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Unilife Corporation Announces Preliminary Financial Results for the Fourth Quarter and Fiscal Year 2011
Date:8/30/2011

on in payroll costs resulting from the realignment announced at the end of the third quarter 2011, lower non-cash share-based compensation expense and lower consulting costs  

Adjusted net loss for the three months ended June 30, 2011 was $(6.3) million, or $(0.10) per diluted share, compared to adjusted net loss of $(5.7) million, or $(0.11) per diluted share, for the same period in 2010. Adjusted net loss in the current year period excludes $4.2 million in expenses, including non-cash share-based compensation expense, depreciation and amortization and interest expense compared to $4.0 million in the prior year period primarily due to higher depreciation and amortization expense resulting from the new corporate headquarters and related equipment placed in service during the year, partially offset by lower non-cash share-based compensation expense relating to stock awards granted in the prior period.  

Revenues for the year ended June 30, 2011 were $6.7 million compared to $11.4 million for the same period in 2010. The decrease was primarily related to a decrease of $5.0 million of milestone payments associated with the industrialization program for the Unifill syringe, as these payments were recognized in 2010 due to the industrialization program being ahead of the original schedule.

The Company's net loss for year ended June 30, 2011 was $(40.7) million, or $(0.70) per diluted share, compared to a net loss of $(29.7) million, or $(0.64) per diluted share, for the same period in 2010. The increase in net loss was attributable to the decrease in revenues, higher depreciation and amortization and increased selling, general and administrative expenses due to higher payroll and non-cash share-based compensation expense, partially offset by a decrease in legal and consulting fees due to significant costs incurred in the prior period in connection with our redomiciliation to the U.S. Additionally, research and development costs decreased d
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