I can't believe today's action = Great News followed by a 4 point drop.... go figure
JONES PHARMA Reports First Quarter EPS of $0.28 on Sales of $45.7 Million
ST. LOUIS, Apr 19, 2000 (BUSINESS WIRE) -- JONES PHARMA Incorporated
(Nasdaq:JMED) today announced an 87% increase in diluted earnings per share for
the first quarter of 2000 as compared to the first quarter of 1999. The reported
EPS of $0.28 is up from $0.15 in the first quarter of 1999. Sales in the first
quarter of 2000 were $45.7 million, up 55% over the same period of 1999.
Endocrine product sales for the first quarter of 2000 increased 74% to $27.6
million from $15.9 million in the first quarter of 1999. Sales of Levoxyl, the
Company's leading Endocrine product, increased 121% to $14.8 million in the
first quarter of 2000 from $6.7 million in the same period of 1999 due to strong
unit growth and improved average selling price.
Critical care product sales for the first quarter of 2000 increased 45% to $16.0
million from $11.0 million in 1999. This increase resulted primarily from a 76%
increase in sales of the Company's thrombin products to $12.0 million for the
first quarter of 2000 as compared to $6.8 million for the corresponding 1999
period. The Company's thrombin product sales increased as a result of unit
growth and the Company's renegotiation of hospital buying group contract pricing
during the first quarter of 1999.
The Company's gross margin in the first quarter of 2000 increased to 81.8% of
sales compared to 77.7% in the same quarter of 1999. The increase in margin
percentage levels is a result of increased sales of higher-margin products, more
favorable contract pricing, and control of product costs in 2000.
Net income increased 96% from $9.8 million in the first quarter of 1999 to $19.2
million in the first quarter of 2000. As a percentage of sales, net income
increased from 33% of sales in the first quarter of 1999 to 42% of sales in the
first quarter of 2000. The increase in net income in dollars and as a percentage
of net sales reflects the Company's increase in sales, improved gross margins
and the reduction of operating expenses as a percentage of sales.
JONES PHARMA Incorporated, founded in 1981, is an emerging specialty
pharmaceutical manufacturer with a national sales force of 125 dedicated sales
representatives who promote the Company's products throughout the United States.
In early 2000, the Company's 574% ten-year sales growth and 1,633% ten-year
earnings growth were recognized by the Wall Street Journal's Fifth Annual
Shareholder Scoreboard. The Company was ranked number one in ten-year
shareholder return when compared to its peers within the pharmaceutical sector.
When compared to America's top 1,000 companies in 76 industries, JONES PHARMA
was ranked 23rd in five-year shareholder return. In addition, the Company was
named by Forbes in November 1999 as one of the "200 Best Small Companies in
America" for the seventh of the last ten years.
"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995
Statements contained in the accompanying release, which are not historical facts
of information, are "forward-looking statements." Words such as "believe,"
"expect," "intend," "will," "should," and other expressions that indicate future
events and trends identify forward-looking statements. These forward-looking
statements involve risks and uncertainties that could cause the outcome to be
materially different. Such risks and uncertainties include both general economic
risks and uncertainties and matters which relate directly to the Company's
operations and products. Such risks and uncertainties are discussed in the
Company's filings with the Securities and Exchange Commission. The Company
cautions that any forward-looking statement reflects only the belief of the
Company or its management at the time the statement was made. Although the
Company believes such forward-looking statements are based upon reasonable
assumptions, such assumptions may ultimately prove to be inaccurate or
incomplete. The Company undertakes no obligation to update any forward-looking
statement to reflect events or circumstances after the date on which the
statement is made.
JONES PHARMA INC.
Sales by Key Products (in '000s)
Quarter ended March 31
First Quarter Dollar %
2000 1999 Increase Increase
----------------- -----------------
Critical Care Key Products:
---------------------------
Thrombin Products $ 11,982 $ 6,804 $ 5,178 76.1%
Other 3,977 4,180 (203) -4.9%
------------------ -----------------
Total Critical Care Sales $ 15,959 $ 10,984 $ 4,975 45.3%
Endocrine Key Products:
-----------------------
Levoxyl $ 14,810 $ 6,701 $ 8,109 121.0%
Tapazole 8,103 5,538 2,565 46.3%
Cytomel/Triostat 4,455 2,968 1,487 50.1%
Other 183 661 (478) -72.3%
------------------ -----------------
Total Endocrine Sales $ 27,551 $ 15,868 $ 11,683 73.6%
Veterinary Product Sales: $ 2,224 $ 2,625 $ (401) -15.3%
------------------------- ------------------ -----------------
Total Net Sales $ 45,734 $ 29,477 $ 16,257 55.2%
------------------ -----------------
------------------ -----------------
JONES PHARMA INCORPORATED
(Nasdaq:JMED)
(In thousands of dollars except per share data)
First quarter ended March 31:
Operating Results: 2000 1999
------------------ ---------- ----------
Net sales $ 45,734 $ 29,477
Gross profit $ 37,429 $ 22,893
Operating income $ 28,175 $ 14,484
Net income $ 19,172 $ 9,776
Diluted earnings per share $ 0.28 $ 0.15
March 31, December 31,
Balance Sheet Data: 2000 1999
------------------- ---------- ----------
Cash and Investments $ 199,849 $ 174,231
Accounts Receivable, net $ 19,738 $ 15,915
Inventory $ 11,017 $ 11,587
Total assets $ 332,356 $ 300,465
Stockholders' Equity $ 299,692 $ 279,604
JONES PHARMA INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(In thousands of dollars except per share amounts)
Three Months Ended
March 31,
------------------
2000 1999
---- ----
Sales $ 45,734 $ 29,477
Cost of sales $ 8,305 6,584
-------- --------
Gross profit 37,429 22,893
Selling, general and administrative expenses:
Selling 4,939 4,774
General and administrative 3,244 2,527
Research and development 231 239
Amortization 840 869
-------- --------
Total selling, general and
administrative expenses 9,254 8,409
-------- --------
Operating income 28,175 14,484
Other income (expense):
Interest income 3,199 1,396
Other 55 17
-------- --------
Total other income 3,254 1,413
Income before taxes 31,429 15,897
Provision for income taxes 12,257 6,121
-------- --------
Net income $ 19,172 $ 9,776
-------- --------
-------- --------
Earnings per share:
Basic: $ 0.29 $ 0.15
-------- --------
-------- --------
Diluted: $ 0.28 $ 0.15
-------- --------
-------- --------
Distributed via COMTEX.
Copyright (C) 2000 Business Wire. All rights reserved.
-0-
CONTACT: Jones Pharma Inc.
Lynn Horwitz, 314/576-6100
KEYWORD: MISSOURI ILLINOIS
INDUSTRY KEYWORD: MANUFACTURING
PHARMACEUTICAL
EARNINGS
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