IVAX Diagnostics Reports First Quarter Results.MIAMI Miami, cities, United States Miami (mīăm`ē, –ə). 1 City (1990 pop. 358,548), seat of Dade co., SE Fla., on Biscayne Bay at the mouth of the Miami River; inc. 1896. -- IVAX IVAX Industrial Vax (Dec Computer) Diagnostics (1) Software routines that test hardware components (memory, keyboard, disks, etc.). Diagnostics are often stored in ROM chips and activated on startup. (2) Error messages in a programmer's source code that refer to statements or syntax that the compiler or assembler , Inc. (AMEX AMEX See: American Stock Exchange :IVD (Interactive VideoDisc) See interactive video. ) reported its financial results for the first quarter of 2006. For the quarter, IVAX Diagnostics recorded net revenues of $4,718,000, a decrease of $665,000, or 12.4%, from the same period of the previous year. Net loss for the first quarter of 2006 was $797,000 compared to net income of $838,000 in the same period of 2005. Net loss for the first quarter of 2006 includes a cumulative effect adjustment of $201,000 for a change in accounting principle required by the Company's adoption of SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System 123R to account for stock based compensation. Giorgio Giorgio is an male Italian given name (and sometimes a surname) and may refer to: Surname
An estimation made by a company and documented on its balance sheet for receivables that might go uncollected. Notes: It is standard practice for a company to have funds set aside for money that cannot be collected. was reduced to recognize the impact of the collection of a previously outstanding Italian accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying . We remain optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about getting the required 510(k) clearance from the 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. for the PARSEC System(TM) during 2006 and expect that this new laboratory automation system will be a major source of revenue growth for us worldwide in the future." About IVAX Diagnostics, Inc. IVAX Diagnostics, Inc., headquartered in Miami, Florida “Miami” redirects here. For the Native American tribe, see Miami tribe. Miami is a major city in southeastern Florida, in the United States. It is the county seat of Miami-Dade County. Miami is a gamma world city with an estimated population of 404,048. , develops, manufactures and markets proprietary diagnostic reagents, instrumentation instrumentation, in music: see orchestra and orchestration. instrumentation In technology, the development and use of precise measuring, analysis, and control equipment. , and software in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Italy through its three subsidiaries: Diamedix Corporation, Delta Biologicals Biologicals Biological products used to induce immunity to various infectious diseases or noxious substances of biological origin. The term is usually limited to immune serums, antitoxins, vaccines, and toxoids that have the effect of providing protective S.r.l., and ImmunoVision, Inc. Teva Pharmaceutical Industries Teva Pharmaceutical Industries Ltd. (Hebrew: טבע תעשיות פרמצבטיות בע"מ), NASDAQ: TEVA is an international pharmaceutical company headquartered in Limited, through its wholly-owned IVAX Corporation IVAX Corporation was a United States public corporation focused on manufacturing and distributing generic pharmaceutical products. Ivax was acquired by the Israeli company Teva Pharmaceutical Industries in January 2006. External links
Except for the historical matters contained herein, statements in this press release are forward-looking and are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Investors are cautioned that 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. involve risks and uncertainties that may affect the business and prospects of IVAX Diagnostics, Inc., including, without limitation: risks and uncertainties regarding the PARSEC(TM) System, including, without limitation, that the PARSEC(TM) System may not perform as or be available when expected, that the PARSEC(TM) System may not be a source of revenue growth for IVAX Diagnostics, that IVAX Diagnostics may not receive financial benefits or achieve improved operating results after the full commercial release of the PARSEC(TM) System, that IVAX Diagnostics' international activities associated with the PARSEC(TM) System may be impacted by the delay in the full commercial release of the PARSEC(TM) System, that the PARSEC(TM) System may not be a factor in the future growth of IVAX Diagnostics or in allowing it to expand its business beyond its current range of autoimmune autoimmune /au·to·im·mune/ (-i-mun´) directed against the body's own tissue; see under disease and response. au·to·im·mune adj. and infectious disease Infectious disease A pathological condition spread among biological species. Infectious diseases, although varied in their effects, are always associated with viruses, bacteria, fungi, protozoa, multicellular parasites and aberrant proteins known as prions. assays, that IVAX Diagnostics may not be able to obtain 510(k) clearance from the FDA for the PARSEC(TM) System during 2006 or at all, that the PARSEC(TM) System may not provide IVAX Diagnostics with distinct competitive advantages, that IVAX Diagnostics may not be successful in its marketing of the PARSEC(TM) System, and that customers may not integrate the PARSEC(TM) System into their operations as readily as expected; that improved financial performance or results may not occur; that IVAX Diagnostics may not experience internal or external growth; and other risks and uncertainties that may cause results to differ materially from those set forth in the forward-looking statements. In addition to the risks and factors set forth above, investors should consider the economic, competitive, governmental, technological and other risks and factors discussed in IVAX Diagnostics' filings with the Securities and Exchange Commission, including, without limitation, in the section entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: "Risk Factors" in IVAX Diagnostics' Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2005.
