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Unilife Corporation Announces Financial Results for Fiscal Year 2012 Second Quarter

YORK, Pa., Feb. 9, 2012 /PRNewswire/ -- Unilife Corporation ("Unilife" or "Company") (NASDAQ: UNIS; ASX: UNS) today announced financial results for the quarter ended December 31, 2011 (Second Quarter of Fiscal Year 2012).

Recent Highlights:

  • Signed a clinical development agreement for a novel device for targeted organ delivery in November 2011; Unilife will receive $1.4 million in initial revenues, which will be recognized through the Fourth Quarter of  Fiscal 2012
  • Completed a common stock offering of 8,250,000 shares with net proceeds of $33.8 million to the Company (November, 2011)
  • The additional capital strengthens Unilife's negotiating position with pharmaceutical companies
  • Broadened base of U.S. healthcare investors with long-term investment strategies
  • Awarded a two year contract with Premier Purchasing Partners, the nation's largest healthcare alliance, for the supply of the Unitract® range of 1mL safety syringes (October 2011)
  • Open market purchases of the Company's common stock of approximately $1.0 million by Unilife Chief Executive Officer, Alan Shortall (January - February 2012)

  • "Unilife has made excellent progress across all areas of its business during the quarter ended December 31, 2011.  As we enter calendar year 2012, I believe that we have the broad operational capabilities and high-performance team in place to achieve a series of previously announced key business milestones," stated Mr. Shortall.  

    "In this regard, I recently made the decision to further increase my position as Unilife's largest shareholder with the purchase of approximately $1.0 million of common stock in the open market. This decision further underlines my confidence in the strength of Unilife's current business position.  I plan to continue purchasing Unilife common stock in the open market moving forward, in line with our trading policies and SEC regulations.

    "In November 2011, we completed a capital raise that bolstered our cash position in order to help support the negotiation of favorable agreements with pharmaceutical customers, the continued expansion of our portfolio of proprietary devices, and to further increase our operational capabilities. An additional benefit of the capital raise is that through the placement of shares with primarily blue chip, healthcare dedicated and long-only funds, we have an expanded investor base and created greater liquidity for the Company's common stock," concluded Mr. Shortall.

    Financial Results for Three Months Ended December 31, 2011 Revenues for the three months ended December 31, 2011 were $0.9 million compared to $1.8 million for the same period in 2010.  The variation in revenue reflects the Company's strategic decision to discontinue its contract manufacturing operation in December 2010 and instead, focus on the commercialization, production and supply of its own propriety line of products. In addition, during the three months ended December 31, 2011, the Company recognized revenue of $0.2 million related to the clinical development and supply of a novel device for targeted organ delivery.  

    The Company's net loss for the three months ended December 31, 2011 was $12.9 million, or $0.19 per diluted share, compared to a net loss of $10.4 million, or $0.19 per diluted share, for the same period in 2010.  The increase in the net loss was primarily attributable to an increase in research and development expenses related to the development of additional advanced drug delivery devices. These amounts were partially offset by a reduction of $1.3 million in selling, general and administrative expenses.  

    Adjusted net loss for the three months ended December 31, 2011 was $9.6 million, or $0.14 per diluted share, compared to $7.6 million, or $0.14 per diluted share, for the same period in 2010. Adjusted net loss excludes non-cash share-based compensation expense, depreciation and amortization and interest expense.

    As of December 31, 2011, the Company's cash, cash equivalents and restricted cash were $41.7 million.

