NABI Posts Record Revenues and Profitability in First Year Since Merger
BOCA RATON, Fla., Feb. 20 /PRNewswire/ -- NABI (Nasdaq: NABI) today
reported results of operations for the year and fourth quarter ended December
31, 1996. NABI reported record sales for 1996 of $242 million and a net
income of $13.2 million, or $.37 per share, which compares with reported sales
of $202 million and a net loss of $17.6 million, or ($.52) per share, for
1995. In the fourth quarter of 1996, NABI reported sales of $66.2 million and
a net income of $10 million, or $.28 per share, which compares with reported
sales of $55.2 million and a net loss of $10.5 million, or ($.31) per share
for the fourth quarter 1995.
Financial results for the fourth quarter ended December 31, 1996 include a
tax benefit of approximately $6.5 million, or $.18 per share. This reflects
the recognition of certain tax benefits principally associated with the
NABI/Univax merger. Management noted that NABI has approximately $76 million
in net operating loss (NOL) and other tax credit carryforwards available to
offset future taxable income.
Management noted that NABI's strong financial performance was due to a
continued favorable shift in product mix to higher margin products, in
particular H-BIG(R), and increased sales across substantially all product
lines. Management noted that during 1997 NABI will replace the current
formulation of H-BIG with a new formulation. This change requires NABI to
shift to a new manufacturing establishment for H-BIG. While NABI currently
has inventories of the old formulation of H-BIG, availability of the product
may be temporarily interrupted during 1997 if the Company does not timely
receive Establishment and Product Licenses for the new formulation of H-BIG.
NABI does not anticipate further inventory interruptions upon licensure of the
new formulation of H-BIG.
David J. Gury, NABI's Chairman, President and CEO, stated, "During 1996 we
made significant progress in the growth of our base business. Several of our
products, including HIV-IG(TM), StaphVAX(TM) and our new formulation of H-BIG
progressed in the clinic, and our base plasma business maintained steady
growth."
Mr. Gury added, "We anticipate achieving several milestones in 1997
including the release of the results of our Phase III bioequivalence study for
NABI's new formulation of H-BIG (NABI commenced this bioequivalence study in
August 1996 and anticipates reporting the results in Q1 1997); the filing of a
Product License Application (PLA) for our new formulation of H-BIG; the
commencement of Phase I/II clinical trials of StaphGAM(TM) and CMV
NeutraGAM(TM); and the initiation of Phase II/III trials of StaphVAX.
NABI, a fully integrated biopharmaceutical company, has a broad product
portfolio and significant R&D capabilities focused on the development and
commercialization of products that prevent and treat autoimmune and infectious
diseases. NABI currently has 11 products in its clinical pipeline for
indications including HIV; hepatitis viruses; staph infections; and
cytomegalovirus. NABI also has two immunotherapeutic products already on the
market: H-BIG, for the prevention of hepatitis B, and WinRho SD(R), for the
treatment of idiopathic thrombocytopenic purpura [ITP, an immune platelet
disorder], and for the suppression of Rh isoimmunization.
NABI
Consolidated Statement of Operations
($ Thousands, Except Per Share Data)
UNAUDITED
For the Quarters Ended For the Years Ended
December 31, December 31,
1996 1995 1996 1995
(UNAUDITED)
Sales $66,188 $55,230 $242,057 $201,964
Costs and expenses:
Cost of products sold 48,036 40,833 181,262 152,148
Research and development
expenses 4,528 9,254 18,869 26,168
Selling, general,
administrative and other
expenses 8,969 13,964 30,757 33,321
Operating income (loss) 4,655 (8,821) 11,169 (9,673)
Interest and other
expense, net (1,036) (761) (3,223) (1,201)
Income (loss) before
provision for income taxes
and extraordinary charge 3,619 (9,582) 7,946 (10,874)
Benefit (provision) for
income taxes (1) 6,387 (911) 6,214 (6,687)
Income (loss) before
extraordinary charge (1) 10,006 (10,493) 14,160 (17,561)
Extraordinary charge --- --- (932) ---
Net income (loss) (1) $10,006 ($10,493) $13,228 ($17,561)
Earnings (loss) per share:
Income (loss) before
extraordinary charge (1) $0.28 ($0.31) $0.40 ($0.52)
Extraordinary charge --- --- (0.03) ---
Net income (loss)
per share (1) $0.28 ($0.31) $0.37 ($0.52)
Weighted average number of
shares (thousands) 35,475 33,716 35,629 33,574
(1) Includes tax benefit of approximately $6.5 million, or $0.18 per
share, reflecting the recognition of certain tax benefits associated
principally with the NABI/Univax merger.
Reported results of operations should be considered preliminary until such
time as the company has filed on form 10-K with the securities and exchange
commission.
SOURCE NABI
CONTACT: David J. Gury, Chairman, President and CEO, or Alfred J.
Fernandez, Sr. VP, CFO, of NABI, 561-989-5800 or Lucy L. Morrison or Francesca
DeVellis of Feinstein Partners Inc., 617-577-8110
So, without the tax credit, NABI earn $0.10/share, which is 10% higher thant the consensus estimate of $0.09/share.
Cheers,
Xy |
