U.S. Bioscience Announces Fourth Quarter Results.WEST CONSHOHOCKEN, Pa.--(BUSINESS WIRE)--February 22, 1995--U.S. Bioscience bioscience /bio·sci·ence/ (-si´ens) the study of biology wherein all the applicable sciences (physics, chemistry, etc.) are applied. bi·o·sci·ence n. See life science. Inc. (AMEX AMEX See: American Stock Exchange :UBS UBS Union Bank of Switzerland UBS United Bible Societies UBS United Blood Services UBS United Buying Service UBS Used Bookstore UBS University Business Services UBS Universal Building Society (UK) UBS Ulaanbaatar Broadcasting System ) today reported a fourth quarter 1994 loss of $.13 per share compared to a $.49 per share loss in the fourth quarter of 1993. The loss in 1993 included a one-time charge for the settlement of litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. which increased the 1993 quarterly loss by $.26 per share. Fourth quarter operating results (excluding the one-time litigation charge) compare very favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. to the 1993 period as a four-fold increase in sales and a decrease in operating expenditures produced a 40% reduction in the quarterly 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. . The sales increase is attributable to both of the company's commercial products, Hexalen(R) (altretamine), a treatment for ovarian cancer ovarian cancer Malignant tumour of the ovaries. Risk factors include early age of first menstruation (before age 12), late onset of menopause (after age 52), absence of pregnancy, presence of specific genetic mutations, use of fertility drugs, and personal history of breast , and NeuTrexin(TM) (trimetrexate glucuronate trimetrexate glucuronate (trī´mi-trek´sāt´), n brand name: Neutrexin; drug class: folate antogonist; action: for injection), a product launched in January 1994 for the treatment of Pneumocystis carinii pneumonia Pneumocystis carinii pneumonia (PCP) A lung infection that affects people with weakened immune systems, such as people with AIDS or people taking medicines that weaken the immune system. Mentioned in: AIDS, Antiprotozoal Drugs, Sulfonamides . The company also noted that product sales in the fourth quarter increased 21% over the third quarter of 1994. 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. , excluding the one-time litigation charge, were reduced 27% or $2.7 million from the prior year. The reduction principally reflects lower marketing expenses, reduced clinical and product development expenditure and lower personnel costs. The company announced a reorganization in January 1995 which includes further staff and expense reductions and a prioritization of clinical and product development activities. In conjunction with the restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). , a charge estimate at $600,000.00 will be taken in the first quarter, 1995. For the full year, the company reported an operating loss of $.60 per share compared to a $.77 loss per share (excluding the one-time litigation charge) for all of 1993. Based in West Conshohocken, U.S. Bioscience is a pharmaceutical company specializing in the development and commercialization of products for patients with cancer and AIDS. -0-
U.S. BIOSCIENCE INC. FINANCIAL HIGHLIGHTS
CONSOLIDATED STATEMENTS OF OPERATIONS
Three months ended Year ended
December 31, December 31,
1994 1993 1994 1993
Revenues
Net sales $2,024,900 $ 497,700 $7,209,700 $2,360,500
Investment income, net 337,600 601,400 1,234,700 3,776,400
Licensing and royalty
income 0 52,900 102,000 2,066,900
2,362,500 1,152,000 8,546,400 8,203,800
Expenses
Cost of sales 426,500 143,400 1,694,400 625,400
Selling, general and
administrative 2,727,200 5,717,900 13,247,600 18,639,200
Research and
development 4,629,200 4,394,700 17,645,500 19,403,800
Provision for
litigation -- 10,165,000 -- 10,165,000
7,782,900 20,421,000 32,587,500 48,833,400
Net loss $(5,420,400) $(19,269,000) $(24,041,100) $(40,629,600) Net loss per share $ (0.13) $ (0.49) $ (0.60) $ (1.03) Weighted average number of shares 40,825,500 39,639,900 40,254,400 39,603,500 -0-
CONDENSED CONSOLIDATED BALANCE SHEETS
December 31, 1994 December 31, 1993
Current assets Cash and marketable securities $ 24,428,200 $ 48,363,700 Other assets 3,547,300 3,571,000
Total current assets 27,975,500 51,934,700
Plant, property and equipment; less depreciation 6,488,800 5,852,600
Total assets $ 34,464,300 $ 57,787,300
Current liabilities $ 6,439,500 $ 8,557,500 Long-term liabilities 4,085,900 11,139,900
Total liabilities 10,525,400 19,697,400
Stockholders' equity 23,938,900 38,089,900
Total liabilities and
stockholders' equity $ 34,464,300 $ 57,787,300
CONTACT: U.S. Bioscience Robert I Robert I, duke of Normandy Robert I (Robert the Magnificent), d. 1035, duke of Normandy (1027–35); father of William the Conqueror. He is often identified with the legendary Robert the Devil. . Kriebel, 610/832-0570 |
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