Lifecore Reports Third Quarter Financial Results.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 quarterly revenue of $6,849,000 for the third quarter ended March 31, 1999, a decrease of 9% from the $7,512,000 reported for the same period of a year ago. Revenue for the current nine-month period increased 1% to $19,235,000, compared to the $18,984,000 reported for the nine-month period of a year ago. The Company recorded third quarter net income of $570,000, or $.05 per share, which represented a decrease of 29% compared to the $806,000, or $.07 per share, earned during the third quarter of a year ago. Net income for the current nine-month period increased to $428,000, or $.03 per share, compared to a loss of $281,000, or $(.02) per share, 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). for the nine-month 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 The Oral Restorative Division continued to demonstrate steady growth. Third quarter revenue increased 21% to $5,059,000 from the $4,193,000 recorded for the third quarter of a year ago. Quarterly operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. increased 92% to $710,000 when compared to the $370,000 reported for the third quarter of a year ago. Revenue for the current nine-month period also increased 21% to $13,865,000, compared to the $11,456,000 reported for the nine-month period of last year. Nine-month operating income increased to $1,529,000, or 11% of sales, on an improved gross margin of 62%. HYALURONATE hyaluronate /hy·al·uro·nate/ (hi?ah-ldbobr´ro-nat) a salt, anion, or ester of hyaluronic acid. The sodium salt and a derivative of it are used as analgesics in the treatment of osteoarthritis of the knee. DIVISION Hyaluronate Division third quarter revenue decreased 46% to $1,790,000 when compared to the $3,319,000 reported for the third quarter of a year ago. Current nine-month revenue decreased 29% to $5,370,000 from the $7,528,000 reported for the nine-month period of a year ago. The year-over-year difference in the third quarter revenue comparison was due to reduced third quarter 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. hyaluronate shipments to the Company's largest customer, Alcon Laboratories. A year ago, third quarter revenue from Alcon was greatly increased because Alcon purchased all of it's it's 1. Contraction of it is. 2. Contraction of it has. See Usage Note at its. it's it is or it has it's be ~have third and fourth quarter hyaluronate needs during that fiscal year's third quarter. The opposite is expected to occur in the current fiscal year. Alcon is scheduled to purchase most of it's January January: see month. through June June: see month. 1999 ophthalmic hyaluronate during Lifecore's fourth fiscal quarter ending June 30, 1999. Third quarter shipments of Bausch & Lomb's ("B&L") AMVISC(R) and AMVISC PLUS(R) Ophthalmic Hyaluronate FB Solution, produced by Lifecore for sale by B&L outside 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. , increased 3-fold over the third quarter of a year ago. The Company continues to await AWAIT, crim. law. Seems to signify what is now understood by lying in wait, or way-laying. future approval of B&L PMA PMA (papillary-marginal-attached), n a system of epidemiologic scoring of periodontal disease devised by Schour and Massler in which the symbols denote the areas involved in gingival inflammation. PMA Progressive muscular atrophy Supplement that will allow Lifecore to source those products for U.S. sale. 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 biomaterials for use in various surgical devices. Company news and general information are available through its website at http://www.lifecore.com. -0-
Lifecore Biomedical, Inc.
