XOMA REPORTS 1992 THIRD QUARTER FINANCIAL RESULTS
XOMA REPORTS 1992 THIRD QUARTER FINANCIAL RESULTS BERKELEY, Calif., Nov. 5 /PRNewswire/ -- XOMA Corp.
(NASDAQ-NMS: XOMA) today reported its financial results for the 1992 third quarter.
For the quarter ended Sept. 30, 1992, XOMA had revenues of $0.7 million and a net loss of $19.0 million (89 cents per share). As previously reported, the loss reflects a one-time charge of $10.0 million for personnel expenses associated with a corporate restructuring, idle production capacity costs, and the establishment of a reserve for inventory. Without the one-time charge, the company's third quarter 1992 loss would have been $9.0 million (42 cents per share). In the 1991 third quarter, XOMA recorded revenues of $4.3 million and a net loss of $9.0 million (42 cents per share). The decline in revenues in 1992 compared to the 1991 period was due to lower research and development fees from and product sales to Pfizer Inc., XOMA's marketing partner for its E5 anti-endotoxin monoclonal antibody, and to the completion of funding from the Ortho Biotech division of Johnson & Johnson related to development of the company's CD5 Plus product for certain immune system disorders. At Sept. 30, 1992, XOMA had total assets of $118.9 million, including cash and short-term investments of $92.7 million, and stockholders' equity of $97.0 million. XOMA is a leading biotechnology company in the development of proprietary products for the treatment of infectious diseases and immune system disorders. XOMA CORP. Balance Sheet Data Sept. 30 Dec. 31 (In thousands) 1992 1991 Current assets $101,936 $139,495 Total assets 118,904 154,289 Long-term debt 1,172 1,503 Stockholders' equity 97,029 134,456 Statement of Three Months Ended Nine Months Ended Operations Data Sept. 30 Sept. 30 (In thousands except 1992 1991 1992 1991 per share data) Total revenues $ 720 $ 4,253 $ 4,530 $14,306 Total operating costs & expenses(A) 20,920 15,852 43,843 42,702 Other income 1,215 2,561 4,376 4,641 Litigation settlement 0 0 (3,250) 0 Net loss (18,985) (9,038) (38,187) (23,755) Net loss per share (0.89) (0.42) (1.78) (1.27) Weighted average common shares outstanding 21,451 21,405 21,442 18,719 (A) 1992 figures include $10.0 million one-time charge. Shares outstanding at Sept. 30, 1992: 21,453,848 -0- 11/5/92 /CONTACT: Carol DeGuzman of XOMA, 510-644-1170/ (XOMA) CO: XOMA Corp. ST: California IN: MTC SU: ERN
ML-TM -- SF006 -- 7799 11/05/92 14:25 EST
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|Date:||Nov 5, 1992|
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