IMMUNOMEDICS REPORTS FISCAL 1992 FINANCIAL RESULTS
IMMUNOMEDICS REPORTS FISCAL 1992 FINANCIAL RESULTS MORRIS PLAINS, N.J., Aug. 21 /PRNewswire/ -- Immunomedics, Inc.
(NASDAQ: IMMU) today reported for the fiscal year ended June 30, 1992 revenues of $8.8 million, an increase of $6.7 million, as compared to $2.1 million in 1991 primarily attributable to license fees received from a corporate partner. For the fiscal year ended June 30, 1992 the company reported a net loss of $1.4 million or $.05 per share, a decrease of $3.2 million compared to the net loss of $4.6 million or $.20 per share reported for fiscal 1991. The net loss for fiscal 1992 was in line with analysts expectations.
The company's working capital at June 30, 1992 was $49.5 million with virtually no long-term debt as compared to $5.3 million at June 30, 1991. This increase is primarily attributable to net proceeds of $46.2 million generated from the sale of common stock, interest income earned of $1.8 million and the aforementioned license fees. Revenues for the fourth quarter ended June 30, 1992 were $1.4 million compared to $.4 million for the same period in fiscal 1991. For the fourth quarter ended June 30, 1992 the company had a net loss of $2 million compared to a net loss of $1.3 million during the same quarter of 1991. The net loss was in line with analysts expectations. This increase is attributable to, in part, the move of the company's headquarters to a larger facility and clinical costs. "During fiscal 1992, Immunomedics has significantly strengthened its financial position through the sale of common stock as well as license fees received from Adria Laboratories. As a result of our stronger cash position, we have been able to expand our operations, and continued growth is projected for fiscal 1993," stated Amy Factor, vice president, finance. Immunomedics is a biopharmaceutical company applying innovative technology in antibody selection, modification and chemistry to the development of products for the detection and treatment of cancers and infectious diseases. Integral to these products are highly specific monoclonal antibodies designed to deliver radioisotopes, chemotherapeutic agents or toxins to tumors and sites of infections or other diseases. IMMUNOMEDICS, INC. Condensed Balance Sheets (Unaudited) June 30 1992 1991 Assets: Current assets $51,370,394 $10,732,538 Property & equipment - net 2,286,143 1,350,838 Other assets 30,000 61,522 Total assets 53,686,537 12,144,898 Liabilities & Shareholders' Equity: Current liabilities 1,919,630 5,392,579 Long term debt 31,559 376,092 Shareholders' equity 51,735,348 6,376,227 Total liabilities & shareholders' equity 53,686,537 12,144,898 Condensed Summary of Operations (Unaudited) Periods ended Three months Year June 30 1992 1991 1992 1991 Revenues $1,351,190 $ 400,326 $ 8,809,609 $2,100,430 Costs and expenses 3,362,925 1,668,368 10,197,666 6,687,918 Net loss (2,011,735) (1,268,042) (1,388,057) (4,587,488) Net loss per common share (0.07) (0.05) (0.05) (0.20) Weighted average number of common shares outstanding 28,135,695 23,609,382 26,461,274 23,201,070 -0- 8/21/92 /CONTACT: Amy Factor of Immunomedics, 201-605-8200/ (IMMU) CO: Immunomedics, Inc. ST: New Jersey IN: MTC SU: ERN
TS-OS -- NY014 -- 2073 08/21/92 10:45 EDT
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|Date:||Aug 21, 1992|
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