UroCor Announces 3rd Quarter Earnings of 7 Cents Per Share.Business & Health Editors OKLAHOMA Oklahoma (ōkləhō`mə), state in SW United States. It is bordered by Missouri and Arkansas (E); Texas, partially across the Red R. (S, W); New Mexico, across the narrow edge of the Oklahoma Panhandle (W); and Colorado and Kansas (N). CITY--(BUSINESS WIRE)--Oct. 24, 2000 Revenue Up 18%, with Core Diagnostics (1) Software routines that test hardware components (memory, keyboard, disks, etc.). Diagnostics are often stored in ROM chips and activated on startup. (2) Error messages in a programmer's source code that refer to statements or syntax that the compiler or assembler Up 24% Year Over Year. UroCor, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : UCOR UCOR Uniform Code of Operating Rules ) today announced its third quarter 2000 financial results for the period ended September September: see month. 30, 2000, which included earnings of seven cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. . These results continue the current trend of three consecutive increasing profitable quarters, primarily attributable to operational initiatives implemented by the Company since early 1999. "During 2000, we have seen continued growth in diagnostics revenue, which has reached over $12 million during our traditionally slowest and most difficult quarter, up 24% from 1999," said UroCor 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. Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. W. George. "While we took some decisive measures in the past year that initially resulted in fewer clients and lower revenues, we believe these actions have been validated val·i·date tr.v. val·i·dat·ed, val·i·dat·ing, val·i·dates 1. To declare or make legally valid. 2. To mark with an indication of official sanction. 3. with three successive profitable quarters in 2000. We are now experiencing some of our best operational performance in our diagnostics segment, and are awaiting significant results from our therapeutic products." Third quarter total revenue was $13.0 million, compared with $11.0 million in third quarter 1999. Revenue from core diagnostics and related services were $12.5 million, a 24% increase from $10.1 million recorded in the same 1999 period. Therapeutic revenue of $554,000 was derived from initial sales of ProstaSeed and PACIS PACIS Pacific Asia Conference on Information Systems BCG BCG bacille Calmette-Guérin. BCG abbr. 1. bacillus Calmette-Guérin 2. ballistocardiogram BCG, n.pr See bacille Calmette-Guórin. , compared with $1.0 million in the prior year period derived principally from the co-promotion agreement with Astra-Zeneca, which included a one-time payment of $500,000. The Company reported 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. of $1.0 million for the third quarter 2000, compared with operating income of $51,000 for the third quarter of 1999. The Company reported net income of $692,000, or $0.07 per share, in the third quarter 2000, compared with net income of $154,000 or $0.02 per share, in 1999. UroCor's urologist Urologist A physician who deals with the study and treatment of disorders of the urinary tract in women and the urogenital system in men. Mentioned in: Congenital Bladder Anomalies, Lithotripsy, Men's Health, Overactive Bladder urologist client base for the third quarter 2000 was 2,450, compared to 2,620 reported for the same period in 1999. Nine Month Results For the first nine months of 2000, the Company reported revenue of $37.4 million, an 8% gain over the prior year period. Revenue from core diagnostic and related services increased $4.0 million or 12% over the comparable 1999 period revenue of $32.5 million. Therapeutic revenue of $889,000 for the first nine months of 2000 related to ProstaSeed and PACIS BCG sales, compared with $2.1 million for the 1999 period related to the Astra-Zeneca agreement. Operating income for the first nine months of 2000 was $2.1 million, compared with an 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. for the 1999 period of $6.9 million. The Company reported net income of $1.6 million, or $0.16 per share for the first nine months of 2000, compared with a net loss of $4.1 million, or $0.41 per share in the prior year period. Excluding special charges of $7.4 million, operating income would have been $517,000 and net income $750,000, or $0.07 per share in the first nine months of 1999. President & CEO Michael W. George comments: "During 1999, we took several strategic actions to improve the quality of our revenues, adjust our price structure to reflect its true market value, streamline our operations and venture gradually into therapeutic products from our strong diagnostics base. As our financial results indicate, these measures are now coming to fruition fru·i·tion n. 1. Realization of something desired or worked for; accomplishment: labor finally coming to fruition. 2. Enjoyment derived from use or possession. 