Isonics Reports Record Fiscal Year 2000 Earnings of $2.7 Million
GOLDEN, Colo.--(BUSINESS WIRE)--July 14, 2000--Isonics Corporation (NASDAQ: ISON - news) today reported net income for the fiscal year ending April 30, 2000, of $2.7 million, including a gain of $5.3 million from the sale of the Company's depleted zinc business.
Isonics co-founder, President & CEO James E. Alexander commented, ``We are extremely pleased with the results from the fiscal year just ended. We hope to build on our success in the coming year. Our balance sheet remains strong, and we are very pleased with the progress we have made toward commercializing our isotopically-engineered semiconductor materials, especially silicon-28.''
Net income for fiscal year 2000 was $2.7 million, or $0.40 per basic share and $0.26 per diluted share, as compared to a net loss of $2.5 million, or $0.41 per basic and diluted share for the prior fiscal year. The increase in net income was primarily the result of the sale of the Company's depleted zinc business to Eagle-Picher Technologies, LLC, which resulted in a gain of approximately $5.3 million. An additional gain of $1.3 million will be recognized over the next three fiscal years to the extent that certain contingencies are removed.
Fiscal year 2000 revenues were $12.7 million, as compared to $17.0 million, for the prior fiscal year, which was the largest annual revenue in the Company's history. The fiscal year 2000 revenues were in line with past trends considering that only a portion of the year included significant depleted zinc revenue.
Isonics Corporation is a specialty chemical and advanced materials company, which develops, commercializes, and markets stable and radioactive isotope based products. These ultra-pure materials provided enhanced performance properties and have commercial applications in several areas, including semiconductor devices; medical diagnostics, imaging and therapy; drug development; and energy production. For more details, please visit Isonics website at www.isonics.com.
Except for historical information contained herein, this document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks and uncertainties that may cause the Company's actual results or outcomes to be materially different from those anticipated and discussed herein. Further, the Company operates in industries where securities values may be volatile and may be influenced by regulatory and other factors beyond the Company's control. Other important factors that the Company believes might cause such differences are discussed in the risk factors detailed in the Company's Form 10-KSB for the year ended April 30, 1999, filed with the Securities and Exchange Commission. In assessing forward-looking statements contained herein, readers are urged to carefully read all cautionary statements contained in the Company's filings with the Securities and Exchange Commission.
ISONICS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)
ASSETS
April 30, April 30,
2000 1999
--------- ---------
CURRENT ASSETS:
Cash and cash equivalents $ 3,385 $ 452
Accounts receivable (Net of allowance
of $119 and $82, respectively) 1,055 932
Notes receivable 208 --
Inventories 266 651
Prepaid expenses and other current assets 357 160
--------- ---------
Total current assets $ 5,271 $ 2,195
--------- ---------
LONG-TERM ASSETS:
Property and equipment, net 660 1,018
Goodwill, net 3,062 3,388
Notes receivable from shareholders 17 130
Deferred income taxes 492 --
Other assets 31 75
--------- ---------
Total long-term assets $ 4,262 $ 4,611
--------- ---------
TOTAL ASSETS $ 9,533 $ 6,806
========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
April 30, April 30,
2000 1999
--------- ---------
CURRENT LIABILITIES:
Notes payable and line of credit $ 20 $ 1,136
Notes payable to related parties -- 922
Accounts payable 533 1,368
Accrued liabilities 591 1,036
Income taxes payable 373 50
--------- ---------
Total current liabilities $ 1,517 $ 4,512
--------- ---------
SHAREHOLDERS' EQUITY:
Class A Preferred Stock--no par value.
10,000,000 shares authorized;
1,830,000 shares outstanding 2,745 --
Common stock--no par value.
20,000,000 shares authorized;
10,492,931 shares issued and
outstanding on April 30, 2000,
and 6,607,760 shares issued and
outstanding on April 30, 1999 6,764 6,795
Notes receivable from shareholders -- (469)
Deferred compensation (150) --
Accumulated deficit (1,343) (4,032)
--------- ---------
Total shareholders' equity $ 8,016 $ 2,294
--------- ---------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 9,533 $ 6,806
========= =========
ISONICS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Year Ended
April 30,
-----------------------
2000 1999
---------- ----------
Net revenues $ 12,733 $ 16,998
Cost of revenues 10,156 13,375
-----------------------
Gross margin 2,577 3,623
Operating expenses:
Selling, general and administrative 3,698 3,643
Research and development 1,224 1,155
Restructuring and office closure 56 691
-----------------------
Total operating expenses 4,978 5,489
-----------------------
Operating income (loss) (2,401) (1,866)
-----------------------
Other income (expense):
Interest income 105 36
Interest expense (321) (575)
Gain on sale of product line 5,296 --
Foreign exchange 29 55
Other income 110 --
-----------------------
Total other income (expense), net 5,219 (484)
-----------------------
Income (loss) before income taxes 2,818 (2,350)
Income tax expense 129 171
-----------------------
NET INCOME (LOSS) $ 2,689 $ (2,521)
========== ==========
Net income (loss) per share--basic:
Net income (loss) per share $ 0.40 $ (0.41)
Shares used in computing per
share information 6,781 6,210
Net income (loss) per share--diluted:
Net income (loss) per share $ 0.26 $ (0.41)
Shares used in computing per
share information 10,409 6,210
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