Lifecore Reports Fiscal Third Quarter Financial Results.Business Editors & Health Writers CHASKA Chaska can refer to:
LIFECORE BIOMEDICAL bi·o·med·i·cal adj. 1. Of or relating to biomedicine. 2. Of, relating to, or involving biological, medical, and physical sciences. , 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:LCBM) today reported revenue of $8,627,000 for the third fiscal quarter ended March 31, 2001, an increase of 5% from $8,205,000 reported for the same period of a year ago. Revenue for the current nine-month period increased 6% to $25,240,000 compared to $23,872,000 reported for the nine-month period of a year ago. The Company recorded a loss of $621,000, or $(0.05) per share, for the third quarter compared to a loss of $927,000 or $(0.07) per share, during the third quarter of a year ago. Similarly, the Company recorded a loss of $1,788,000, or $(0.14) per share, for the current nine-month period compared to a loss of $425,000, or $(0.03) per share, in the nine-month period of a year ago. Losses for both current periods were due to increased charges related to a previously disclosed dis·close tr.v. dis·closed, dis·clos·ing, dis·clos·es 1. To expose to view, as by removing a cover; uncover. 2. To make known (something heretofore kept secret). increase in unused manufacturing capacity. Losses of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $0.04 to $0.09 per share were projected for each of the March and June June: see month. 2001 quarters at the end of second quarter. HYALURONAN Hyaluronan (also called hyaluronic acid or hyaluronate) is a non-sulfated glycosaminoglycan distributed widely throughout connective, epithelial, and neural tissues. DIVISION Hyaluronan Division third quarter revenue increased 9% to $3,343,000 as compared to $3,073,000 reported for the third quarter of a year ago. Similarly, nine-month revenue increased 13% to $10,558,000 from $9,313,000 reported for the nine-month period of a year ago. The year-over-year difference in both the three- and nine-month periods was primarily due to increased ophthalmic ophthalmic /oph·thal·mic/ (of-thal´mik) ocular (1). oph·thal·mic adj. Of or relating to the eye; ocular. Ophthalmic Pertaining to the eye. and orthopedic orthopedic /or·tho·pe·dic/ (-pe´dik) pertaining to the correction of deformities of the musculoskeletal system; pertaining to orthopedics. bone-regeneration hyaluronan shipments in the current periods. A reduced operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of $439,000 was recorded for the Hyaluronan Division in the current three-month period compared to an operating loss of $1,249,000 for the same period of a year ago. The nine-month operating loss increased to $482,000 from a loss of $375,000 for the same period of a year ago. ORAL RESTORATIVE re·stor·a·tive adj. 1. Of or relating to restoration. 2. Tending or having the power to restore. n. A medicine or other agent that helps to restore health, strength, or consciousness. DIVISION Oral Restorative Division third quarter revenue of $5,284,000 increased 3% from $5,132,000 for the period of a year ago. Current nine-month revenue increased 1% to $14,682,000 as compared to $14,559,000 reported for the nine-month period of a year ago. Year-over-year domestic revenue reflects a significant reduction due to the previously disclosed termination The point where a line, channel or circuit ends. See SCSI termination and hybrid. of the domestic distribution contract for the Alloderm(R) Acellular acellular /acel·lu·lar/ (a-sel´u-ler) not cellular in structure. a·cel·lu·lar adj. 1. Containing no cells; not made of cells. 2. Devoid of cells; noncellular. Dermal Graft dermal graft n. A skin graft made with a thin split-thickness graft of dermis. products. Growth in other ORD products more than offset that lost revenue. Excluding AlloDerm product sales in both the three- and nine-month periods of a year ago, revenue for the current periods has increased 17 and 11 percent, respectively, on a year-over-year basis. A current quarterly operating loss of $33,000 was reported compared to an operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. of $496,000 for the third quarter of a year ago. A nine-month operating loss of $755,000 was reported compared to operating profit of $587,000 for the same period of last year. The decline was primarily due to increased costs associated with marketing expenses, geographic geographic /geo·graph·ic/ (je?o-graf´ik) in pathology, of or referring to a pattern that is well demarcated, resembling outlines on a map. geographic pertaining to geography. territory expansion and new product development and introduction. Certain statements in this release 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. as defined in 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. Such statements imply continued financial improvement. Because of numerous risks and uncertainties in Lifecore's business activity, actual results may differ materially from those implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. . Investors are referred to more detailed discussions of those risks presented in the Company's reports on Forms 10-Q and 10-K. Lifecore Biomedical manufactures medical devices for use in various surgical markets and provides specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. contract aseptic aseptic /asep·tic/ (-tik) free from infection or septic material. a·sep·tic adj. Of, relating to, or characterized by asepsis. manufacturing services. Additional Company news and general information are available through its website at http://www.lifecore.com. Lifecore Biomedical's quarterly earnings conference call will be available online at www.lifecore.com and www.streetfusion.com. The live webcast will begin at 3:45 PM, Central Daylight For other uses, see Daylight (disambiguation). Daylight or the light of day is the combination of all direct and indirect sunlight outdoors during the daytime (and perhaps twilight). Time on Tuesday Tuesday: see week. , April 17, 2001. The webcast replay will begin shortly after the completion of the live call and will be available through April 30, 2001. Call (719) 457-0820 to access the telephone replay which will be available through April 23, 2001. (a) Registered product of ETHICON Ethicon can refer to two distinct subsidiares of Johnson & Johnson:
Lifecore Biomedical, Inc.