3. . "Our PACIS BCG sales have reached our manufacturer's current capacity, as we look forward to increased additional inventory levels becoming available in 2001. Our specially designed administration kit has been well received by urologist users of PACIS BCG. ProstaSeed sales continue to increase as we enter the marketplace. Prostate Services of America, one of our strategic partners, has shown gradual increases in sales levels over the past 4-5 months, while Mallinckrodt continues to ramp up Ramp Up To increase a company's operations in anticipation of increased demand. Notes: A company might 'ramp up' operations if they just signed a contract creating substantially more demand for their product. See also: Demand, Economies of Scale its efforts related to their hospital sourcing contracts. We look forward to enhanced penetration by both distributors in the future." Sr. VP & CFO See Chief Financial Officer. Bruce Bruce, Scottish royal family descended from an 11th-century Norman duke, Robert de Brus. He aided William I in his conquest of England (1066) and was given lands in England. C. Hayden comments: "We are very pleased with the results of our efforts to streamline our operations and selectively qualify our revenue objectives. Our average revenue per urologist has risen from $3,700 to $5,000 per urologist for the third quarter 1999 versus 2000, a 35% increase. Also, our DSO's remain relatively low at 82 days. Our gross margin on diagnostics has improved 16% over the third quarter 1999, while our operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: , as a whole, has increased over 7 basis points, even in lieu of Instead of; in place of; in substitution of. It does not mean in addition to. incurring in·cur tr.v. in·curred, in·cur·ring, in·curs 1. To acquire or come into (something usually undesirable); sustain: incurred substantial losses during the stock market crash. 2. ongoing therapeutic launch costs related to PACIS BCG and ProstaSeed. We are particularly pleased with the results, given the fact that this period is traditionally the slowest of the year and we are still in the initial phases of our therapeutic launches. "Our diagnostics business continues to improve its margins over prior years, as several functional costs are operating at levels lower than 1999, on a higher revenue base. Although our total specimen SPECIMEN. A sample; a part of something by which the other may be known. 2. The act of congress of July 4, 1836, section 6, requires the inventor or discoverer of an invention or discovery to accompany his petition and specification for a patent with specimens volume is 13% less year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. over last year, our average unit price per specimen has increased 47% versus the third quarter 1999, and 30% comparing year-to-date performances. We continue to review our operations regularly, attempting to identify additional efficiencies which can improve our bottom-line." About UroCor UroCor markets directly to Urologists and managed care organizations a comprehensive range of integrated products and services to assist in detecting, diagnosing, treating and managing prostate cancer prostate cancer, cancer originating in the prostate gland. Prostate cancer is the leading malignancy in men in the United States and is second only to lung cancer as a cause of cancer death in men. , bladder cancer bladder cancer Malignant tumour of the bladder. The most significant risk factor associated with bladder cancer is smoking. Exposure to chemicals called arylamines, which are used in the leather, rubber, printing, and textiles industries, is another risk factor. , kidney stones Kidney Stones Definition Kidney stones are solid accumulations of material that form in the tubal system of the kidney. Kidney stones cause problems when they block the flow of urine through or out of the kidney. and other complex urologic disorders urologic disorder Any condition affecting the kidneys, often understood to be of the collecting tubules and southward. Cf Kidney disease. . The Company's primary focus is helping Urologists improve patient care and outcomes while reducing the total cost of managing these diseases. The Company presently serves approximately one-third of the office-based Urologists in 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. . Statements in this news release that are not strictly historical, including statements as to plans, objectives and future financial performance, are "forward-looking" statements that are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of 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. Although UroCor believes that the expectations reflected in such 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. are reasonable; it can give no assurance that the expectations will prove to be correct. Factors that could cause actual results to differ materially from UroCor's expectations include, among others, competition within the healthcare and medical services industries; the effects of government regulation and reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. policies on the healthcare market and the Company, including the possibility of being deemed not to be in compliance with federal or state regulatory requirements Regulatory requirements are part of the process of drug discovery and drug development. Regulatory requirements describe what is necessary for a new drug to be approved for marketing in any particular country. ; the Company's access to and the market's acceptance of new diagnostic and therapeutic products; the Company's ability to market and distribute diagnostic and therapeutic products profitably; the Company's ability to maintain or expand contractual relationships with managed care organizations; the Company's ability to acquire or develop and implement appropriate management information systems; as well as the risks, uncertainties and other factors described from time to time in the Company's periodic filings with the Securities and Exchange Commission.
UroCor's 3rd Quarter Conference Call
The information below is provided to allow you to listen to
UroCor's 3rd Quarter Conference Call by management of the company.
