MALVERN, Penn. -- Aug. 12, 1996 -- Zynaxis Inc.
(NASDAQ:ZNXS) for the quarter ended June 30, 1996 reported a net
loss of $703,400 or 7 cents per common share on revenues of
$495,600.
This loss included research and development and marketing,
general and administrative expenses of $1,328,700. For the
corresponding period of 1995, the net loss was $1,013,900, or 19
cents per common share on revenues of $49,600, and included research
and development and marketing general and administrative expenses of
$2,169,900.
For the six month period ended June 30, 1996, the company's net
loss was $1,524,400 or 15 cents per common share on revenues of
$1,038,700 and research and development and marketing, general and
administrative expenses of $2,784,700, compared to a net loss of
$3,048,500 or 58 cents per common share on revenues of $172,700 and
research and development and marketing, general and administrative
expenses of $3,947,300 in the comparable period of 1995.
The results of operations for the three and six months ended
June 30, 1995 include a net gain of $1,101,300 from the sale of
certain of the company's diagnostic technologies. The results of
operations for the six months ended June 30, 1995 also include a
$347,400 restructuring charge related to the decision to terminate
the company's diagnostic operations.
"The comparisons with 1995 are especially gratifying since the
1995 results include the one-time impact of the sale of our
diagnostic businesses," commented Martyn Greenacre, chairman and
chief executive officer.
"Over the past year, we have made significant strides in
optimizing our resources: on a year to date basis compared to 1995,
our revenues are up, operating expenses are down, and our cash used
for operations has dropped from $569,000 a month to $215,000 per
month."
"With the cash we anticipate receiving later this year from the
recently announced sale of Cauldron Process Chemistry division, we
should be well positioned to advance our delivery technologies," he
added.
Zynaxis Inc. develops site-directed delivery systems which
enhance the effectiveness of vaccines, drugs and biopharmaceuticals.
Specific applications are commercialized in conjunction with
corporate partners. ALK A/S, a leader in allergy immunotherapy, has
licensed certain of the company's vaccine delivery systems for the
field of allergy. Proprietary vaccine delivery technologies are
also being applied to development of oral vaccines against influenza
and other infectious diseases. The company's patented Zyn-Linker
Molecules Delivery systems are being applied to improved therapy for
cancer and restenosis and to more efficient delivery of antisense
oligonucleotides.
ZYNAXIS, INC.
Results of operations and consolidated condensed balance sheets
Second quarter of 1996
Consolidated condensed statements of operations
(unaudited)
For the three months ended For the six months ended
June 30, June 30,
1996 1995 1996 1995
Revenues:
Collaborative,
contract and
grant revenues $495,649 $22,810 $1,038,693 $31,479
Sales - 26,789
- 141,189
495,649 49,599 1,038,693 172,668
Expenses:
Research and
development 928,726 1,716,727 1,871,613 2,970,066
Marketing,
administrative
and general 400,019 453,170 913,130 977,250
Restructuring charge - - - 347,436
Cost of sales - 7,196 - 40,261
1,328,745 2,177,093 2,784,743 4,335,013
Other Income
(expense), net 129,680 1,113,607 221,669
1,113,805
Net loss ($703,416)($1,013,887)
($1,524,381)($3,048,540)
Net loss per
common share ($0.07) ($0.19) ($0.15) ($0.58)
Shares used in
computing net loss
per common share 10,153,742 5,263,556 9,917,119
5,261,373
Consolidated condensed balance sheets
(unaudited)
June 30, December 31,
1996 1995
Assets:
Cash, cash equivalents, short-term and
long-term securities $168,281 $509,143
Collaborative, contract & grant revenue
receivable 162,583 111,263
Other current assets 158,537 92,726
Net property, plant and equipment 2,313,472 2,845,541
Other long-term assets 436,762 429,155
$3,239,635 $3,987,828
Liabilities and Stockholders' Equity
Current liabilities $1,574,077 $1,446,830
Long-term debt and other long-term
obligations, net of current portion 174,244 183,403
Stockholders' equity 1,491,314 2,357,595
$3,239,635 $3,987,828
CONTACT: Zynaxis Inc.
