. A very large molecule, such as a polymer or protein, consisting of many smaller structural units linked together. Also called supermolecule. engineering technology platforms, including PEG modification and single-chain antibody (SCA (Single Connector Attachment) An 80-pin plug and socket used to connect peripherals. With a SCSI drive, it rolls three cables (power, data channel and ID configuration) into one connector for fast installation and removal. (R)) technologies. Internal research and development efforts are complemented by strategic transactions that provide access to additional marketed products and promising clinical compounds. Enzon has several drug candidates in various stages of development, independently and with partners. Further information about Enzon and this press release can be found on the Company's web site at www.enzon.com. There are 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. contained herein that are not based on historical fact, including without limitation statements containing the words "believes," "may," "plans," "will," "estimate," "continue," "anticipates," "intends," "expects," and similar expressions, including, for example, the statement regarding the opportunity associated with Schering-Plough's launch of PEG-INTRON in Japan. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, events or developments to be materially different from the future results, events or developments discussed above. Such factors include the risk that PEG-INTRON may not be successfully marketed in Japan, as well as those described in Enzon's Form 10-K/A and Forms 10-Q on file with the SEC. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. All information in this press release is as of February 3, 2005 and the Company undertakes no duty to update this information.
Enzon Pharmaceuticals, Inc. and Subsidiaries
Consolidated Statements of Operations
Three Months ended December 31, 2004 and 2003
Dollars in Thousands (except per share amounts)
(Unaudited)
December 31, December 31,
2004 2003
-------------------------
Revenues:
Product Sales, net $26,962 $27,711
Manufacturing revenue 5,463 2,187
Royalties 10,079 11,547
Contract revenue 412 253
------------ ------------
Total revenues 42,916 41,698
------------ ------------
Costs and expenses:
Cost of sales and manufacturing revenue 12,381 11,825
Research and development 8,887 7,388
Selling, general and administrative 13,772 11,478
Amortization of acquired intangible assets 3,394 3,358
------------ ------------
Total costs and expenses 38,434 34,049
------------ ------------
Operating income 4,482 7,649
------------ ------------
Other income (expense):
Investment income, net 973 706
Interest expense (4,957) (4,957)
Other (expense) income, net (1,273) 101
------------ ------------
(5,257) (4,150)
------------ ------------
Income (loss) before income taxes (775) 3,499
Income tax (benefit) provision (243) 1,180
------------ ------------
Net (loss) income ($532) $2,319
Basic (loss) earnings per common share ($0.01) $0.05
============ ============
Diluted (loss) earnings per common share ($0.01) $0.05
============ ============
Weighted average number of common shares
issued and outstanding - basic 43,483 43,307
============ ============
Weighted average number of common shares
issued and outstanding and dilutive
potential common shares outstanding 43,483 43,586
============ ============
Enzon Pharmaceuticals, Inc. and Subsidiaries
Consolidated Statements of Operations
Six Months ended December 31, 2004 and 2003
Dollars in Thousands (except per share amounts)
(Unaudited)
December 31, December 31,
2004 2003
-------------------------
Revenues:
Product sales, net $54,489 $52,672
Manufacturing revenue 7,976 3,791
Royalties 20,194 25,358
Contract revenue 711 521
------------ ------------
Total revenues 83,370 82,342
------------ ------------
Costs and expenses:
Cost of sales and manufacturing revenue 23,282 22,737
Research and development 18,933 13,939
Selling, general and administrative 25,971 22,687
Amortization of acquired intangible assets 6,752 6,716
------------ ------------
Total costs and expenses 74,938 66,079
------------ ------------
Operating income 8,432 16,263
------------ ------------
Other income (expense):
Investment income, net 1,743 1,180
Interest expense (9,914) (9,914)
Other (expense) income, net (1,943) 408
------------ ------------
(10,114) (8,326)
------------ ------------
Income (loss) before income taxes (1,682) 7,937
Income tax (benefit) provision (606) 2,814
------------ ------------
Net (loss) income ($1,076) $5,123
Basic (loss) earnings per common share ($0.02) $0.12
============ ============
Diluted (loss) earnings per common share ($0.02) $0.12
============ ============
Weighted average number of common shares
issued and outstanding - basic 43,476 43,298
============ ============
Weighted average number of common shares
issued and outstanding and dilutive
potential common shares outstanding 43,476 43,591
============ ============
Enzon Pharmaceuticals, Inc. and Subsidiaries
Consolidated Condensed Balance Sheets
December 31, 2004 and June 30, 2004
(In thousands, except share data)
December 31, June 30,
2004 2004
(Unaudited) *
------------ ------------
Assets
Current assets:
Cash and short-term investments $145,700 $118,651
Accounts receivable, net 18,322 25,977
Inventory 14,440 11,215
Other current assets 17,280 12,382
------------ ------------
Total current assets 195,742 168,225
Property and equipment, net 34,152 34,859
------------ ------------
Other assets:
Marketable securities 63,389 67,582
Other long-term assets 429,169 451,744
------------ ------------
492,558 519,326
------------ ------------
Total assets $722,452 $722,410
============ ============
Liabilities and Stockholders' Equity
Current and other liabilities $33,408 $33,319
Notes payable 400,000 400,000
Stockholders' equity 289,044 289,091
------------ ------------
Total liabilities and stockholders'
equity $722,452 $722,410
============ ============
Common shares outstanding 43,876 43,751
============ ============
* Condensed from audited financial statement
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