kvorak wrote: Finally... somebody agrees. The reason people can't answer this question objectively is because it's the WRONG QUESTION, lol. Well said.
Feb. 5, 2010 03:47 PM EST
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From the Wires
BMP Sunstone Reports Third Quarter 2008 Financial Results
- Reports Continued Improvement to Revenue, Operating and Profit Performance -
By: PR Newswire
Nov. 10, 2008 04:01 PM
Financial Highlights as of September 30, 2008:
-- Record third quarter revenues were $30.5 million, a 240% increase from
$9.0 million in the third quarter of 2007.
-- Non-GAAP operating income, as defined below, was $3.5 million for the
quarter, improving from a loss of $1.5 million in the prior year
period.
Non-GAAP operating income for the nine-month period was $7.1 million.
-- Non-GAAP net income, as defined below, was $1.9 million for the quarter
and $3.5 million for the nine-month period.
-- Non-GAAP EPS was $0.05 for the quarter and $0.09 for the nine-month
period.
-- Non-GAAP operating income, net income, and earnings per share exclude
stock based compensation expense, amortization related to acquisitions,
and amortization of debt discount and issuance cost.
Please refer to the financial reconciliations provided in this news
release for a reconciliation of GAAP results to non-GAAP results for the three
and nine months periods ended
Table 1: Non-GAAP to GAAP Net Income Reconciliation
Three Months Ended Nine Months Ended
September 30, 2008 September 30, 2008
(amounts in thousands, except
per share amounts)
Non-GAAP Net Income (Loss) $1,899 $3,465
Non-GAAP EPS $0.05 $0.09
Stock Based Compensation 636 1,816
Amortization of Debt Discount
and Issuance Cost 977 2,931
Amortization Related to
Acquisitions 1,102 3,279
GAAP Net Income (Loss) ($816) ($4,561)
GAAP EPS ($0.02) ($0.12)
Mr. Gao continued, "In our existing businesses, both BMP China and
Sunstone generated solid growth in the third quarter. Sunstone has
historically faced seasonal weakness in the third quarter given that a
significant portion of its sales are generated from its cold medicine
portfolio. This year, during the third quarter, Sunstone's and Wanwei's sales
were also impacted by government restrictions in and around the Revenues for the third quarter of 2008 were Non-GAAP gross profit increased to Non-GAAP operating income reached Non-GAAP net income was Mr. Gao continued, "With the incorporation of Rongheng, we have built a
national strategic distribution platform covering "Organic growth at BMP China and Sunstone continues to be strong, despite
a seasonally slow quarter. We have seen encouraging progress in integrating
our distribution platform, and we are enthusiastic about the expected product
launches during the remainder of the year. Furthermore, we expect to continue
to enhance our distribution capabilities and realize synergies among existing
and new Rx and OTC products and channels. Given this, we remain confident in
our prior guidance for 2008. The Company expects revenue within the range of
Non-GAAP net income excludes stock based compensation, amortization
related to the acquisition of Sunstone and Wanwei and debt discount
amortization and issuance cost related to Balance Sheet As of On Third Quarter 2008 Business Update On On On On Conference Call The Company will hold a conference call at Use of Non-GAAP Financial Measures To supplement BMP Sunstone's consolidated financial statements presented
in accordance with GAAP, this press release includes the following measures
defined as non-GAAP financial measures by the SEC: non-GAAP gross profit, non-
GAAP operating income, non-GAAP net income and non-GAAP diluted earnings per
share. The presentation of this financial information is not intended to be
considered in isolation or as a substitute for the financial information
prepared and presented in accordance with GAAP. In addition, the non-GAAP
financial measures included in this press release may be different from, and
therefore not comparable to, similar measures used by other companies.
Although certain non-GAAP financial measures used in this release excludes
stock based compensation, amortization related to the acquisition of Sunstone
and Wanwei and debt discount amortization and issuance costs related to the
BMP Sunstone's management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance by excluding certain expenses and expenditures that may not be indicative of our core business operating results. BMP Sunstone believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing BMP Sunstone's performance and when planning, forecasting and analyzing future periods. These non-GAAP financial measures also facilitate management's internal comparisons to BMP Sunstone's historical performance and our competitors' operating results. BMP Sunstone believes that these non-GAAP measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision-making. About BMP Sunstone Corporation BMP Sunstone Corporation is a specialty pharmaceutical company that is
building a proprietary portfolio of branded pharmaceutical and healthcare
products in Safe Harbor Statement This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts, including but not limited to statements about the timing of the completion and terms of the proposed acquisition of 75% of Shengda, the Company's revenue and net income guidance for 2008, the timing of the launch of GoodBaby Multivitamin Granules or any other Company products, use of proceeds from the registered direct offering, the possibility of completing any future acquisitions or receiving profits from Alliance BMP Limited, the ability to successfully integrate the Company's distribution platform, the ability to realize synergies among existing and new Rx and OTC products and channels, future investment in the Company's product portfolio and national leading brands, the focus of the Company on revenue growth and market penetration of the Company's current products, expansion of the Company's product portfolio at BMP China, and solidification of Sunstone's market leader position. These statements are subject to uncertainties and risks including, but not limited to, negotiating definitive terms and definitive agreements regarding the proposed acquisition, satisfying the conditions in such definitive agreements, regulatory review, sales and marketing, operating performance, general financial, economic, and political conditions affecting the biotechnology and pharmaceutical industries and the Chinese pharmaceutical market, the ability to timely manufacture and distribute the Company's products, the need to use cash for unexpected reasons, the results of Alliance BMP Limited operations are less than expected or Alliance BMP Limited decides not to make a distribution of profits to its equityholders, and other risks contained in reports filed by the Company with the Securities and Exchange Commission. In addition, the Company disclaims any obligation to update any forward- looking statements to reflect events or circumstances after the date hereof.
For more information, please contact:
BMP Sunstone Corporation
Fred M. Powell
Chief Financial Officer
Tel: +1-610-940-1675
Integrated Corporate Relations, Inc.
Ashley M. Ammon and Christine Duan
Tel: +1-203-682-8200 (Investor Relations)
BMP Sunstone Corporation and Subsidiaries
Non GAAP Condensed Consolidated Statements of Operation
($ amounts, except per share amounts in thousands)
For the Three months For the Nine months
ended September 30, ended September 30,
2008 2007 2008 2007
Revenues:
Third parties $28,544 $8,979 $72,979 $21,844
Related parties 1,959 -- 5,251 --
Total Revenues 30,503 8,979 78,230 21,844
Cost of Goods Sold 16,567 7,805 39,235 19,040
Gross Margin 13,936 1,174 38,995 2,804
Sales and Marketing Expenses 8,237 1,077 24,075 2,424
General and Administration
Expenses 2,196 1,565 7,852 4,514
Total Operating Expenses 10,433 2,642 31,927 6,938
Income (Loss) From Operations 3,503 (1,468) 7,068 (4,134)
Other Income (Expense):
Interest Income 6 172 68 441
Interest (Expense) (823) (47) (2,469) (90)
Equity Method Investment Gain -- -- 996 --
Other Income -- 71 -- 71
Total Other Income (Expense) (817) 196 (1,405) 422
Income (Loss) Before Provision
For Income Taxes 2,686 (1,272) 5,663 (3,712)
Provision For Income Taxes 787 -- 2,198 --
Net Income (Loss) $1,899 $(1,272) $3,465 $(3,712)
