Third quarter results
GenSci Regeneration Sciences GNS
Shares issued 29,832,359 Nov 30 close $2.08
Mon 30 Nov 98 News Release
Mr. Louis Plourde reports
Revenues for the third quarter ended Sept. 30, 1998 were $5,023,200, up
from $213,700 in the 1997 period. The net loss for the quarter was
$2,042,700 (seven cents per share), compared with a loss in the 1997 period
of $2,932,500 (10 cents per share).
Revenues for the 1998 nine month period grew to $10,862,500, up from
$348,300 in the 1997 period. The net loss for the nine month period was
$7,778,700 (26 cents per share), compared with a loss of $7,980,800 (31
cents per share) in the prior-year period.
The recently completed financing, subsequent to the end of the quarter
raised net proceeds of $13-million, placing the company in a strong
financial position to support expected growth going into 1999.
The growth in revenues is having a positive impact on GenSci's overall
results. The growth in sales in the third quarter resulted in the company
experiencing a reduction in the net loss from the second quarter. As
revenues continue to climb, the company will have the benefit of further
leveraging of its fixed cost base.
STATEMENT OF LOSS AND DEFICIT
Three months to Sept. 30
1998 1997
Revenues $ 5,023,246 $ 213,695
----------- -----------
Operating expenses:
Cost of sales 1,947,117 161,741
Marketing, general
& admin 3,357,050 1,551,935
R & D 795,303 646,142
Depreciation &
amortization 841,338 785,143
----------- -----------
6,940,808 3,144,961
----------- -----------
Loss before the
following (1,917,562) (2,931,266)
Interest income
(expense), net (125,159) (1,260)
----------- -----------
Earnings (loss) $(2,042,721) $(2,932,526)
Earnings (loss)
per share (7 cents) (10 cents)
STATEMENT OF LOSS AND DEFICIT
Nine months to Sept. 30
1998 1997
Revenues $10,862,489 $ 348,340
----------- -----------
Operating expenses:
Cost of sales 4,372,143 261,746
Marketing, general
& admin 9,124,457 3,802,909
R & D 2,367,326 2,083,767
Depreciation &
amortization 2,494,592 2,253,410
----------- -----------
18,358,518 8,401,832
----------- -----------
Loss before the
following (7,496,029) (8,053,492)
Interest income
(expense), net (282,630) 72,691
----------- -----------
Earnings (loss) $(7,778,659) $(7,980,801)
Earnings (loss)
per share (26 cents) (31 cents)
Notes:
During 1997, the company changed its year end to December 31.
Certain of the comparative figures have been reclassified to conform to the
current period presentation.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com |
