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INTERNATIONAL MUREX TECHNOLOGIES CORPORATION ANNOUNCES 1992 YEAR END AND FOURTH QUARTER FINANCIAL RESULTS

 NORCROSS, Ga., April 15 /PRNewswire/ -- International Murex Technologies Corporation (IMTC) (AMEX: MXX; TSE) today announced financial results for the year and fourth quarter ended Dec. 31, 1992.
 IMTC went through dramatic changes in 1992, highlighted by the Feb. 6 acquisition of Wellcome Diagnostics. The company experienced problems associated with the integration of the various operating companies into a cohesive entity. Now that this process has been completed, based on preliminary first quarter results the company outlook for 1993 is positive.
 "In the second half of 1992, IMTC management implemented aggressive restructuring and consolidation plans to reduce expenses over the medium- to long-term and concentrated on boosting product sales. The costs of these plans taken in the third and fourth quarters of 1992 were an investment in the future of the company and will lead to profitability in 1993," stated C. Robert Cusick, president and chief executive officer of IMTC.
 The company realized total revenues of $72.2 million and $19.1 million for the year and fourth quarter ended Dec. 31, 1992. Total revenues for the year ended Dec. 31, 1991, were $2.5 million. The dramatic increase in revenues primarily reflects the Feb. 6, 1992, acquisition of Murex Diagnostics (MD).
 Losses of $17.6 million and $10.4 million representing $(1.17) and $(.67) per share were reported for the year and fourth quarter ended Dec. 31, 1992, respectively. Approximately $5.1 million in restructuring expense was incurred in 1992, of which $1.8 million was recorded in the fourth quarter. A non-cash expense of $3.4 million to write off goodwill was also recorded during the fourth quarter. Losses for the year ended Dec. 31, 1991, were $6.2 million or $(.62) per share.
 A number of factors contributed to the disappointing operating results in the second half of 1992. These included significant costs related to new product introductions and general and administrative costs related to the reorganization within IMTC's operating units which could not be included as restructuring changes.
 1992 Losses From Operations (Excluding Restructuring and Write-Offs)
 IMTC reported losses from operations of $9.2 million and $5.1 million or $(.60) and $(.33) per share for the year and the fourth quarter ended Dec. 31, 1992, respectively. Losses remained even on a quarter-to-quarter basis from the third to fourth quarter of 1992.
 1992 Restructuring Charges and Write-Offs
 Restructuring charges of $5.1 million and $1.8 million or $(.34) and $(.12) per share were reported for the year and fourth quarter ended Dec. 31, 1992, respectively. The majority of the fourth quarter charges were attributable to the personnel reductions at MD in the United Kingdom and France, and the relocation of the IMTC corporate headquarters from Toronto, Ontario, to Norcross, Ga.
 The non-cash goodwill charge of $3.4 million or $(.23) per share was taken during the fourth quarter to eliminate the recorded carrying value of the costs in excess of fair value of assets acquired for the blood banking operations. These operations continued to under perform management expectations throughout 1992.
 Sales
 On an annualized pro-forma basis, overall company sales increased approximately 5 percent in 1992 over 1991. IMTC realized increased sales in various regions including Italy, Belgium, Luxembourg, the Netherlands, France, Germany, Spain and the United States. Sales declined in other areas of the world such as the United Kingdom and Australia due to competition. The company's top-selling products in 1992 were the MD lines of HIV and Hepatitis screening and confirmatory tests used in blood banks and laboratories overseas. 1992 (July through December) sales of the SUDS HIV-1 Antibody Test were significantly below initial expectations at approximately $550,000.
 Expenses
 General and administrative expenses decreased by approximately 10 percent in the fourth quarter over the third quarter of 1992. However, these reductions were offset by a 5 percent increase in sales and marketing expenses. Research and development expenses jumped approximately 44 percent on a quarter-to-quarter comparison. Research and development efforts during the fourth quarter focused on the:
 -- The Single Use Diagnostic System European launch
 (SUDS/R/) HIV 1+2 Antibody Test scheduled April 1993
 -- Hepatitis C (HCV) Western Blot Launched in Europe
 Confirmatory Test February 1993
 -- The Mycoplasma Pneumonia (walking Launched in United States
 pneumonia) Antibody Detection Kit March 1993
 -- The Dynagen Mycobacteria Test In clinical trials in
 the U.S.
 Balance Sheet
