Printer Friendly

CAMBRIDGE BIOTECH CORPORATION REPORTS THIRD QUARTER PROFIT FROM OPERATIONS AND RESTRUCTURING CHARGE

 CAMBRIDGE BIOTECH CORPORATION REPORTS THIRD QUARTER
 PROFIT FROM OPERATIONS AND RESTRUCTURING CHARGE
 WORCESTER, Mass., Nov. 5 /PRNewswire/ -- Cambridge Biotech Corporation (NASDAQ-NMS: CBCX) today announced results for its third quarter ended Sept. 30, 1992. The company reported quarterly revenues from operations of $12,094,000 compared to $7,363,000 for the same period a year ago, an increase of 64 percent. As a result, earnings per share before a one-time restructuring charge, which had been previously announced, was $0.04, compared to a loss of ($0.01) per share a year ago.
 The restructuring charge of $6.5 million, or ($0.29) per share, taken in the third quarter of 1992 reflects the decision to consolidate manufacturing operations and close the company's Rockville, Md., facility. Including this one time charge, net operating results of the company showed a loss of about $5.7 million, or ($0.26) per share.
 For the year to date, Cambridge Biotech reported total revenues of $32,865,000, compared to $20,144,000 a year ago, an increase of 63 percent. Costs and expenses of $31,406,000 increased 42 percent over those of $22,102,000 for the same time period last year.
 Commenting on the results, Peter P. Hartman, Cambridge Biotech vice president-finance and chief financial officer, said, "Third quarter results from operations showed some improvement over those of the second quarter, and are significantly better than those of the same quarter a year ago. We believe the consolidation of manufacturing operations announced earlier by the company will result in an improvement of our total operations going forward. Significant as well are the alliances with SmithKline Beecham, Genentech, and Pasteur Merieux. These support the significant role our Stimulon(tm) adjuvant may have in the development if vaccines and immunotherapeutics against a wide range of infectious diseases."
 Cambridge Biotech Corporation is a leading diagnostics and vaccine company involved in infectious diseases. The company is developing vaccines, adjuvants, and diagnostics for humans and animals.
 CAMBRIDGE BIOTECH CORPORATION
 Statements of Operations
 (Unaudited)
 Three Months Ended Nine Months Ended
 Sept. 30 Sept. 30
 1992 1991 1992 1991
 Revenue $12,094,000 $7,363,000 $32,865,000 $20,144,000
 Costs and
 expenses 11,522,000 7,671,000 31,406,000 22,102,000
 Interest (net) 217,000 79,000 741,000 381,000
 Net income (loss)
 before
 restructuring $789,000 ($229,000) $2,200,000 ($1,577,000)
 Restructuring
 charge-(a) $6,500,000 --- $6,500,000 ---
 Net loss after
 restructuring ($5,711,000) ($229,000) ($4,300,000) ($1,577,000)
 Net loss per
 weighted average
 share-(b) (26 cents) (1 cent) (19 cents) (9 cents)
 Weighted average
 shares
 outstanding 22,168,000 18,093,000 22,136,000 17,721,000
 ---
 NOTE: (a) Accrual of estimated total one-time restructuring charge in connection with consolidation and expansion of manufacturing operations.
 (b) Net income from continuing operations, excluding accrual of one- time restructuring charge, was $789,000 or 4 cents per share for the quarter, and $2.2 million or 10 cents for the year to date.
 -0- 11/05/92
 /CONTACT: Peter P. Hartman, vice president-finance and chief financial officer of Cambridge Biotech Corporation, 508-797-5777/
 (CBCX) CO: Cambridge Biotech Corporation ST: Massachusetts IN: MTC SU: ERN


CH -- NE005 -- 2871 11/05/92 08:55 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 5, 1992
Words:551
Previous Article:SAFETY EXPERTS, TESTING LABORATORY ANNOUNCE DEVICES THAT DETECT CARBON MONOXIDE
Next Article:CIRCUIT CITY STORES, INC. REPORTS OCTOBER SALES
Topics:


Related Articles
CAMBRIDGE BIOTECH REPORTS 1991 RESULTS OF $0.02 PER SHARE FOR YEAR
CAMBRIDGE BIOTECH CORPORATION TO CONSOLIDATE U.S. MANUFACTURING OPERATIONS; EXPAND OPERATIONS IN IRELAND
CAMBRIDGE BIOTECH WILL REPORT LOSS FOR FOURTH QUARTER
CAMBRIDGE BIOTECH REPORTS 1992 RESULTS
CAMBRIDGE BIOTECH CORPORATION ANNOUNCES SECOND QUARTER RESULTS
CAMBRIDGE BIOTECH CORPORATION APPOINTS NEW CHIEF FINANCIAL OFFICER
CAMBRIDGE BIOTECH CORPORATION THIRD QUARTER RESULTS
REPLIGEN REPORTS THIRD QUARTER RESULTS
CAMBRIDGE BIOTECH CORPORATION REPORTS FIRST QUARTER RESULTS
IVAX Announces Fourth Quarter and Annual Results

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters