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Note that our recent plays: CBST, MATX are presenting..
ALBANY MOLECULAR RESEARCH INC., posts 4Q EPS $0.24 vs. $0.15 - Albany Molecular Research, Inc. Reports 94% Increase in Quarterly Earnings on Record Revenue
Albany Molecular Research, Inc. Reports 94% Increase in Quarterly Earnings on Record Revenue
ALBANY, N.Y.--(BUSINESS WIRE)--Feb. 8, 2000--Albany Molecular Research, Inc. (NASDAQ: AMRI - news) today announced operating results for the quarter and year ended December 31, 1999. Net contract revenue for the fourth quarter of 1999 increased by 74% to $6.7 million over net contract revenue of $3.8 million in the comparable period of 1998. Recurring royalties for the fourth quarter of 1999 were $5.6 million, a 71% increase over recurring royalties of $3.2 million in the fourth quarter of 1998. Royalty revenue is earned from worldwide sales of the non-sedating antihistamine Allegra(tm), resulting from a 1995 licensing agreement the Company entered into with Aventis S.A., the manufacturer of Allegra(tm), and successor to Hoechst Marion Roussel.
Excluding non-recurring costs of $534,000 related to the Company's acquisition of EnzyMed, Inc., net income for the fourth quarter of 1999 increased $2.1 million, or 111%, to $4.0 million or $0.26 per share on a diluted basis, as compared to net income for the fourth quarter of 1998 of $1.9 million, or $0.15 per share on a diluted basis. Including non-recurring merger-related costs, the Company's net income increased $1.8 million, or 94%, to $3.7 million, or $0.24 per share on a diluted basis. During the fourth quarter, the Company completed the integration of EnzyMed into its operations. The Company has restated its historical financial results because the acquisition has been accounted for as a pooling-of-interests.
Net contract revenue for the year ended December 31, 1999 increased 61% to $22.0 million, compared to net contract revenue of $13.6 million in the same period of 1998. For the year ended December 31, 1999, recurring royalties increased by 86% to $21.4 million, compared to $11.5 million during the same period in 1998. During the year ended December 31, 1998, the Company also received $8.1 million in non-recurring milestone payments and royalties attributable to prior periods. |
