North American Scientific Reports Fourth-Quarter and Fiscal Year 2001 Financial Results.Business Editors CHATSWORTH, Calif.--(BUSINESS WIRE)--Dec. 11, 2001 North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. Scientific, Inc. (Nasdaq:NASI (1) (NetWare Asynchronous Service Interface) A protocol from Novell for connecting to modems in a communications server. It was derived from the NCSI protocol. NASI provides more advanced features than the common int 14 (interrupt 14) method. ) today announced financial results for its fourth quarter and fiscal year ended October 31, 2001. For the fourth quarter ended October 31, 2001, the Company reported net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight of $5.1 million, an 11.3% increase as compared with net sales of $4.6 million for the fourth quarter of 2000. Net income for the fourth quarter was $94,000, or $0.01 per share, as compared with pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma net income of $1.3 million, or $0.17 per share for the prior-year quarter, excluding an $11.4 million charge during the prior year quarter for acquired in-process research and development related to the acquisition of Theseus Imaging Corporation in October 2000. Including the aforementioned a·fore·men·tioned adj. Mentioned previously. n. The one or ones mentioned previously. aforementioned Adjective mentioned before Adj. 1. charge, the Company reported a net loss of $10.1 million, or $1.45 per share in the fourth quarter of fiscal 2000. The year over year change is primarily a result of ongoing development costs associated with Apomate(TM), the Company's innovative radiopharmaceutical radiopharmaceutical /ra·dio·phar·ma·ceu·ti·cal/ (-fahr?mah-soo´ti-k'l) a radioactive pharmaceutical, nuclide, or other chemical used for diagnostic or therapeutic purposes. imaging agent candidate. For the year ended October 31, 2001, net sales were $19.3 million, a 10.6% increase as compared to net sales of $17.5 million for fiscal year 2000. In the third quarter of fiscal 2001, the Company recorded a one-time charge of $3.7 million with respect to its linear accelerators linear accelerator: see particle accelerator. linear accelerator or linac Type of particle accelerator that imparts a series of relatively small increases in energy to subatomic particles as they pass through a sequence of . Excluding one-time charges in each year, pro forma net income for fiscal 2001 was $0.4 million (net of tax effect of $0.2 million), or $0.04 per share, as compared with pro forma net income of $5.4 million, or $0.71 per share for fiscal year 2000. The difference in year over year net income largely stems from the Company's continued investment in the Apomate(TM) development program. The actual net losses for the years ended October 31, 2001 and 2000 inclusive of inclusive of prep. Taking into consideration or account; including. one-time charges, were $2.0 million and $6.0 million, respectively. At October 31, 2001, the Company's cash 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 $54.3 million. L. Michael Cutrer, President and Chief Executive Officer of North American Scientific, said, "Fiscal 2001 marked another step in the Company's plans toward diversification Diversification A risk management technique that mixes a wide variety of investments within a portfolio. It is designed to minimize the impact of any one security on overall portfolio performance. Notes: Diversification is possibly the greatest way to reduce the risk. and the development of new medical products that address significant markets. The strength of our brachytherapy brachytherapy /brachy·ther·a·py/ (-ther´ah-pe) treatment with ionizing radiation whose source is applied to the surface of the body or within the body a short distance from the area being treated. and non-therapeutic sales in FY 2001 supported the considerable progress achieved in our Apomate(TM) program. We remain confident in our business strategies and NASI's long term growth prospects." A live webcast of North American Scientific's fourth-quarter financial results conference call will be available over the Internet through its Web site at www.nasi.net in the Investor Center beginning at 10:00 a.m. PST PST Paroxysmal supraventricular tachycardia, see there on December 11, 2001. For those who cannot listen to the live broadcast, a replay of the call will be available at the same site shortly after the call. Event archives are normally available one to two hours after the event ends. For the live event, listeners should go to the Web site at least fifteen minutes before the event starts to download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. and install any necessary audio software. About North American Scientific North American Scientific designs, develops and produces innovative radioisotopic products, including brachytherapy seeds and radiopharmaceuticals, principally for the treatment and diagnosis of disease. Its lead radiopharmaceutical product candidate is Apomate(TM), a kit for the preparation of Technetium technetium (tĕknē`shēəm) [Gr. technetos=artificial], artificially produced radioactive chemical element; symbol Tc; at. no. 43; mass no. of most stable isotope 98; m.p. 2,200°C;; b.p. 4,877°C;; sp. gr. 11. Tc-99m labeled Annexin-V (a naturally occurring human protein produced by recombinant recombinant /re·com·bi·nant/ (re-kom´bi-nant) 1. the new entity (e.g., gene, protein, cell, individual) that results from genetic recombination. 