 IMTC reported cash of $8.4 million and no long-term debt at year end 1992. The strengthening of the United States dollar relative to other currencies, particularly the British pound, had no significant overall effect on corporate financial results, however it did negatively impact the United States dollar value of net foreign currency based assets during the second half of the year. Working capital was reported at $26.8 million.
 1993 Outlook -- Major New Product Sales
 The Wellcozyme(TM) anti-HCV (Hepatitis C) test is expected to meet forecasted sales levels of approximately 4.5 million pounds sterling in 1993. The SUDS HIV-1 Antibody Test is achieving increased sales penetration in the United States, particularly into small- to medium- sized hospitals. Approximately 8 percent of all U.S. hospitals have ordered the test during its first nine months of shipment since U.S. Food and Drug Administration (FDA) approval. The Hepatitis B (HBV) DNA Probe Test distributed by MD achieved solid sales growth in the second half of 1992, which continues to date in 1993. The SUDS HIV 1+2 Antibody Test will be introduced into Europe and the rest of the world (except North America) by April 30, 1993.
 IMTC management continues to streamline operations to bring expenses in-line with industry standards. Initial indications of the financial results for the first quarter ended March 31, 1993, show significant improvement. Management expects to report first quarter financial results on or before May 11, 1993. The cost reductions implemented in 1992 will allow the company to achieve profitability in 1993.
 IMTC is a medical diagnostic products company dedicated to the research, manufacture and marketing of products for the detection, monitoring and screening of infectious diseases and other medical conditions, and for blood grouping. IMTC has FDA approved manufacturing facilities in Norcross and Dartmouth, Nova Scotia. Additionally, the company's European subsidiary, Murex Diagnostics Limited (formerly Wellcome Diagnostiring the design, manufacture and distribution of medical diagnostic products. IMTC employs approximately 670 people worldwide. The company manufactures and markets more than 650 products including a range of mass screening diagnostic tests, and its unique rapid (10 minute) SUDS test for the detection of antibodies to HIV-1 and HIV-2.
 INTERNATIONAL MUREX TECHNOLOGIES CORPORATION
 Selected Balance Sheet Items
 (Expressed in U.S. dollars in thousands)
 Dec. 31 1992 1991
 Total assets $59,844 $46,146
 Total current assets 49,764 40,312
 Total current 22,928 4,923
 Long-term debt 0 104
 Shareholders' equity 34,862 42,073
 INTERNATIONAL MUREX TECHNOLOGIES CORPORATION
 Consolidated Statements of Operations
 (In thousands of U.S. dollars, except per share data)
 Three Months Ended Dec. 31 1992
 Revenues:
 Product sales $19,102
 Research contract and fees 23
 Total revenues 19,125
 Costs and expenses:
 Research and development 2,354
 General and administrative 1,978
 Cost of product sales 6,446
 Professional consulting fees 2,688
 Marketing 9,658
 Depreciation and amortization (573)
 Foreign exchange (gain) 333
 Royalty expense 520
 Bad debt expense 707
 Restructuring and goodwill expense 5,288
 Total costs and expenses 29,399
 Loss from operations (10,274)
 Interest income 187
 Interest (expense) 232
 Other expense (47)
 Loss on asset disposal (172)
 Loss before tax (10,074)
 Income taxes-net provision 368
 Net loss (10,442)
 Net loss per common share:
 Before restructuring and goodwill $(.33)
 Restructuring & goodwill writeoff (.34)
 Net income (loss) (.67)
 Weighted average common shares
 outstanding 15,656
 INTERNATIONAL MUREX TECHNOLOGIES CORPORATION
 Consolidated Statements of Operations
 (In thousands of U.S. dollars, except per share data)
 Year Ended Dec. 31 1992 1991
 Revenues:
 Product sales $ 72,097 $ 2,325
 Research contracts and fees 90 174
 Other 2 7
 Total revenues 72,189 2,506
 Costs and expenses:
 Research and development 8,237 1,583
 General and administrative 17,900 4,668
 Cost of product sales 24,149 1,747
 Marketing 27,551 1,018
 Foreign exchange loss 131 4
 Royalty expense 2,737 4
 Bad debt expense 707 --
 Write-off of blood bank business'
 costs in excess of fair value of
 assets acquired 3,458 --
 Restructuring costs 5,116 --
 Total costs and expenses 89,986 9,024
 Loss from operations (17,797) (6,518)
 Interest income 1,350 632
 Interest (expense) (545) (314)
 Loss on asset disposals (180) (1)
 Other income (expense) (47) --
 Loss before income taxes (17,219) (6,201)
 Income tax expense (378) --
 Net loss $ (17,597) $ (6,201)
 Net loss per common share $ (1.17) $ (0.62)
 Weighted average
 common shares outstanding 15,007 9,955
 -0- 4/15/93
 /CONTACT: C. Robert Cusick, president and chief executive officer or Marcia M. Young, director of corporate communications, 800-322-1332 or 404-662-0660, of International Murex Technologies Corporation/
 (MXX)


CO: International Murex Technologies Corporation ST: Georgia IN: MTC SU: ERN

BR-BN -- NY005 -- 6080 04/15/93 09:47 EDT
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