OXIS International Third Quarter Results Show Growth in Research Assays Revenues.Business Editors/Health/Medical Writers PORTLAND Portland, town, England Portland, town (1991 pop. 12,945), Dorset, S England. It is on the Isle of Portland, a small rocky peninsula. Portland stone has been used in St. Paul's Cathedral and other important London buildings. Lobsters and crabs are harvested. , Ore.--(BUSINESS WIRE)--Nov. 19, 2003 OXIS International, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :OXIS) (Noveau Marche Marche, region, Italy Marche (mär`kā) or the Marches, region (1991 pop. 1,429,205), 3,742 sq mi (9,692 sq km), E central Italy, extending from the eastern slopes of the Apennines to the Adriatic Sea. : OXIS) today announced a 23 percent increase in revenues for the quarter ended September September: see month. 30, 2003, as compared to the same quarter in 2002. This contributed to a net loss of $144,000, or $0.01 per share for the third of 2003, down from $298,000, or $0.03 per share for the same period in 2002. The company cited an increase in sales from its Health Products Division involving the Company's oxidative stress oxidative stress, n an imbalance of the prooxidant antioxidant ratio in which too few antioxidants are produced or ingested or too many oxidizing agents are produced. assays as the primary reason for the increased revenues. Total revenues for the third quarter of 2003 were $560,000, as compared to $426,000 for the third quarter of 2002. Total revenues for the first nine months of 2003 were $1,770,000, as compared to $1,575,000 for the first nine months of 2002. The company reported an increase in gross profit of $305,000 for the quarter, as compared $185,000 in gross profit reported for the same period in 2002. For the first nine months, gross profit was $837,000, up from $659,000 reported for the first nine months of 2002. Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. dropped from $481,000 in the third quarter of 2002 to $445,000 for the third quarter of 2003. Operating expenses for the first nine months of 2003 were $1,406,000, as compared to $1,369,000 for the first nine months in 2002. "The Company's oxidative stress assays continue to drive our growth in revenue," stated Ray R. Rogers, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of OXIS. "Two studies published in the October October: see month. 23rd issue of the New England Journal of Medicine The New England Journal of Medicine (New Engl J Med or NEJM) is an English-language peer-reviewed medical journal published by the Massachusetts Medical Society. It is one of the most popular and widely-read peer-reviewed general medical journals in the world. have focused more attention among the research community on the use of oxidative stress assays to predict the potential for cardiovascular disease Cardiovascular disease Disease that affects the heart and blood vessels. Mentioned in: Lipoproteins Test cardiovascular disease in humans. In addition, our oxidative stress screening tests for the profiling of cattle's susceptibility susceptibility the state of being susceptible. Refers usually to infectious disease but may be to physical factors such as wetting or to psychological factors such as harassment. to disease continue to move forward in trials at major commercial feedlots." OXIS International, headquartered in Portland, Oregon Oregon, city, United States Oregon, city (1990 pop. 18,334), Lucas co., NW Ohio, a suburb adjacent to Toledo, on Lake Erie; inc. 1958. It is a port with railroad-owned and -operated docks. The city has industries producing oil, chemicals, and metal products. , focuses on developing technologies and products to research, diagnose diagnose /di·ag·nose/ (di´ag-nos) to identify or recognize a disease. di·ag·nose v. 1. To distinguish or identify a disease by diagnosis. 2. , treat and prevent diseases associated with damage from free radical and reactive oxygen species reactive oxygen species, n molecules and ions of oxygen that have an unpaired electron, thus rendering them extremely reactive. Many cellular structures are susceptible to attack by ROS contributing to cancer, heart disease, and cerebrovascular disease. -- diseases of oxidative stress. The company holds the rights to three therapeutic classes of compounds in the area of oxidative stress and, through its Health Products division, develops, manufactures and markets products and technologies to diagnose and treat diseases caused by oxidative stress. Statements in this release that are not purely historical 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. within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including, without limitation, any statements regarding beliefs, plans, estimates, projections, expectations, goals or intentions regarding the future. Forward-looking statements in this release include statements regarding the Company's oxidative stress assays continuing to drive the company's growth in revenues, the use of oxidative stress assays to predict the potential for cardiovascular disease in humans and the company's oxidative stress screening tests for the profiling of cattle's susceptibility to disease continuing to move forward in trials at major commercial feedlots. Factors that could cause actual results to differ materially from the forward-looking statements include risks and uncertainties such as unforeseen difficulties related to the company's oxidative stress and other diagnostic products; decreases in the rate of spending by the company's customers; results from further studies or tests concerning the correlation of GPx to the likelihood of a cardiovascular cardiovascular /car·dio·vas·cu·lar/ (-vas´ku-ler) pertaining to the heart and blood vessels. car·di·o·vas·cu·lar adj. Abbr. events; the development by the company's competitors of new competing products; and other risks indicated in the company's filings with the Securities and Exchange Commission. It is important to note that actual outcomes could differ materially from those in such forward-looking statements. Readers should also refer to the documents filed by the company with the Securities and Exchange Commission, specifically the annual report on Form 10-KSB for the year ended December 31, 2002, filed with the Securities and Exchange Commission on March 31, 2003 and the company's quarterly reports on Form 10-Q Form 10-Q See 10-Q. filed thereafter.
OXIS INTERNATIONAL, INC. AND SUBSIDIARIES
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CONSOLIDATED STATEMENTS OF OPERATIONS
-------------------------------------
(In thousands of dollars, except earnings per share data)
---------------------------------------------------------
Three Months Ended Nine Months Ended
September 30, September 30,
----------------------- -----------------------
2003 2002 2003 2002
(unaudited) (unaudited) (unaudited) (unaudited)
----------- ----------- ----------- -----------
Revenues $560 $426 $1,770 $1,575
Cost of revenue 255 241 933 916
Gross profit 305 185 837 659
Operating expenses:
Research and
development 86 154 262 350
Selling, general
and administrative 359 327 1,144 1,019
------------------------------------------
Total operating
expenses 445 481 1,406 1,369
------------------------------------------
Operating loss (140) (296) (569) (710)
Other income and
expenses:
Other income -- -- 8 62
Interest income -- 2 1 6
Interest expense (4) (4) (11) (15)
Total other income
and expenses (4) (2) (2) 53
Loss before income taxes (144) (298) (571) (657)
Income taxes -- -- -- --
Net loss (144) (298) (571) (657)
Other comprehensive
income (loss)
Foreign currency
translation adjustment (45) (8) 23 (14)
Comprehensive loss $(189) $(306) $(548) $(671)
Net loss per share -
basic and diluted $(.01) $(.03) $(.04) $(.07)
Weighted average
number of shares used
in computation -
basic and diluted 25,941,132 9,795,841 15,465,095 9,741,378
CONSOLIDATED BALANCE SHEET INFORMATION
--------------------------------------
(In thousands of dollars)
-------------------------
9/30/03 12/31/02
Current assets $1,024 $1,051
Total assets 1,938 1,985
Current liabilities 1,035 767
Total equity 903 1,218
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