Hi Jan,
usually their weakest...
SOURCE: Zila, Inc.
Zila Reports Profitable First Quarter
PHOENIX, Dec. 10 /PRNewswire/ -- Zila, Inc. (Nasdaq: ZILA - news), international provider
of healthcare products for
dental/medical professionals and consumers, announced revenues of $16,503,000 and net
income of $0.02 per share for the
first quarter of fiscal year 1999 (period ending October 31, 1998). This was in contrast to FY
1998 first quarter revenues of
$10,800,000 and a loss per share of $0.01. Net income in the first quarter of FY 1999 was
$756,000, compared to a net loss
of $430,000 in the year-ago quarter. The Company maintained a strong balance sheet, with
insignificant long-term debt. Zila's
current ratio is a healthy 3.5 to 1.
These results were achieved while the Company continued to invest heavily in the OraTest® oral
cancer detection product and
in other R&D programs throughout the Company. A total of $757,700 domestic and
international OraTest program costs were
expensed, including R&D, manufacturing, marketing and regulatory items. Also expensed were
$325,000 in research and
product development costs related to several of Zila's other products, as well as $578,400 of
goodwill amortization related to
acquisitions. Included in net income was an income tax benefit of $596,000, resulting from the
utilization of net operating losses
carried forward.
Zila President Joseph Hines noted, ''Due to product delivery delays, significant revenue and
resulting income was deferred
from the first quarter into the second in two of our divisions. While we are pleased with first
quarter financial results, they clearly
would have been much better had we not encountered these delays. The full fiscal year outlook
remains very positive.''
Zila reported earlier that the FDA accepted the OraTest New Drug Application on September 3,
1998, and assigned it
''priority review'' status, which targets completion of agency review within six months. The
OraTest product will be reviewed
by the FDA Oncologic Drugs Advisory Committee at a hearing on January 13, 1999. Dr. Ralph
Green, President of Zila
Biomedical, said, ''We expect the committee will recommend approval of our inexpensive and
potentially life-saving
technology. Preparation for domestic marketing is fully underway.'' |
