LEWISBERRY, Pa., Aug. 30 /PRNewswire-FirstCall/ -- Unilife Corporation ("Unilife" or "Company") (Nasdaq: UNIS; ASX: UNS) today announced preliminary financial results for the fourth quarter and fiscal year ended June 30, 2010.
Mr. Alan Shortall, Chief Executive Officer of Unilife said: "Fiscal 2010 has been a pivotal year for Unilife, as we completed several major milestones including the redomiciliation of the Company to the U.S. and our listing on NASDAQ."
"We have also expanded our executive team and board of directors to reflect our U.S. expansion. Each person brings to the company specific skills and experience that will help guide us through what we expect to be an extremely busy and exciting next couple of years."
"We are now working to finalize the industrialization of the Unifill™ syringe and expand relationships with interested pharmaceutical companies, accelerate the global rollout of our Unitract 1mL syringes; and complete the construction of our new state-of-the-art facility in York, Pennsylvania. We remain committed to the continued implementation of our business strategy, and the execution of a number of significant business milestones during fiscal 2011."
Annual Company Highlights:
Preliminary Financial Results for Fourth Quarter and Fiscal Year Ended June 30, 2010Revenues for the fourth quarter ended June 30, 2010 were $2.7 million compared to $7.7 million for the same period in 2009. Revenues for the fiscal year ended June 30, 2010 were $11.4 million compared to $20.0 million for the same period in 2009. The decrease was primarily attributable to a relative decline in revenues from the Company's industrialization agreement with sanofi-aventis in 2010, due to the accelerated receipt of milestone payments during 2009 because the industrialization program was running ahead of its original schedule. The Company has elected to prioritize its activities on the development and supply of its proprietary range of safety syringes. It has consequently reduced its business activities within the medical device contract manufacturing sector during this period.
The Company's net loss for the fourth quarter ended June 30, 2010 was $9.7 million or $0.18 per diluted share, compared to net income of $2.2 million, or $0.06 per diluted share for the same period in 2009. The Company's net loss for the fiscal year ended June 30, 2010 was $29.7 million or $0.64 per diluted share, compared to a net loss of $0.5 million, or $0.02 per diluted share for the same period in 2009. The increase in the net loss was attributable to both the decline in revenues as well as higher payroll and related expenses due to an increase in the workforce at the Lewisberry, PA facility. The Company also incurred an increase in legal and consulting fees in connection with its redomiciliation to the United States.
Adjusted net loss for the fourth quarter ended June 30, 2010, which excludes approximately $4.0 million in share-based compensation expense, depreciation and amortization, interest expense and certain non-recurring costs associated with the redomiciliation and Nasdaq listing was $5.7 million, or $0.11 per diluted share compared to adjusted net income of $3.0 million or $0.08 per diluted share for the same period in 2009. Adjusted net loss for the fiscal year ended June 30, 2010, which excludes approximately $15.2 million in share-based compensation expense, depreciation and amortization, interest expense and certain non-recurring costs associated with the redomiciliation and Nasdaq listing was $14.5 million, or $0.31 per diluted share compared to adjusted net income of $3.9 million or $0.11 per share for the same period in 2009.
As of June 30, 2010, the Company's cash and cash equivalents were $20.8 million.
The financial data included in this press release is based on preliminary unaudited information and may be subject to change. The Company expects to file its audited results for the fiscal year ended June 30, 2010 on Form 10-K with the Securities and Exchange Commission on September 28, 2010.
Conference Call InformationManagement has scheduled a conference call for 4:30 p.m. U.S. Eastern Daylight Time on August 30, 2010, 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 CorporationUnilife Corporation is a U.S.-based medical device company focused on the design, development, manufacture and supply of a proprietary range of retractable syringes. Primary target customers for Unilife products include pharmaceutical manufacturers, suppliers of medical equipment to healthcare facilities and patients who self-administer prescription medication. These patent-protected syringes incorporate automatic, operator-controlled needle retraction features which are fully integrated within the barrel, and are designed to protect those at risk of needlestick injuries and unsafe injection practices. Unilife is ISO 13485-certified and has FDA-registered medical device manufacturing facilities in Pennsylvania.
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 registration statement on Form 10 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 a 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, interest expense and certain non-recurring costs associated with our redomiciliation and Nasdaq listing.
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):Investor Contacts (Australia)Todd Fromer / Garth Russell
Jeff CarterKCSA Strategic Communications
Carpe DM Inc
Unilife CorporationP: + 1 212-682-6300
P: + 1 908 469 1788
P: + 61 2 8346 6500(Tables Below)UNILIFE CORPORATION AND SUBSIDIARIES
Consolidated Balance Sheets
(in thousands, except share data)(unaudited)June 30,20102009AssetsCurrent Assets:Cash and cash equivalents
1,097Prepaid expenses and other current assets
223Total current assets
12,280Property, plant and equipment, net
10,235Intangible assets, net
32,212Liabilities and Stockholders' EquityCurrent Liabilities:Accounts payable
6,097Current portion of long-term debt
2,642Total current liabilities
10,247Long-term debt, less current portion
20,901Commitments and contingencies Stockholders' Equity:Preferred stock, $0.01 par value, 50,000,000 shares authorized as
of June 30, 2010; none issued or outstanding as of June 30, 2010
—Common stock, $0.01 par value, 250,000,000 shares authorized
as of June 30, 2010; 54,761,848 and 36,625,802 shares issued
and outstanding as of June 30, 2010 and 2009, respectively
(49,902)Accumulated other comprehensive income
2,860Total stockholders' equity
11,311Total liabilities and stockholders' equity
32,212UNILIFE CORPORATION AND SUBSIDIARIES
Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)Three Months Ended
June 30,Year Ended
9,976Cost of sales
16,550Operating expenses:Research and development
1,048Selling, general and administrative
14,941Depreciation and amortization
915Total operating expenses
16,904Operating income (loss)
275Net income (loss)
(517)Income (loss) per share:Basic income (loss) per share
(0.02)Diluted income (loss) per share
(0.02)UNILIFE CORPORATION AND SUBSIDIARIES
Reconciliation of Non-GAAP Measure
(in thousands, except per share data)
(unaudited)Three Months Ended
June 30,Year Ended
June 30,2010200920102009Net income (loss)
(517)Share-based compensation expense
3,059Depreciation and amortization
249Non-recurring costs associated with redomiciliation & US listing*
165Adjusted net income (loss)
3,871Adjusted net income (loss) per share –diluted
.11* Includes legal, consulting and other professional fees incurred in connection with the Company's redomiciliation to the United States and Nasdaq listing.
|SOURCE Unilife Corporation|
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