Date: October 25, 2000
Time: 10:00 a.m. CDT
Domestic Dial In Number: 1-800-960-1012
International Dial In Number: 1-952-556-2834
Replay thru October 27, 2000 - 11:59 p.m. EDT
Domestic Replay: 1-800-615-3210
International Replay: 1-703-326-3020
Passcode: 4697129
UROCOR, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
September 30, December 31,
2000 1999
---- ----
(Unaudited) (Audited)
ASSETS
Cash and marketable investments $ 9,360 $ 11,054
Accounts receivable, net 11,411 11,033
Property and equipment, net 9,958 8,868
Intangible and other assets, net 5,372 3,897
Goodwill, net 3,910 -
Deferred tax asset, net 4,627 5,660
Prepaid expenses 684 824
Laboratory supplies, at average cost 504 616
Inventory 523 210
----------- -----------
Total assets $ 46,379 $ 42,162
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $ 2,597 $ 3,458
Obligations under capital lease - 8
Accrued compensation 952 402
Other accrued liabilities 835 163
Long-term debt 175 -
Deferred Compensation 476 257
---------- -----------
Total liabilities 5,035 4,288
---------- -----------
Common stock 110 108
Treasury stock (5,397) (7,175)
Additional paid-in capital 59,399 59,265
Accumulated deficit (12,768) (14,324)
---------- -----------
Stockholders' equity 41,344 37,874
---------- -----------
Total liabilities and
stockholders' equity $ 46,379 $ 42,162
========== ===========
UROCOR, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Unaudited
Three Months Ended September 30,
2000 1999
------ ------
REVENUE $ 13,028 100.0% $ 11,011 100.0%
OPERATING EXPENSES:
Direct cost of services and
products 5,281 40.5% 4,531 41.1%
Selling, general and
administrative expenses 6,435 49.5% 5,985 54.4%
Research and development 290 2.2% 444 4.0%
Special charges - - - -
------ ------
Total operating expenses 12,006 92.2% 10,960 99.5%
------ ------
Income (loss) from operations 1,022 7.8% 51 0.5%
OTHER INCOME (EXPENSE):
Interest, net 156 1.2% 191 1.7%
Other (9) (0.0%) (3) (0.0%)
------ ------
Total other income (expense) 147 1.2% 188 1.7%
------ ------
Income (loss) before income taxes 1,169 9.0% 239 2.2%
Income taxes 477 3.7% 85 0.8%
------ ------
NET INCOME (LOSS) $ 692 5.3% $ 154 1.4%
====== ======
PER COMMON AND COMMON
EQUIVALENT SHARE:
Basic:
Net Income (Loss) Per Common Share $ .07 $ .02
====== ======
Weighted Average Common and
Common Equivalent Shares
Outstanding 9,803 9,664
====== ======
Diluted:
Net Income (Loss) Per Common Share
Assuming Dilution $ .07 $ .02
====== ======
Weighted Average Common and
Common Equivalent Shares
Outstanding - Assuming Dilution* 10,185 10,106
====== ======
Nine Months Ended September 30,
2000 1999
---- ----
REVENUE $ 37,389 100.0% $ 34,583 100.0%
OPERATING EXPENSES:
Direct cost of services and
products 14,314 38.3% 14,226 41.1%
Selling, general and
administrative expenses 19,865 53.1% 18,588 53.7%
Research and development 1,076 2.9% 1,251 3.6%
Special charges - - 7,410 21.4%
------ ------
Total operating expenses 35,255 94.3% 41,475 119.9%
------ ------
Income (loss) from operations 2,134 5.7% (6,892) (19.9%)
OTHER INCOME (EXPENSE):
Interest, net 493 1.3% 677 2.0%
Other (38) (.1%) (46) (.2%)
------ ------
Total other income (expense) 455 1.2% 631 1.8%
------ ------
Income (loss) before income taxes 2,589 6.9% (6,261) (18.1%)
Income taxes 1,033 2.7% (2,165) (6.3%)
------ ------
NET INCOME (LOSS) $ 1,556 4.2% $ (4,096) (11.8%)
====== ======
PER COMMON AND COMMON
EQUIVALENT SHARE:
Basic:
Net Income (Loss) Per Common Share $ .16 $ (.41)
====== ======
Weighted Average Common and
Common Equivalent Shares
Outstanding 9,647 10,077
====== ======
Diluted:
Net Income (Loss) Per Common Share
Assuming Dilution $ .16 $ (.41)
====== ======
Weighted Average Common and
Common Equivalent Shares
Outstanding - Assuming Dilution* 9,925 10,077
====== ======
* The otherwise dilutive impact of stock options and warrants is excluded from the computation Computation is a general term for any type of information processing that can be represented mathematically. This includes phenomena ranging from simple calculations to human thinking. of Net Loss per Share Assuming Dilution Dilution A reduction in earnings per share of common stock that occurs through the issuance of additional shares or the conversion of convertible securities. Notes: Adding to the number of shares outstanding reduces the value of holdings of existing shareholders. for the nine month periods ended September 30, 1999 because such impact is anti-dilutive in the period of a net loss. Visit the UroCor website @ www.urocor.com |
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