Martyn D. Greenacre, 610/889-2200
or
Levin Public Relations
Don Levin, 914/993-0900
George Dube, 212/873-6886
OLD FORGE, Pa. -- Aug. 12, 1996 -- DERMA SCIENCES,
INC. (NASDAQ: DSCI) (BSE/PSE: DMS) today reported revenues of
$1,453,223 for the second quarter ending June 30, 1996, representing
a 26% increase from $1,153,350 for the second quarter of 1995. The
increase is attributable to an increased demand for Dermagran
Ointment. Sales of Dermagran Ointment more than doubled compared to
the same quarter in 1995.
Gross profit increased 8% as a percentage of sales and 38% in
the aggregate, from $891,434 for the second quarter 1995 to
$1,227,867 in the second quarter 1996. Product development expense
increased 18% to $197,710 for the second quarter 1996 from $167,647
in the second quarter 1995, while sales and marketing expense
increased $138,549, or 100%, to $277,372, over the same 1995 period
expense of $138,823. The Company posted net income of $114,931, or
$0.03 per share, compared to a net loss of $261,811, or $0.06 per
share, for the second quarter of 1995. Net loss for the six-month
period ending June 30, 1996 was $0.04 per share, as compared to a
$0.06 per share loss for the same period of 1995.
John T. Borthwick, President and Chief Executive Officer of
DERMA SCIENCES said, "Our second quarter results indicate that even
with restructuring events taking place within Medicare, the demand
for DERMA SCIENCES' products is increasing. Our increased
expenditures for sales and marketing has produced, to my knowledge,
the first comprehensive Disease Management Program for wound care,
showing significant savings to the Managed Care industry. The
results of this program should drive the Company's results through
the end of 1996 and beyond. In addition, through its research
efforts, the Company has identified its core technology as having
horizontal applications in the area of tissue regeneration and
performance cosmetics. We will continue to attempt to exploit these
newly identified commercial applications through strategic alliances
with companies specializing in the various fields of use areas."
DERMA SCIENCES, INC. is engaged in the development, marketing
and sale of primarily proprietary sprays, ointments and dressings
for the management of certain chronic non-healing skin ulcerations
such as pressure and venous ulcers, surgical incisions and burns.
The Company markets its products through independent distributors,
mainly to health care providers to the geriatric community such as
nursing homes, similar extended care facilities, hospitals and home
health care agencies and managed care providers throughout the
United States. In addition, DERMA SCIENCES, INC. products are
available in selected markets throughout the world through strategic
alliances with local companies.
DERMA SCIENCES, INC.
STATEMENTS OF INCOME
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
1996 1995 1996 1995
NET SALES $1,453,223 $1,153,350 $2,496,398
$2,702,764
COST OF SALES 225,356 261,916 485,217
610,410
GROSS PROFIT 1,227,867 891,434 2,011,181
2,092,354
OPERATING EXPENSES:
Product development 197,710 167,647 402,286
332,071
Selling, general & adm. 966,968 821,607 1,866,786
1,792,983
Total operating expenses 1,164,678 989,254 2,269,072
2,125,054
INCOME (LOSS) FROM
OPERATIONS 63,189 (97,820) (257,891)
(32,700)
OTHER INCOME (EXPENSE):
Interest income 37,378 83,648 78,829
107,196
Interest expense
(16,065) (14,676) (30,547) (27,856)
Deferred M&A costs 0 (294,268) 0
(294,268)
Total other income (expense) 21,313 (225,296) 48,282
(214,928)
INCOME (LOSS) BEFORE INCOME
TAXES: 84,502 (323,116) (209,609)
(247,628)
Income taxes (30,429) (61,305) (55,217)
(22,594)
NET INCOME (LOSS) $ 114,931 $(261,811) $(154,392)
$(225,034)
NET INCOME (LOSS) PER COMMON
SHARE $ 0.03 $(0.06) $(0.04)
$(0.06)
WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING 4,054,233 4,054,233 4,054,233
4,054,233
SAN MATEO, CA -- Aug. 12, 1996 -- Sanctuary Woods
Multimedia Corporation (VSE: SWD), which announced in April that it
would cease development of interactive entertainment titles to focus
solely on its educational products, today reported $342,978 in net
income on sales of $1,920,369 for the first quarter ended June 30.
1996.
These earnings reflect a substantial improvement in net income
over its recent transition quarter, the result of the company's
change to a March 31 fiscal year end.
