BMP Sunstone Reports First Quarter 2008 Financi...(rtization of fair value inventory for th...),Health

Date:5/19/2008

rtization of fair value inventory for the Sunstone acquisition, and $470,000 of amortization for the Sunstone acquisition. The Company incurs significant non-cash charges for depreciation, amortization and stock compensation expense that may not reflect the Company's operating performance and ability to generate cash flow from operations. Management believes that adjusted EBITDA is a worthwhile indicator of the Company's financial performance. Adjusted EBITDA is a non-GAAP financial measure within the meaning of the Securities and Exchange Commission (SEC) regulations. A reconciliation of Adjusted EBITDA to net income is included in a table at the end of this press release.

Net loss was $2.5 million, or ($0.07) per diluted share. On a pro forma basis, assuming the Sunstone acquisition was completed on January 1, 2008, revenues would be $26.8 million, net loss would be ($1.4) million and EPS would be ($0.04) in the first quarter of 2008.

Balance Sheet

As of March 31, 2008, the Company had cash and cash equivalents as well as bills receivable totaling $22.8 million. This compares to $22.8 million as of December 31, 2007. The Company had long-term debt of approximately $22.5 million as of March 31, 2008.

Business Update

On May 6, 2008, the clinical trial application for Enablex was officially accepted by China's State Food & Drug Administration. The clinical trial application acceptance is a key requirement to pursuing the clinical trial and an integral step toward the completion of the Enablex commercialization process in China.

Financial Outlook

The Company continues to expect to reach revenue of at least $96.0 million in the full year 2008, with a corresponding net loss of roughly $3.0 million, or $0.07 per share, based on 39.5 million shares outstanding. This financial guidance includes the impact of approximately $9.0 million of non-cash expenses through the year, including but not limited to the amortization of the
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SOURCE BMP Sunstone Corporation Copyright©2008 PR Newswire. All rights reserved

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