ProCyte Reports First Quarter of 1998
REDMOND, Wash., April 17 /PR Newswire/ -- ProCyte Corporation (Nasdaq: PRCY - news) today reported a net loss of
$1,049,081 or $0.08 per share for the quarter ended March 31, 1998. This compares to a loss of $1,927,992 or $0.15 per
share for the first quarter of 1997.
Product revenue for the quarter totaled $203,960 which exceeded product revenues for all of 1997. For the first quarter of
1997 product revenue was $29,554. The revenues include initial orders for Bard Medical plus sales of the newly launched hair
care and skin health dermatology products. Contract manufacturing in 1997 included a one time order in excess of $200,000.
Expenses for the three month period of $1,488,157 continued to decrease from year end figures and were significantly lower
than first quarter 1997 of $2,600,670. The reductions and consolidations in 1997 are now being fully reflected in the expense
figures.
Interest income was $176,253 compared to $263,674 during the same period in 1997. ProCyte ended the quarter with cash
and short term investments of approximately $11.8 million.
''In the past year ProCyte has released over 25 new products with an equal number in various stages of development'' said
Jack Clifford, President and CEO, ''The company has clearly focused its efforts on building a solid revenue stream as
evidenced by this increase in products revenues.''
This report may contain forward looking statements. The Company's results may vary significantly from quarter to quarter and
will depend among other factors on product launches and market acceptance, manufacturing contracts, and distribution
agreements.
ProCyte Corporation is a healthcare company which develops, manufactures and markets products for tissue repair, skin health
and hair care incorporating our copper peptide technology both directly and through distribution partners.
ProCyte Corporation Selected Financial Information
Statements of Operations Data: Three months ended March 31,
1998 1997
REVENUES
Product Sales $203,960 $29,554
Bulk PCA Sales 32,500 0
Contract Manufacturing 26,363 379,541
Total operating revenue 262,823 409,096
OPERATING EXPENSES
Cost of product sales 127,543 11,765
Research & development 542,281 1,265,106
General & administrative 818,334 1,323,798
Total costs and expenses 1,488,157 2,600,670
OPERATING LOSS $(1,225,333) (2,191,574)
OTHER INCOME
Interest income 176,253 263,674
Other income 0 (92)
Total other income 176,253 263,582
NET LOSS $(1,049,081) $(1,927,992)
Net Loss per
common share $(0.08) $(0.15)
Weighted average number of
common shares used in
computing net loss
per common share 13,364,958 13,290,058
Balance Sheet Data:
March 31, 1998 March 31, 1997
Cash, cash equivalents
and short-term
investments $11,810,126 $18,558,473
Inventories, net
of reserve 1,944,267 737,006
Other current assets 460,656 723,911
Property and
equipment, net 5,467,118 5,766,407
Patents, net 161,710 177,661
Other assets 384,399 384,399
Total assets $20,228,277 $26,347,857
Current liabilities $554,700 $1,366,463
Long-term liabilities 105,687 5,142
Common stock 133,650 133,026
Additional
paid-in-capital 82,801,832 82,640,840
Accumulated deficit (63,367,591) (57,797,614)
Total liabilities and
stockholders' equity $20,228,277 $26,347,857 |
