Calypte Biomedical Announces Second Quarter and Six-Month Financial Results
ALAMEDA, Calif., Jul 31, 2003 /PRNewswire-FirstCall via COMTEX/ -- Calypte Biomedical Corporation (OTC Bulletin Board: CYPT), the developer and marketer of the only two FDA approved HIV-1 antibody tests for use with urine samples, today announced financial results for the second quarter and six-months ended June 30, 2003.
Revenues for the quarter totaled $749,000, versus revenues of $1.2 million for the comparable period in 2002 and $784,000 for the previous quarter ended March 31, 2003. The net loss attributable to common stockholders for the quarter was $8.0 million, or $0.72 per common share, compared to a net loss of $5.0 million, or $2.55 per common share for the three months ended June 30, 2002. The net loss for the second quarter of 2003 and 2002 included $4.4 million and $3.1 million, respectively, in non-cash charges that were primarily related to the grants of common stock and options and warrants as compensation for services and non-cash interest expense related primarily to the accounting for Calypte`s convertible debt financing instruments.
For the six months ended June 30, 2003, revenues totaled $1.5 million, versus revenues of $2.4 million for the same period last year. The net loss attributable to common stockholders was $14.3 million, or $1.70 per common share, compared to a net loss of $5.6 million, or $3.41 per common share for the six months ended June 30, 2002. The net loss for the six months ended June 30, 2003 and 2002 included $8.3 million and $3.3 million, respectively, in non-cash charges that were primarily related to the grants of common stock and options and warrants as compensation for services and non-cash interest expense related primarily to the accounting for Calypte`s convertible debt financing instruments. In 2002, there were also $1.3 million in credits related to a non-cash gain on settlement of debt.
"Calypte continues to move ahead as we aggressively execute our business plan," stated Tony Cataldo, Calypte`s Executive Chairman. "This quarter was an eventful time for the Company. We have recently announced an expanding distribution agreement in the Middle East and named a second distributor serving the large Chinese market. We appointed Dr. Richard George and Dr. Ron Mink to head our Rapid HIV business. Also, the FDA authorized use of our HIV-1 serum Western Blot as a supplemental test for existing HIV rapid products and we named a new president and chief operating officer to our management team."
Commenting on his tenure with Calypte since his appointment at the beginning of June, Mr. Oyakawa, Calypte`s President and Chief Operating Officer stated, "My number one priority, to transition this company into a sales and marketing mode, will become evident in the next several months. I have personally met with all of our larger US customers and, as part of restructuring our direct sales force, will reorganize this effort to take advantage of our partners` skills. We also have the potential for several significant orders now that the federal government has given AIDS the priority it deserves. Africa is a prime area where there is both need and now, government funding. I expect our urine-based rapid screening test to enter such international markets within the next several months. My goal is to see Calypte become a significant player in the global marketplace."
"Further," Mr. Oyakawa continued, "while we focus on adding new business, we have already achieved significant reductions in our burn rate of approximately $2 million per year annualized. This, coupled with our capital financing as announced separately today, will allow us to begin implementing the consolidation of our manufacturing facilities in Rockville to further reduce overhead."
Calypte management will host a conference call today to discuss and answer questions regarding the Company`s second quarter financial results as well as provide an update on the Company`s current activities at 11:00 a.m. Eastern Time.
The call can be accessed in the U.S. by dialing 877-407-8035 and outside of the U.S. by dialing 201-689-8035, and asking the conference operator for the Calypte Conference Call. The conference call will also be Web cast live at http://www.vcall.com/CEPage.asp?ID=84351. An audio replay of the call will be available for 24 hours, beginning approximately 1 hour after the conference call ends, by dialing 877-660-6853 in the US, or 201-612-7415 from outside of the U.S. The account code for the playback is 1628 and the conference identification number is 72573. The replay will also be available on www.vcall.com.
FINANCIAL INFORMATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Unaudited
Three Months Ended Six Months Ended
June 30, June 30,
2003 2002 2003 2002
Revenues:
Product sales $749 $1,209 $1,533 $2,368
Cost of product sales 1,550 1,397 2,965 3,027
Gross Margin (Loss) on
product sales (801) (188) (1,432) (659)
Other operating expenses:
Research and development costs 335 180 649 421
Selling, general and
administrative costs 5,609 2,087 9,619 3,302
Total other operating
expenses 5,944 2,267 10,268 3,723
Loss from operations (6,745) (2,455) (11,700) (4,382)
Interest expense, net
(primarily non-cash for
both periods) (1,258) (2,491) (2,772) (2,537)
Gain on settlement of debt -- -- -- 1,319
Other income, net 79 14 207 22
Loss before income taxes (7,924) (4,932) (14,265) (5,578)
Income taxes -- -- (2) (2)
Net loss (7,924) (4,932) (14,267) (5,580)
Less dividends on mandatorily
redeemable Series A
preferred stock (30) (30) (60) (60)
Net loss attributable to
common stockholders $(7,954) $(4,962) $(14,327) $(5,640)
Net loss per share
attributable to common
stockholders (basic and
diluted) $(0.72) $(2.55) $(1.70) $(3.41)
Weighted average shares used
to compute net loss per
share attributable to
common stockholders (basic
and diluted) 11,079 1,948 8,432 1,652
CONSOLIDATED BALANCE SHEET DATA
(in thousands)
Unaudited
June 30, December 31,
2003 2002
Cash and cash equivalents $15 $147
Working capital (8,730) (5,549)
Total Assets 6,046 3,297
Convertible notes and debentures, net of discount 4,337 2,181
Other long term liabilities 2,200 --
Mandatorily redeemable Series A preferred stock 2,636 2,576
Total stockholders` deficit (11,151) (7,494) |
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