Basic and Fully-Diluted Loss
Per Share $0.05 $(0.04) $0.09 $(0.14)
Basic and Fully-Diluted
Weighted-average Shares
Outstanding 39,650 28,394 38,070 27,247
BMP Sunstone Corporation and Subsidiaries
Condensed Consolidated Statements of Operation
($ amounts, except per share amounts in thousands)
For the Three months For the Nine months
ended September 30, ended September 30,
2008 2007 2008 2007
Revenues:
Third parties $28,544 $8,979 $72,979 $21,844
Related parties 1,959 -- 5,251 --
Total Revenues 30,503 8,979 78,230 21,844
Cost of Goods Sold 16,676 7,805 40,120 19,040
Gross Margin 13,827 1,174 38,110 2,804
Sales and Marketing Expenses 9,152 1,077 26,251 2,424
General and Administration
Expenses 2,910 2,092 9,886 5,847
Total Operating Expenses 12,062 3,169 36,137 8,271
Profit (Loss) From Operations 1,765 (1,995) 1,973 (5,467)
Other Income (Expense):
Interest Income 6 172 68 441
Interest (Expense) (1,590) (47) (4,770) (90)
Debt Issuance Cost Amortization (210) -- (630) --
Equity Method Investment Gain -- -- 996 --
Other Income -- 71 -- 71
Total Other Income (Expense) (1,794) 196 (4,336) 422
Loss Before Provision For Income
Taxes (29) (1,799) (2,363) (5,045)
Provision For Income Taxes 787 -- 2,198 --
Net Loss $(816) $(1,799) $(4,561) $(5,045)
Basic and Fully-Diluted Loss Per
Share $(0.02) $(0.06) $(0.12) $(0.19)
Basic and Fully-Diluted
Weighted-average Shares
Outstanding 39,650 28,394 38,070 27,247
BMP Sunstone Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
($ amounts in thousands)
(Unaudited)
September 30, December 31,
2008 2007
Assets
Current Assets:
Cash and Cash Equivalents $3,787 $22,837
Restricted Cash 1,297 1,297
Notes Receivable 15,441 --
Accounts Receivable, net of allowance
for doubtful accounts of $51 and $44 33,763 11,707
Inventory, net of allowance for
obsolescence of $0 11,321 2,897
Due from Related Party 3,298 --
Other Receivables 1,795 1,379
VAT Receivable 1,044 828
Prepaid Expenses and Other Current
Assets 5,971 2,444
Total Current Assets 77,717 43,389
Property and Equipment, net 22,925 745
Investment in Sunstone China Limited -- 33,126
Investment in Alliance BMP 15,093 --
Investments, at Cost 146 137
Other Assets 70,004 3,053
Intangible Assets, net of accumulated
amortization 44,938 473
Total Assets $230,823 $80,923
Liabilities and Stockholders' Equity
Current Liabilities:
Notes Payable $29,694 $117
Accounts Payable 24,116 8,784
Deferred Revenue 143 151
Due to Related Parties 3,461 --
Accrued Expenses 18,582 3,952
Total Current Liabilities 75,996 13,004
Long-term debt, net of debt discount -- 18,910
Deferred Taxes 10,802 --
Total Liabilities 86,798 31,914
Stockholders' Equity:
Common Stock, $.001 Par Value;
75,000,000 and 50,000,000 Shares
Authorized as of September 30, 2008
and December 31, 2007, respectively;
39,808,864 and 31,240,913 Shares
Issued and Outstanding as of
September 30, 2008 and December 31,
2007, respectively 40 31
Additional Paid in Capital 158,240 66,123
Common Stock Warrants 9,049 9,747
Accumulated Deficit (32,161) (27,600)
Accumulated Other Comprehensive
Income 8,857 708
Total Stockholders' Equity 144,025 49,009
Total Liabilities and Stockholders'
Equity $230,823 $80,923
Non GAAP Reconciliations
($ amounts, except per share amounts in thousands)
Three Months Ended Nine Months Ended
September 30, September 30,
2008 2007 2008 2007
GAAP Gross Profit $13,827 1,174 38,110 2,804
Amortization Related to Acquisition 109 -- 885 --
Non GAAP Gross Profit $13,936 $1,174 $38,995 $2,804
Three Months Ended Nine Months Ended
September 30, September 30,
2008 2007 2008 2007
GAAP Operating Income (Loss) $1,765 $(1,995) 1,973 (5,467)
Stock Based Compensation 636 460 1,816 1,133
Amortization Related to Acquisitions 1,102 67 3,279 200
Non GAAP Operating Income (Loss) $3,503 $(1,468) $7,068 $(4,134)
Three Months Ended Nine Months Ended
September 30, September 30,
2008 2007 2008 2007
GAAP Net Income (Loss) $(816) $(1,799) (4,561) (5,045)
GAAP EPS $(0.02) $(0.06) $(0.10) $(0.12)
Stock Based Compensation 636 460 1,816 1,133
Debt Amortization and Issuance Cost 977 -- 2,931 --
Amortization Related to Acquisitions 1,102 67 3,279 200
Non GAAP Net Income (Loss) $1,899 $(1,272) $3,465 $(3,712)
Non GAAP EPS $0.05 $(0.05) $0.09 $(0.14)
SOURCE BMP Sunstone Corporation
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