NABI Result Part 1:
BOCA RATON, Fla., April 24 /PRNewswire/ -- Nabi (Nasdaq: NABI) today
reported results of operations for the first quarter ended March 31, 1997,
including revenues of $56.4 million and net income of $1.4 million or
$0.04 per share. This compares with reported results in the quarter ended
March 31, 1996 of $58.6 million in revenues and net income of $.5 million, or
$.01 per share. The 1996 quarter included an extraordinary charge of
$.9 million associated with early extinguishment of bank debt.
In commenting on the Company's results of operations for the quarter,
management attributed the modest decline in revenues to quarterly fluctuations
in product deliveries that occur from time to time. Operating income
increased by approximately 40% during the quarter, principally as a result of
increased operational efficiencies. Nabi management also reported that
research and development (R&D) expenses declined from the comparable quarter
in 1996 primarily as a result of the timing of certain clinical expenditures.
Management also stated that having completed the analysis of data from the
H-BIG(R) bioequivalency trial, the Company is in the process of preparing a
Product License Application (PLA) and an Establishment License Application
(ELA) for submission to the FDA by the end of 1997.
David J. Gury, Nabi's Chairman, President and CEO, stated, "The Company's
first quarter earnings performance is in line with expectations, and our
plasma production continues at record levels. We remain well-positioned to
support extensive research and development programs to advance our new product
pipeline, and we look forward to several upcoming clinical milestones during
the year, including the completion of analysis of our Phase II trial for
StaphVAX(TM); the initiation of a Phase I/II trial for StaphGAM(TM); and the
initiation of a Phase I/II trial for CMV NeutraGAM(TM). Operationally, we
plan to continue to gain further efficiencies by implementing systems and
procedures to improve donor throughput in our BioMedical collection centers."
Nabi, a fully integrated biopharmaceutical company, has a broad product
portfolio and significant R&D capabilities focused on the development and
commercialization of products that prevent and treat autoimmune and infectious
diseases. Nabi currently has 10 clinical trials underway, testing products
for indications including HIV; hepatitis viruses; staph infections; and
cytomegalovirus. Nabi also has two immunotherapeutic products already on the
market: H-BIG, for the prevention of hepatitis B, and WinRho SD(R), for the
treatment of immune thrombocytopenic purpura [ITP, an immune platelet
disorder], and for the suppression of Rh isoimmunization.
This release contains forward-looking statements which involve risks and
uncertainties. The Company's actual results may differ significantly from
results discussed in the forward-looking statements due to a number of
important factors, including, but not limited to, the uncertainty of new
product development; government regulation and the uncertainty of regulatory
approvals; and dependence upon third parties to manufacture product. These
factors are more fully discussed in the Company's most recent Form 10-K with
the Securities and Exchange Commission. |
