Here's the latest "earnings" report from COB.
Tuesday November 14, 8:05 am Eastern Time
Press Release
Columbia Laboratories Reports Third Quarter Results
NEW YORK--(BW HealthWire)--Nov. 14, 2000--Columbia Laboratories (AMEX:COB - news) today reported a net loss of $272,547 or $.01 per share on sales of $3,513,917 for the three months ended September 30, 2000 as compared to a net loss of $930,183 or $.03 per share on sales of $4,504,390 for the comparable 1999 period.
The results for the three months ended September 30, 2000 included expenses associated with the worldwide filing of several new patents involving the Company's progressive hydration delivery technology, the use of Crinone 8% in conjunction with clomiphene cycles and the use of Crinone 4% in controlled bleeding cycles. These costs exceeded the usual quarterly patent expense by approximately $150,000. Additionally, the Company incurred $100,000 in costs for strategic consulting services relating to future corporate direction. The above costs were included in general and administrative expenses.
For the nine month period ended September 30, 2000, the net loss was $2,810,323 or $.10 per share on net sales of $9,219,872 as compared to net income of $385,421 or $.00 per share on net sales of $17,129,968.
Columbia Laboratories, Inc. is a U.S.-based international pharmaceutical company dedicated to research and development of women's health care and endocrinology products, including those intended to treat infertility, dysmenorrhea, endometriosis, hormonal deficiencies and the prevention of sexually transmitted diseases. Columbia's products primarily utilize the company's patented bioadhesive delivery technology.
This press release contains statements which constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Those statements include statements regarding the intent, belief or current expectations of the company and its management team. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements. Such risks and uncertainties include, among other things, competitive economic, and regulatory factors in the pharmaceutical and health care industry, general economic conditions and other risks and uncertainties that may be detailed, from time-to-time, in Columbia's reports filed with the Securities and Exchange Commission including the Company's Annual Report on Form 10-K for the year ended December 31, 1999.
(see following table)
COLUMBIA LABORATORIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Nine Months Ended Three Months Ended
September 30, September 30,
2000 1999 2000 1999
NET SALES $ 9,219,872 $ 17,129,968 $ 3,513,917 $ 4,504,390
COST OF GOODS SOLD 3,090,233 4,975,544 990,068 1,350,506
Gross profit 6,129,639 12,154,424 2,523,849 3,153,884
OPERATING EXPENSES:
Selling and
distribution 1,773,510 3,005,952 358,921 993,863
General and
administrative 3,029,880 3,707,188 1,185,047 932,698
Research and
development 3,722,316 4,864,379 1,192,705 1,989,133
Total
operating
expenses 8,525,706 11,577,519 2,736,673 3,915,694
Income (loss)
from
operations (2,396,067) 576,905 (212,824) (761,810)
OTHER INCOME
(EXPENSE):
License fees,
net of
expenses -- 387,500 -- --
Interest income 258,880 101,072 122,971 44,809
Interest expense (566,514) (566,514) (188,838) (188,838)
Corporate
restructuring
expense (285,000) -- -- --
Other, net 178,378 (44,542) 6,144 (24,344)
(414,256) (122,484) (59,723) (168,373)
Income (loss)
before income
taxes (2,810,323) 454,421 (272,547) (930,183)
Provision for
income taxes -- 69,000 -- --
Net income
(loss) ($ 2,810,323) $ 385,421 ($ 272,547)($ 930,183)
INCOME (LOSS)
PER COMMON AND
POTENTIAL COMMON
SHARE:
Basic and Diluted $ (.10) $ -- $ (.01) $ (.03)
WEIGHTED AVERAGE
NUMBER OF
COMMON AND
POTENTIAL
COMMON SHARES
OUTSTANDING:
Basic and Diluted 30,151,000 28,790,000 30,478,000 28,997,000
September 30, December 31,
2000 1999
Balance Sheet Data:
Cash and cash equivalents $7,823,032 $1,982,085
Working capital 10,603,301 3,441,367
Total assets 15,681,038 12,987,613
Convertible subordinated note
payable 10,000,000 10,000,000
Stockholders' equity
(deficiency) 3,357,995 (272,214)
--------------------------------------------------------------------------------
Contact:
Columbia Laboratories, Inc., New York
James Apostolakis, Vice Chairman & President
212/588-1900
or
Columbia Laboratories, Inc.
David Weinberg, Chief Financial Officer
516/766-2847
or
In-Site Communications, Inc., New York
Lisa Carlton-Wilson, Investor Relations/Media Relations
212/759-3929 |