Consolidated Statements of Operations
(Unaudited)
Three Months Ended Nine Months Ended
March 31, March 31,
1999 1998 1999 1998
Net sales $ 6,849,000 $ 7,512,000 $ 19,235,000 $ 18,984,000
Cost of goods
sold 2,681,000 3,195,000 7,710,000 8,570,000
Gross profit 4,168,000 4,317,000 11,525,000 10,414,000
Operating expenses
Research and
development 725,000 1,170,000 2,751,000 3,655,000
Marketing and
sales 1,858,000 1,559,000 5,339,000 5,141,000
General and
administrative 829,000 949,000 2,537,000 2,554,000
3,412,000 3,678,000 10,627,000 11,350,000
Operating income
(loss) 756,000 639,000 898,000 (936,000)
Other income (expense)
Interest income 15,000 208,000 180,000 756,000
Interest
expense (201,000) (41,000) (650,000) (101,000)
(186,000) 167,000 (470,000) 655,000
Net income (loss) $ 570,000 $ 806,000 $ 428,000 $ (281,000)
Net income (loss) per share
Basic $ 0.05 $ 0.07 $ 0.03 $ (0.02)
Diluted $ 0.05 $ 0.06 $ 0.03 $ (0.02)
Weighted average shares outstanding
Basic 12,405,051 12,274,096 12,392,307 12,251,686
Diluted 12,531,751 12,686,287 12,467,996 12,251,686
Condensed Consolidated Balance Sheets
March 31, June 30,
1999 1998
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 422,000 $ 2,092,000
Short-term investments -- 3,953,000
Accounts receivable 5,025,000 4,609,000
Inventories 14,710,000 12,918,000
Prepaid expense 592,000 503,000
Total current assets 20,749,000 24,075,000
PROPERTY, PLANT AND EQUIPMENT, NE 32,359,000 32,892,000
OTHER ASSETS 12,439,000 9,981,000
$ 65,547,000 $ 66,948,000
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities $ 4,449,000 $ 6,991,000
Long-term obligations
6,791,000 6,658,000
Shareholders' equity 54,307,000 53,299,000
$ 65,547,000 $ 66,948,000
Lifecore Biomedical, Inc.
Divisional Statements of Operations
Three Months Ended March 31,
(Unaudited)
Hyaluronate Oral
Division Restorative
Division
-------------- ----------------
1999 1998 1999 1998
----- ---- ---- ----
Net sales $1,790,000 $3,319,000 $5,059,000 $4,193,000
Cost of goods sold 818,000 1,569,000 1,863,000 1,626,000
---------- ---------- ---------- ----------
Gross profit 972,000 1,750,000 3,196,000 2,567,000
Operating expenses
Research and development 557,000 1,049,000 168,000 121,000
Marketing and sales 29,000 48,000 1,829,000 1,511,000
General and
administrative 340,000 384,000 489,000 565,000
---------- ---------- ---------- ----------
926,000 1,481,000 2,486,000 2,197,000
---------- ---------- ---------- ----------
Operating income (loss) $46,000 $269,000 $710,000 $370,000
========== ========== ========== ==========
Consolidated
---------------------------------
1999 1998
--------------- ----------------
----------------- ---------------- ----------------- ----------------
-------------- -----------
Net sales $6,849,000 $7,512,000
Cost of goods sold 2,681,000 3,195,000
-------------- -----------
Gross profit 4,168,000 4,317,000
Operating expenses
Research and development 725,000 1,170,000
Marketing and sales 1,858,000 1,559,000
General and administrative 829,000 949,000
-------------- -----------
3,412,000 3,678,000
-------------- -----------
Operating income (loss) $ 756,000 $ 639,000
============== ===========
Lifecore Biomedical, Inc.
Divisional Statements of Operations
Nine Months Ended March 31,
(Unaudited)
Hyaluronate Oral
Division Restorative
Division
-------------- ----------------
1999 1998 1999 1998
----- ---- ---- ----
Net sales $5,370,000 $7,528,000 $13,865,000 $11,456,000
Cost of goods sold 2,506,000 3,893,000 5,204,000 4,677,000
------------ ---------- ----------- ----------
Gross profit 2,864,000 3,635,000 8,661,000 6,779,000
Operating expenses
Research and
development 2,364,000 3,281,000 387,000 374,000
Marketing and sales 80,000 136,000 5,259,000 5,005,000
General and
administrative 1,051,000 1,042,000 1,486,000 1,512,000
3,495,000 4,459,000 7,132,000 6,891,000
------------ --------- ------------ ----------
Operating income (loss) $(631,000) $(824,000) $1,529,000 $(112,000)
============ ========= ============ ==========
============ ========= ============ ==========
Consolidated
---------------------------------
1999 1998
--------------- ----------
-------------- -----------
Net sales $19,235,000 $18,984,000
Cost of goods sold 7,710,000 8,570,000
------------- --------------
Gross profit 11,525,000 10,414,000
Operating expenses
Research and development 2,751,000 3,655,000
Marketing and sales 5,339,000 5,141,000
General and administrative 2,537,000 2,554,000
------------- --------------
10,627,000 11,350,000
------------- -------------
Operating income (loss) $ 898,000 $(936,000)
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