"We have completed the reorganization of the company around our
curriculum-based educational products and are clearly headed in the
right direction," said Charlotte Walker, president and CEO of
Sanctuary Woods.
Net income rose to $342,978 in the first quarter compared to a
net loss of ($4,514,171) in the quarter ended March 31, 1996 and a
($3,262,300) loss for the quarter ended June 30, 1995. Primary per
share income was $0.02 compared to a loss of ($0.21) per share for
the comparable 1995 quarter.
Net income for the quarter ended June 30, 1996 included a gain
of $898,000 on the sale of the company's entertainment studio in
Victoria, British Columbia to Disney Interactive. The company
incurred a ($477,910) operating loss for the quarter ended June 30,
1996 compared to an operating loss of ($3,242,754) for the same
period last year. The operating loss for the June 30, 1996 quarter
included operating costs for the Victoria studio up to its sale on
May 13, 1996 of approximately $250,000.
Sales for the first quarter included $580,000 in licensing
revenue from the sale of publishing rights to three entertainment
titles: Orion Burger, The Riddle of Master Lu; and Siberian Cipher.
In addition, the company incurred additional reserves of $250,000
for returns and mark-downs on its previously-published entertainment
titles.
Because the quarter ended June 30, 1996 included certain non-
recurring transactions such as the Victoria studio sale and the sale
of certain licensing rights, the results may not be indicative of
future performance. Additional information on these and other
factors which could affect the company's financial results are
included in the company's reports on Form 10-K and 10-Q on file with
the Securities and Exchange Commission.
Sanctuary Woods is the developer of innovative educational
software, including Major League Math(TM), NFL(TM)Math, Franklin's
Reading World and Franklin Learns Math. The company was founded in
1988 and is headquartered in San Mateo, Calif.
NOTE: Sanctuary Woods is a registered trademark and the
Sanctuary Woods tree logo is a trademark of Sanctuary Woods
Multimedia. NFL is a trademark of the National Football League.
Major League Math is a trademark of Major League Baseball. The
Vancouver Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the contents of the
foregoing.
SANCTUARY WOODS MULTIMEDIA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF JUNE 30, 1996 AND MARCH 31,1996 (UNAUDITED)
June 30 March 31
ASSETS
CURRENT ASSETS:
Cash $88,447 $8,455
Accounts receivable 804,996 800,701
Inventories 1,006,967 1,384,840
Prepaid royalties 177,000 127,000
Prepaid expenses 220,492 294,203
Total current assets 2,297,902 2,615,199
PROPERTY AND EQUIPMENT 793,636 1,834,266
DEFERRED ROYALTIES & OTHER 93,571 144,396
TOTAL ASSETS $3,185,109 $4,593,861
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
CURRENT LIABILITIES:
Bank debt $1,135,904 $2,226,781
Notes payable 1,563,666
Accounts payable 2,517,352 3,087,886
Accrued expenses 795,365 1,395,359
Royalty obligations 454,723 611,905
Current portion of capital lease
obligations 27,810 28,715
Total current liabilities 4,931,154 8,914,312
LONG-TERM ROYALTY & CAPITAL LEASE
OBLIGATIONS 84,000 534,000
CAPITAL LEASE OBLIGATIONS 6,956 13,781
Total liabilities 5,022,110 9,462,093
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY (DEFICIT):
Authorized, 100,000,000 common shares,
no par value: issued and outstanding,
26,708,580 at June 30, 1996 and
22,158,580 shares at March 31, 1996 34,446,006 31,763,839
Accumulated deficit (35,531,136)(35,874,113)
Accumulated translation adjustments (751,871) (757,958)
Total stockholders' equity (deficit) (1,837,001) (4,868,232)
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY (DEFICIT) $3,185,109 $4,593,861
See notes to consolidated financial statements.
