YORK, Pa., Feb. 11, 2013 /PRNewswire/ -- Unilife Corporation ("Unilife" or "Company") (NASDAQ: UNIS; ASX: UNS), a developer and supplier of injectable drug delivery systems, today announced its financial results for the quarter ended December 31, 2012, (the second quarter of Fiscal Year 2013).
Highlights for the Fiscal Year 2013 Second Quarter:
"During the quarter, we were pleased to provide shareholders with greater insight into the size and scope of our commercial pipeline," stated Mr. Alan Shortall, CEO of Unilife. "Out of 31 active programs selected from our deep and rapidly expanding commercial pipeline, we expect several to generate initial revenues during calendar year 2013. Given the size and long-term nature of many of these prospective agreements, we are confident they will underpin our future success.
"Over the last few weeks, we raised approximately $13.4 million in net equity capital, which has strengthened our balance sheet as we look to finalize several commercial supply contracts and clinical development agreements. We are also working to conclude discussions with U.S. institutions to secure long-term debt financing that will support the Company's operational activities and minimize dilution for the foreseeable future," Mr. Shortall concluded.
Financial Results for Three Months Ended December 31, 2012
Revenues for the three months ended December 31, 2012, were $0.7 million compared to $0.9 million for the same period in 2011. The Company's net loss for the three months ended December 31, 2012, was $14.6 million, or $0.19 per share, compared to a net loss of $12.9 million, or $0.19 per share, for the same period in 2011. The increase in the net loss was primarily attributable to the decrease in revenue and an increase in non-cash share-based compensation expenses.
Adjusted net loss for the three months ended December 31, 2012, was $9.7 million, or $0.12 per share, compared to $9.6 million, or $0.14 per share, for the same period in 2011. Adjusted net loss excludes non-cash share-based compensation expense, depreciation and amortization and interest expense.
Unilife had $8.3 million of total cash, including restricted cash, as of December 31, 2012, which does not reflect the $3.8 million in net proceeds the Company received from the implementation of its At-the-Market (ATM) facility with Cantor Fitzgerald in January 2013; or the $9.6 million in net proceeds the Company received from a common stock offering with a U.S. based institutional investor in February 2013.
Conference Call Information
Management has scheduled a conference call for 4:30 p.m. U.S. EST on Monday, February 11, 2013 (Tuesday, February 12, 2013 at 8:30 a.m. AEDT), to review the Company's financial results, market trends and future outlook. The conference call and accompanying slide presentation will be broadcast over the Internet as a "live" listen only Webcast. An archive of the presentation and webcast will be available for 30 days after the call. To listen, please go to: http://ir.unilife.com/events.cfm.About Unilife Corporation
Unilife Corporation (NASDAQ: UNIS / ASX: UNS) is a U.S. based developer and commercial supplier of injectable drug delivery systems. Unilife's broad portfolio of proprietary device technologies includes prefilled syringes with automatic needle retraction, drug reconstitution delivery systems, auto-injectors, bolus injection devices and targeted delivery systems. Each of these innovative and highly differentiated device platforms can be customized by Unilife to address specific customer, drug and patient requirements. Unilife's global headquarters and state-of-the-art manufacturing facilities are located in York, PA. For more information, please visit www.unilife.com or download the Unilife IRapp on your iPhone, iPad or Android device.
This press release contains forward-looking statements. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future are forward-looking statements. These forward-looking statements are based on management's beliefs and assumptions and on information currently available to our management. Our management believes that these forward-looking statements are reasonable as and when made. However, you should not place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. We do not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results, events and developments to differ materially from our historical experience and our present expectations or projections. These risks and uncertainties include, but are not limited to, those described in "Item 1A. Risk Factors" and elsewhere in our Annual Report on Form 10-K and those described from time to time in other reports which we file with the Securities and Exchange Commission.
Non-GAAP Financial Measures
U.S. securities laws require that when we publish any non-GAAP financial measure, we disclose the reason for using the non-GAAP measure and provide reconciliation to the most directly comparable GAAP measure. The presentation of adjusted net income (loss) and adjusted net income (loss) per share are non-GAAP measures. Adjusted net income (loss) represents net income (loss) calculated in accordance with U.S. GAAP as adjusted for the impact of share-based compensation expense, depreciation and amortization and interest expense.
Management believes the presentation of adjusted net income (loss) and adjusted net income (loss) per share provides useful information because these measures enhance its own evaluation, as well as investor's understanding, of the Company's core operating and financial results. Non-GAAP financial measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results. A reconciliation of net income (loss) to adjusted net income (loss) is included in the attached table.
General: UNIS-G Investor Contacts (US):
Analyst EnquiriesInvestor Contacts (Australia)Todd Fromer / Garth RussellLynn PieperJeff CarterKCSA Strategic CommunicationsWestwicke PartnersUnilife CorporationP: + 1 212-682-63P: + 1 415-202-5678P: + 61 2 8346 6500 (Tables Below) UNILIFE CORPORATION AND SUBSIDIARIES Consolidated Balance Sheets (unaudited) December 31, 2012June 30, 2012(in thousands, except share data)AssetsCurrent Assets:Cash and cash equivalents$
212Prepaid expenses and other current assets
676Total current assets9,288
15,740Property, plant and equipment, net51,375
12,734Intangible assets, net31
82,308Liabilities and Stockholders' EquityCurrent Liabilities:Accounts payable
2,209Current portion of long-term debt5,804
2,595Total current liabilities12,728
12,858Long-term debt, less current portion20,615
38,563Stockholders' Equity:Preferred stock, $0.01 par value, 50,000,000 shares authorized as of December 31, 2012; none issued or outstanding as of December 31, 2012 and June 30, 2012—
—Common stock, $0.01 par value, 250,000,000 shares authorized as of December 31, 2012; 83,288,081 and 75,849,439 shares issued, and 83,259,411 and 75,820,769 shares outstanding as of December 31, 2012 and June 30, 2012, respectively
212,326Accumulated deficit(199,771 )
(172,634 )Accumulated other comprehensive income
3,435Treasury stock, at cost, 28,670 shares as of December 31, 2012 and June 30, 2012(140 )
(140 )Total stockholders' equity
43,745Total liabilities and stockholders' equity
82,308 UNILIFE CORPORATION AND SUBSIDIARIESConsolidated Statements of Operations(unaudited) Three Months EndedSix Months EndedDecember 31,December 31,2012201120122011(in thousands, except per share data)Revenues:Industrialization and development fees
6636461,3261,318Product sales and other
6999121,3913,042Cost of product sales
6778961,3102,952Operating expenses:Research and development
4,9945,2629,7329,560Selling, general and administrative
8,3276,71214,90412,895Depreciation and amortization
1,3651,1572,5882,150Total operating expenses
(14)(26)(38)(56)Other expense, net
(22,555)Net loss per share:Basic and diluted net loss per share
(0.35) UNILIFE CORPORATION AND SUBSIDIARIES Reconciliation of Non-GAAP Measure(unaudited) Three Months EndedSix Months EndedDecember 31,December 31,2012201120122011(in thousands, except per share data)Net loss
(22,555)Share-based compensation expense
2,9631,4854,5183,385Depreciation and amortization
6456391,261922Adjusted net loss
(16,098)Adjusted net loss per share – diluted
|SOURCE Unilife Corporation|
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