    Conference Call InformationManagement has scheduled a conference call for 4:30 p.m. U.S. Eastern Standard Time on February 9, 2012, 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:

    About Unilife CorporationUnilife Corporation (NASDAQ: UNIS / ASX: UNS) is a U.S. based developer and commercial supplier of advanced drug delivery systems. Unilife collaborates with pharmaceutical and biotechnology companies seeking innovative, differentiated devices that can enable or enhance the delivery of injectable drugs and vaccines supplied in either a liquid stable or lyophilized form. The Unifill syringe, the world's first and only prefilled syringe with fully integrated safety features, sits at the leading edge of this diversified portfolio. In addition to prefilled and hypodermic safety syringes with automatic, user-controlled needle retraction, Unilife has other proprietary technology platforms including drug reconstitution delivery systems, auto-injectors, auto-infusion pump systems and specialized devices for targeted organ delivery. Unilife's global headquarters and state-of-the-art manufacturing facilities are located in York, PA. For more information on Unilife, please visit www.unilife.comForward-Looking Statements 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 MeasuresU.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 Russell

    Lynn Piper

    Jeff CarterKCSA Strategic Communications

    Westwicke Partners

    Unilife CorporationP: + 1 212-682-6300

    P: + 1 415-202-5678

    P: + 61 2 8346 6500 (Tables Below)UNILIFE CORPORATION AND SUBSIDIARIESConsolidated Balance Sheets(in thousands, except per share amounts)(unaudited)AssetsDecember  31, 2011June 30, 2011Current Assets:Cash and cash equivalents

    7,910Restricted cash

    2,4002,400Accounts receivable


    685626Prepaid expenses and other current assets

    307381Total current assets

    43,05921,330Property, plant and equipment, net


    12,75213,265Intangible assets, net

    3742Other assets

    1,027821Total assets

    89,478Liabilities and Stockholders' EquityCurrent Liabilities:Accounts payable

    2,405Accrued expenses

    2,4112,696Current portion of long-term debt

    5,2762,274Deferred revenue

    2,7022,706Total current liabilities

    12,61410,081Long-term debt, less current portion

    25,74320,413Deferred revenue

    3,8975,412Total liabilities

    42,25435,906Stockholders' Equity:Preferred stock, $0.01 par value, 50,000,000 shares authorized as of December 31, 2011;
     none issued or outstanding as of December 31, 2011 and June 30, 2011

    --Common stock, $0.01 par value, 250,000,000 shares authorized as of December 31, 2011;
     73,044,651 and 63,924,403 shares issued, and 73,015,981 and 63,905,053 shares
     outstanding as of December 31, 2011 and June 30, 2011, respectively

    730639Additional paid-in-capital

    207,304169,590Accumulated deficit

    (142,887)(120,332)Accumulated other comprehensive income

    3,4403,775Treasury stock, at cost, 28,670 and 19,350 shares as of December 31, 2011 and June 30, 2011, respectively

    (140)(100)Total stockholders' equity

    68,44753,572Total liabilities and stockholders' equity

    89,478UNILIFE CORPORATION AND SUBSIDIARIESConsolidated Statement of Operations(in thousands, except per share amounts)(unaudited)Three Months Ended

    December 31,Six Months Ended
    December 31,2011201020112010Revenues:Industrialization and development fees

    ,350Licensing fees

    6466301,3181,207Product sales and other

    171,132352,748Total revenues

    9121,7623,0425,305Cost of product sales

    16824901,999Gross profit

    8969382,9523,306Operating expenses:Research and development

    5,2622,4429,5604,218Selling, general and administrative

    6,7128,02812,89515,269Depreciation and amortization

    1,1578782,1501,665Total operating expenses

    13,13111,34824,60521,152Operating loss

    (12,235)(10,410)(21,653)(17,846)Interest expense

    6393292264Interest income

    (26)(82)(56)(204)Other expense (income), net

    2(2)36(102)Net loss

    (17,604)Loss per share:Basic and diluted loss per share

    (0.32)UNILIFE CORPORATION AND SUBSIDIARIESReconciliation of Non-GAAP Measure(in thousands, except per share amounts)(unaudited)Three Months Ended

    December 31,Six Months Ended
    December 31,2011201020112010Net loss

    (17,604)Share-based compensation expense

    1,4851,8363,3854,386Depreciation and amortization

    1,1578782,1501,665Interest expense

    6393292264Adjusted net loss

    (11,489)Adjusted net loss per share - diluted


    SOURCE Unilife Corporation
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