SANCTUARY WOODS MULTIMEDIA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
THREE MONTHS ENDED JUNE 30, 1996 AND 1995 (UNAUDITED)
1996 1995
SALES:
Consumer titles $994,716 $1,323,763
Licensing Revenue 925,653 $565,132
Publisher services 169,975
Total sales 1,920,369 2,058,870
COST OF SALES:
Consumer titles 683,099 964,022
Technology amortization 161,090
Publisher services 145,174
Total cost of sales 683,099 1,270,286
GROSS MARGIN 1,237,270 788,584
OPERATING EXPENSES:
Research and development 459,064 978,319
Marketing and sales 632,080 1,812,179
Administration 488,631 1,119,694
Depreciation 135,405 121,146
Total operating expenses 1,715,180 4,031,338
OPERATING LOSS (477,910) (3,242,754)
OTHER INCOME (EXPENSE)
Foreign exchange (loss) gain (2,988) 11,480
Interest expense, net (82,168) (35,663)
Net gain on sale and disposal of assets 875,161 203
Other income 30,883 4,434
Total other income (expense) 820,888 (19,546)
NET INCOME (LOSS) $342,978 $(3,262,300)
PRIMARY NET INCOME (LOSS) PER SHARE $ 0.02 ($0.21)
FULLY DILUTED NET INCOME (LOSS) PER SHARE $ 0.01 ($0.21)
PRIMARY SHARES USED IN COMPUTATION 20,265,464 15,837,356
FULLY DILUTED SHARES USED IN
COMPUTATION 24,282,820 15,837,356
See notes to consolidated financial statements.
SANCTUARY WOODS MULTIMEDIA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
THREE MONTHS ENDED JUNE 30, 1996 AND 1995 (UNAUDITED)
1996 1995
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $342,978 $(3,262,300)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization 136,230 311,630
Warrant compensation and other 53,254
Net gain on sale and disposal of assets (875,161) (203)
Changes in assets and liabilities:
Accounts receivable (4,295) 169,568
Inventories 377,873 (909,575)
Prepaid royalties, expenses and
intangibles 73,711 (738,039)
Accounts payable and accrued expenses (1,095,208) 1,396,143
Accrued royalty obligations 1/8see below 3/8 (486,870) 229,550
Accrued Bank Payable 395,000
Net cash used in operating activities (1,477,488) (2,408,226)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of assets 1,900,000
Purchase of property and equipment (302,045)
Net cash provided (used) in investing
activities 1,900,000 (302,045)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of warrants 750,000
Common stock issued 331,285
Net (payments) borrowings on bank debt (1,090,877) 2,240,000
Payments on long-term debt (7,730) (6,912)
Net cash used (provided) in financing
activities (348,607) 2,564,373
EFFECT OF EXCHANGE RATE CHANGES ON CASH 6,087
NET INCREASE (DECREASE) IN CASH 79,992 (145,898)
CASH, BEGINNING OF PERIOD 8,455 268,552
CASH, END OF PERIOD $88,447 $122,654
SUPPLEMENTAL DISCLOSURES OF CASH FLOW
INFORMATION:
Cash paid during the period for:
Interest $2,200 $34,266
Income taxes 800
SUPPLEMENTAL SCHEDULE OF NON-CASH
FINANCING INFORMATION:
Conversion of notes payable into
common stock 1,563,666
Sale of intellectual property in
exchange for a reduction in royalty
obligations and issuance of
common stock 550,000
Conversion of account payable into
common stock 196,000
See notes to consolidated financial statements.
MELVILLE, N.Y. -- Aug. 12, 1996 -- BCAM
International Inc. (NASDAQ:BCAM) today reported results for the
second quarter ended June 30, 1996.
The company reported a second quarter net loss of $466,587 or (3
cents) per share (see attached table). Second quarter 1996 revenue
was $108,226, a slight increase over the first quarter. Second
quarter 1996 operating expenses declined to $591,535 from $697,437
in the comparable period of the prior year. Third quarter revenue
is expected to be substantially better than the second quarter,
because the company is working on several major projects that have
been deferred by our customers from the first and second quarters.
Commenting on the results, Michael Strauss, chairman and chief
executive officer of BCAM, stated, "During the first six months of
1996, we have made significant progress in substantially
strengthening and broadening our technology. We have been informed
by the United States Patent Office that it has allowed three
additional applications on BCAM's "Intelligent Surface Technology",
and that the European Patent Office has allowed our first
applications. We therefore now have seven patents and four pending
patents."