2. pertaining or relating to such an entity. See also under DNA. techniques). It is administered intravenously in·tra·ve·nous adj. Abbr. IV Within or administered into a vein. n. A drug, nutrient solution, or other substance administered into a vein. and is intended for the in vivo in vivo /in vi·vo/ (ve´vo) [L.] within the living body. in vi·vo adj. Within a living organism. in vivo adv. imaging of apoptosis apoptosis or programmed cell death Mechanism that allows cells to self-destruct when stimulated by the appropriate trigger. It may be initiated when a cell is no longer needed, when a cell becomes a threat to the organism's health, or for other reasons. and necrosis necrosis /ne·cro·sis/ (ne-kro´sis) pl. necro´ses [Gr.] the morphological changes indicative of cell death caused by progressive enzymatic degradation; it may affect groups of cells or part of a structure or an organ. , two common forms of cell death. For more information, please visit the company's Web site at www.nasi.net. Statements included in this release that are not historical facts may be considered 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. that are subject to a variety of risks and uncertainties. There are a number of important factors that could cause actual results to differ materially from those expressed in any forward-looking statements made by the company including, but not limited to, uncertainties relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc drug discovery and clinical development processes, the impact of competitive products and technological changes, changes in relationships with strategic partners and dependence upon strategic partners for the performance of critical activities under collaborative agreements, uncertainties relating to patent protection and regulatory approval, the stable supply of appropriate isotopes An isotope a type of neutral atom but the number of neutrons is different from the number of protons in the nucleus. May be radioactive. Elements 1-15 Hydrogen
NORTH AMERICAN SCIENTIFIC, INC.
Consolidated Statements of Operations
Three Months Ended Year Ended
October 31, October 31,
----------------------- -------------------------
2001 2000 2001 2000
----------- ----------- ------------ ------------
(Unaudited)
Net sales $5,117,000 $4,599,000 $19,343,000 $17,490,000
Cost of goods sold 1,854,000 1,538,000 6,862,000 5,834,000
----------- ----------- ------------ ------------
Gross profit 3,263,000 3,061,000 12,481,000 11,656,000
----------- ----------- ------------ ------------
Selling, general and
administrative
expenses 1,514,000 1,142,000 6,097,000 3,725,000
Research
and development 2,153,000 153,000 7,602,000 417,000
Purchased research
and development -- 11,431,000 -- 11,431,000
Write-off of
construction in progress -- -- 3,743,000 --
----------- ----------- ------------ ------------
Income (loss)
from operations (404,000) (9,665,000) (4,961,000) (3,917,000)
Interest and
other income, net 551,000 277,000 1,886,000 1,110,000
----------- ----------- ------------ ------------
Income (loss) before
provision for
income taxes 147,000 (9,388,000) (3,075,000) (2,807,000)
Provision (benefit)
for income taxes 53,000 752,000 (1,090,000) 3,221,000
----------- ----------- ------------ ------------
Net income (loss) $94,000($10,140,000) ($1,985,000) ($6,028,000)
=========== =========== ============ ============
Earnings (loss) per share:
Basic $.01 ($1.45) ($0.20) ($0.87)
=========== =========== ============ ============
Diluted $.01 ($1.45) ($0.20) ($0.87)
=========== =========== ============ ============
Shares used in
per share calculations:
Basic 10,156,559 6,975,551 9,782,562 6,907,291
=========== =========== ============ ============
Diluted 10,668,043 6,975,551 9,782,562 6,907,291
=========== =========== ============ ============
NORTH AMERICAN SCIENTIFIC, INC.
Condensed Consolidated Balance Sheets
October 31, October 31,
2001 2000
----------- -----------
Assets
Current assets
Cash and marketable securities $54,342,000 $12,172,000
Trade accounts receivable, net 1,785,000 1,299,000
Inventories 609,000 729,000
Other current assets 1,739,000 520,000
----------- -----------
Total current assets 58,475,000 14,720,000
Other assets 14,206,000 16,994,000
----------- -----------
Total assets $72,681,000 $31,714,000
=========== ===========
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable and accrued expenses $2,808,000 $2,611,000
Other current liabilities -- 3,382,000
----------- -----------
Total current liabilities 2,808,000 5,993,000
----------- -----------
Stockholders' equity 69,873,000 25,721,000
----------- -----------
Total liabilities
and stockholders' equity $72,681,000 $31,714,000
=========== ===========
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