Consolidated Statements of Operations
(Unaudited)
Three Months Ended Nine Months Ended
March 31, March 31,
----------------------- -------------------------
2001 2000 2001 2000
----------- ----------- ------------ ------------
Net sales $8,627,000 $8,205,000 $25,240,000 $23,872,000
Cost of goods sold 4,432,000 5,180,000 13,308,000 12,059,000
----------- ----------- ------------ ------------
Gross profit 4,195,000 3,025,000 11,932,000 11,813,000
Operating expenses
Research and
development 1,211,000 1,064,000 3,105,000 3,076,000
Marketing and sales 2,327,000 1,857,000 6,689,000 5,797,000
General and
administrative 1,129,000 857,000 3,375,000 2,728,000
----------- ----------- ------------ ------------
4,667,000 3,778,000 13,169,000 11,601,000
----------- ----------- ------------ ------------
Operating income
(loss) (472,000) (753,000) (1,237,000) 212,000
Other income
(expense)
Interest income 49,000 40,000 177,000 63,000
Interest expense (178,000) (192,000) (628,000) (658,000)
Other (20,000) (22,000) (100,000) (42,000)
----------- ----------- ------------ ------------
(149,000) (174,000) (551,000) (637,000)
----------- ----------- ------------ ------------
Net income (loss) $ (621,000) $ (927,000) $(1,788,000) $ (425,000)
----------- ----------- ------------ ------------
Net income (loss)
per share
Basic $ (0.05) $ (0.07) $ (0.14) $ (0.03)
----------- ----------- ------------ ------------
Diluted $ (0.05) $ (0.07) $ (0.14) $ (0.03)
----------- ----------- ------------ ------------
Weighted average
shares outstanding
Basic 12,626,257 12,497,650 12,622,034 12,449,843
----------- ----------- ------------ ------------
Diluted 12,626,257 12,497,650 12,622,034 12,449,843
----------- ----------- ------------ ------------
Condensed Consolidated Balance Sheets
March 31, June 30,
2001 2000
-------------- ---------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 2,240,000 $ 1,101,000
Accounts receivable 6,136,000 5,296,000
Inventories 9,439,000 12,290,000
Prepaid expense 763,000 733,000
-------------- ---------------
Total current assets 18,578,000 19,420,000
PROPERTY, PLANT AND EQUIPMENT, NET 28,875,000 30,352,000
OTHER ASSETS 15,485,000 16,016,000
-------------- ---------------
$ 62,938,000 $ 65,788,000
-------------- ---------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities $ 2,917,000 $ 3,890,000
Long-term obligations 6,287,000 6,477,000
Shareholders' equity 53,734,000 55,421,000
-------------- ---------------
$ 62,938,000 $ 65,788,000
-------------- ---------------
Lifecore Biomedical, Inc.
Divisional Statements of Operations
Three Months Ended March 31,
(Unaudited)
Hyaluronate Division Oral Restorative Division
------------------------ -------------------------
2001 2000 2001 2000
----------- ------------ ----------- -----------
Net sales $3,343,000 $3,073,000 $5,284,000 $5,132,000
Cost of goods sold 2,385,000 3,024,000 2,047,000 2,156,000
----------- ------------ ----------- -----------
Gross profit 958,000 49,000 3,237,000 2,976,000
Operating expenses
Research and
development 915,000 902,000 296,000 162,000
Marketing and sales 51,000 27,000 2,276,000 1,830,000
General and
administrative 431,000 369,000 698,000 488,000
----------- ------------ ----------- -----------
1,397,000 1,298,000 3,270,000 2,480,000
----------- ------------ ----------- -----------
Operating income
(loss) $ (439,000) $(1,249,000) $ (33,000) $ 496,000
=========== ============ =========== ===========
Consolidated
-----------------------
2001 2000
----------- -----------
Net sales $8,627,000 $8,205,000
Cost of goods sold 4,432,000 5,180,000
----------- -----------
Gross profit 4,195,000 3,025,000
Operating expenses
Research and
development 1,211,000 1,064,000
Marketing and sales 2,327,000 1,857,000
General and
administrative 1,129,000 857,000
----------- -----------
4,667,000 3,778,000
----------- -----------
Operating income
(loss) $ (472,000) $ (753,000)
=========== ===========
Lifecore Biomedical, Inc.
Divisional Statements of Operations
Nine Months Ended March 31,
(Unaudited)
Hyaluronate Division Oral Restorative Division
------------------------ -------------------------
2001 2000 2001 2000
------------ ----------- ------------ ------------
Net sales $10,558,000 $9,313,000 $14,682,000 $14,559,000
Cost of goods sold 7,319,000 5,906,000 5,989,000 6,153,000
------------ ----------- ------------ ------------
Gross profit 3,239,000 3,407,000 8,693,000 8,406,000
Operating expenses
Research and
development 2,310,000 2,591,000 795,000 485,000
Marketing and sales 147,000 102,000 6,542,000 5,695,000
General and
administrative 1,264,000 1,089,000 2,111,000 1,639,000
------------ ----------- ------------ ------------
3,721,000 3,782,000 9,448,000 7,819,000
------------ ----------- ------------ ------------
Operating income
(loss) $ (482,000) $ (375,000) $ (755,000) $ 587,000
============ =========== ============ ============
Consolidated
-----------------------
2001 2000
------------ ------------
Net sales $25,240,000 $23,872,000
Cost of goods sold 13,308,000 12,059,000
------------ ------------
Gross profit 11,932,000 11,813,000
Operating expenses
Research and
development 3,105,000 3,076,000
Marketing and sales 6,689,000 5,797,000
General and
administrative 3,375,000 2,728,000
------------ ------------
13,169,000 11,601,000
------------ ------------
Operating income
(loss) $(1,237,000) $ 212,000
============ ============
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