IVAX DIAGNOSTICS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended March 31, 2006 2005
----------- -----------
Net revenues $ 4,718,385 $ 5,382,611
Cost of sales 1,984,653 2,136,239
----------- -----------
Gross profit 2,733,732 3,246,372
----------- -----------
Operating expenses:
Selling 1,491,835 1,513,457
General and administrative 1,438,797 1,152,100
Research and development 492,548 394,769
Bad debt recovery - (1,690,000)
----------- -----------
Total operating expenses 3,423,180 1,370,326
----------- -----------
Income (loss) from operations (689,448) 1,876,046
----------- -----------
Other income:
Interest income 119,787 69,261
Other expense, net (10,907) (64,243)
----------- -----------
Total other income, net 108,880 5,018
----------- -----------
Income (loss) before income taxes (580,568) 1,881,064
Provision for income taxes 15,606 1,043,006
----------- -----------
Income (loss) before cumulative effect of
change in accounting principle (596,174) 838,058
Cumulative effect of change in accounting
principle (201,000) -
----------- -----------
Net income (loss) $ (797,174) $ 838,058
=========== ===========
Net income (loss) per share, before
cumulative effect of change in
accounting principle
Basic and diluted $ (0.02) $ 0.03
=========== ===========
Cumulative effect of change in accounting
principle, per share
Basic and diluted $ (0.01) $ -
=========== ===========
Net Income (loss) per share
Basic and diluted $ (0.03) $ 0.03
=========== ===========
WEIGHTED AVERAGE NUMBER OF SHARES
OUTSTANDING:
Basic 27,623,832 27,019,829
=========== ===========
Diluted 27,623,832 27,955,340
=========== ===========
IVAX DIAGNOSTICS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
March 31, December 31,
2006 2005
---------- ------------
(Unaudited)
ASSETS
------
Current assets:
Cash and cash equivalents $ 4,474,560 $11,479,568
Marketable securities 5,825,011 122,045
Accounts receivable, net of allowances
for doubtful accounts of $1,003,537 in
2006 and $973,855 in 2005 7,349,782 6,695,353
Inventories, net 5,773,653 5,608,584
Other current assets 996,422 1,164,890
------------ -----------
Total current assets 24,419,428 25,070,440
Property, plant and equipment, net 2,531,734 2,213,581
Equipment on lease 559,267 585,295
Product license 1,255,936 1,255,936
Goodwill, net 6,707,569 6,722,725
Other assets 60,866 55,553
------------ -----------
Total assets $ 35,534,800 $35,903,530
============ ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------
Current liabilities:
Accounts payable $ 1,117,217 $ 1,190,204
Accrued license payable 969,932 947,920
Accrued expenses and other current
liabilities 2,960,415 2,895,836
------------ -----------
Total current liabilities 5,047,564 5,033,960
------------ -----------
Stock option compensation liability 177,000 -
Other long-term liabilities 724,374 680,006
------------ -----------
Total liabilities 5,948,938 5,713,966
------------ -----------
Commitments and contingencies
Shareholders' equity:
Common stock, $0.01 par value, authorized
50,000,000 shares, issued and outstanding
27,631,887 in 2006 and 27,623,554 in
2005 276,318 276,235
Capital in excess of par value 40,600,200 40,548,950
Accumulated deficit (10,255,545) (9,458,371)
Accumulated other comprehensive loss (1,035,111) (1,177,250)
------------ -----------
Total shareholders' equity 29,585,862 30,189,564
------------ -----------
Total liabilities and shareholders'
equity $ 35,534,800 $35,903,530
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