Sergio:
Did'nt Japan go through the same kind of thing about 2 years ago, as did Russia? Japan has recovered somewhat and the yak now is that Asia is beginning to look attractive again. All things in time.
Except! SNAP reported after the bell. Rev's are up 7% while costs were up 7% cash down...yada yada Anyway here is a excerpt. It is what I expected. The stock naturally went up prior to the earnings release, which was supposed to be on the 6th...Surprise! Early and not too good and on a Fri. after the bell..Jeez!
Revenues. The Company recognized revenue of $2,903,000 and $314,000 for the three months ended September 30, 2000 and 1999, respectively. The increase of $2,589,000 was primarily attributable to an increase in license revenue resulting from the grant of a non-exclusive license to certain of the company's technology and patent rights.
Research and Development Expenses. The Company incurred research and development expenses of $3,866,000, and $3,614,000 for the three months ended September 30, 2000 and 1999, respectively. The increase of $252,000, or 7% was attributable primarily to increases in preclinical testing and supply costs, both of which were offset by a decrease in depreciation expense.
General and Administrative Expenses. The Company incurred general and administrative expenses of $1,440,000 and $1,209,000 for the three months ended September 30, 2000 and 1999, respectively. The increase of $231,000, or 19%, was attributable primarily to: an increase in consulting fees associated with business development activities; an increase in patent expenses; and legal expenses related to the Company's lawsuit against M.D.S. Panlabs, Inc.
Other Income, Net. The Company recorded other income of $405,000 and $622,000 for the three months ended September 30, 2000 and 1999, respectively. The decrease of $217,000 was primarily due to: lower average cash, cash equivalent and marketable securities balances during 2000 as a result of the utilization of these resources to fund the Company's operations; and a loss on the sale of underutilized equipment.
Ken |
