Enzon reports first quarter results and records a 37% sales increase.PISCATAWAY Pis·cat·a·way A community of north-central New Jersey north of New Brunswick. Founded before 1693, it is a manufacturing center. Population: 42,223. , NJ--(BUSINESS WIRE)--Nov. 14, 1995--Enzon, Inc. (NASDAQ/NMS:ENZN) announced today a net loss of $1,903,000 or $0.07 per share for the three months ended September September: see month. 30, 1995 compared to a net loss of $1,708,000 or $0.07 per share for the comparable quarter in 1994. Total Revenues, which include sales and contract revenues, for the quarter ended September 30, 1995 decreased by 24% to $2,926,000 as compared to $3,857,000 reported last year. Sales for the quarter increased by 37% due to increases in ADAGEN(R) sales as well as royalty Compensation for the use of property, usually copyrighted works, patented inventions, or natural resources, expressed as a percentage of receipts from using the property or as a payment for each unit produced. and manufacturing revenue from ONCASPAR(R), the Company's two FDA-approved products. Contract revenues for the quarter ended September 30, 1995 decreased by $1,683,000. The decrease in contract revenues resulted from a $1,800,000 one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. licensing payment recorded in the prior year related to an expansion of the Company's licensing agreement with Bristol-Myers Squibb Bristol-Myers Squibb (NYSE: BMY), colloquially referred to as BMS, is a pharmaceutical corporation, formed by a 1989 merger between pharmaceutical companies Bristol-Myers Company, founded in 1887 by William McLaren Bristol and John Ripley Myers in Clinton, NY (both were , Inc. Research and Development expenses for the quarter ended September 30, 1995 decreased by $665,000 or 20% to $2,691,000 as compared to $3,356,000 for the quarter ended September 30, 1994. The decrease was due to staff reductions principally in the clinical and scientific administration areas and a reduction in facility costs, due to the termination of one of the Company's long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. leases. This decrease is a consequence of the flattening
The flattening, ellipticity, or oblateness of an oblate spheroid is the "squashing" of the spheroid's pole, down towards its equator. of the research and development organization in the prior year and the focusing of efforts on key development programs. Selling, General and Administrative expenses for the quarter ended September 30, 1995 decreased by 35% to $1,272,000 as compared to $1,947,000 for the quarter ended September 30, 1994. The decrease was due to staff reductions made over the last twelve months, as well as other cost containment cost containment, n the features of a dental benefits program or of the administration of the program designed to reduce or eliminate certain charges to the plan. measures taken by the Company. The Company has cash on hand as of September 30, 1995 of $6,629,000 as compared to $4,691,000 in the prior year. The Company believes its current cash levels are sufficient to meet anticipated cash requirements through at least its fiscal year ending June June: see month. 30, 1996. Enzon is a company developing advanced 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. for life- threatening diseases through the application of its proprietary technologies. The Company's research and product development activities focus on blood substitutes, genetic diseases and cancer therapy. The Company also pursues commercialization of its technologies through strategic partnering, including arrangements with Rhone-Poulenc Rorer Pharmaceuticals Inc., Schering For the American pharmaceutical company created by seizure of assets from Schering AG during World War II, see . Schering AG was a research-centered pharmaceutical company founded in 1851 that merged with Bayer in December 2006. Corporation, Eli Lilly Eli Lilly can refer to:
n. 1. A baker; originally, a female baker. Health Care. Enzon is headquartered in Piscataway, NJ. -0-
ENZON, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30, 1995 and 1994
(unaudited)
Three Months Ended
September 30, 1995 September 30, 1994
__________________ __________________
Revenues
Sales $ 2,809,048 $ 2,057,177
Contract revenue 116,500 1,800,000
___________ ___________
Total revenues 2,925,548 3,857,177
___________ ___________
Costs and expenses
Cost of sales 964,701 950,559
Research and development
expenses 2,690,648 3,356,224
Selling, general and
administrative expenses 1,271,970 1,947,337
__________ ___________
Total costs and expenses 4,927,319 6,254,120
__________ ___________
Operating loss (2,001,771) (2,396,943)
Other income (expense)
Interest and dividend income 102,345 45,746
Interest expense (6,689) (2,770)
Other 2,943 646,346
__________ ____________
98,599 689,322
__________ ____________
Net loss ($1,903,172) ($1,707,621)
__________ ____________
Net loss per
common share ($0.07) ($0.07)
__________ ____________
Weighted average number
of common shares
outstanding
during the period 26,328,874 24,724,569
CONTACT: Kenneth Zuerblis Vice President, Finance 908/980-4717 |
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