In addition, said Strauss, "We are currently in the advanced
stages of discussions with several major new customers, including
some in the medical field, to incorporate our "Intelligent Surface
Technology" into their products in the near future and, in fact,
have already signed an option agreement with one of them. It is
expected that at least one product incorporating BCAM's technology
will be introduced into the marketplace in 1997, from which BCAM
will start receiving a royalty stream."
"It has taken," said Strauss, "the new management team a year
and a half to restructure, reposition and focus the company,
capitalizing on the heavy investment that has been made in BCAM's
technology over the years. I am confident that BCAM is now poised
for substantial growth in the near future. I am very excited that
we have reached this stage and look forward to an exciting second
half of this year and beyond."
BCAM International Inc. is a software technology company that
specializes in ergonomic solutions for major industries.
BCAM International Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(All numbers in whole dollars)
Three Months Ended Six Months Ended
June 30, June 30,
1996 1995 1996 1995
Net revenue $108,226 $299,631 $210,721
$414,396
Costs and expenses 591,535 697,437 1,171,163
1,321,430
Interest and other income 16,722 47,302 41,534
101,113
Net loss $(466,587) $(350,504) $(918,908)
$(805,921)
Net loss per share $ (0.03) $ (0.02) $ (0.06) $
(0.05)
Weighted average
number of shares
outstanding 14,859,211 14,798,991 14,858,222
14,778,227
CONTACT: BCAM International
Michael Strauss, 516/752-3550
or
Strategic Growth International
Stanley Altschuler, Donald Weinberger, 516/829-7111
PITTSBURGH, PA -- Aug. 12, 1996 -- NATIONAL RECORD MART, INC.
(Nasdaq: NRMI) today reported results for the first quarter of its
fiscal year ending March 30, 1996. Total year to date net sales
through June 29, 1996, totaled $20.1 million, an increase of $1.1
million or 5.9% higher than the same period in fiscal 1995, and 2.2%
on a comparable store sales basis. Contributing to the increase in
sales is the Company's focus on improving its management of its
inventory system, with an emphasis on buying deeper into product
lines to appeal to a larger demographic customer base.
In line with expectations, the Company recorded a net loss of
$1,276,000, or ($.26) per share, a 13% reduction from the loss
recorded in the first quarter of the prior year, $1,461,000, or
($.29) per share. Gross profit for the first quarter increased by
$502,000 or 6.9%. Gross margins increased to 38.5% as a percentage
of sales, compared to 38.1% from the first quarter ending June 24,
1995. As a percentage of sales, selling, general & administrative
expenses decreased from 43.4% to 42.8% as a result of a combination
of the Company's implementation of a new store wage control system
and the restructuring of field personnel as well as internal
management, including the addition of several new key personnel.
Due to the seasonal nature of the Company's business, it typically
operates at a net loss in the first quarter.
Commenting on the results, William A. Teitelbaum, Chairman,
President and CEO of the Company, stated, "we are beginning to see
some improvement in the Company's `It's the Stores' strategy, a
combination of improving customer service, overall store appearance
and the quality of personnel through better training and more
selective recruiting." Mr. Teitelbaum further states, "while we
are pleased with the improvement in our margins and comparative
store sales, management believes that it must continue to focus on
its pricing formats, development of innovative marketing programs,
completion of its new retail design and its ongoing support of the
Company's `It's the Stores' strategy to further position itself in
the competitive marketplace of music retail."
National Record Mart, Inc. is a specialty retailer of
prerecorded music and entertainment products. The Company is the
ninth largest specialty retailer of prerecorded music.
NATIONAL RECORD MART, INC.
Results For First Quarter
Through June 29, 1996, and June 24, 1995
(in thousands except earnings per share amounts)
Thirteen Weeks Ended
% of
% of
06/29/96 sales
06/24/95 sales
Net sales $20,142 $19,017
Cost of sales 12,392 61.5% 11,769 61.9%
Gross profit 7,750 38.5% 7,248 38.1%
Selling, general, and
administrative expenses 8,615 42.8% 8,252 43.4%
Depreciation and amortization 647 3.2% 746 3.9%
Net interest expense 420 2.1% 441 2.3%
Other expenses 61 0.3% 91 0.5%
Total expenses 9,743 48.4% 9,530 50.1%
Net loss before income taxes (1,993) -9.9% (2,282) -12.0%
Income tax benefit 717 3.6% 821 4.3%
Net loss ($1,276) -6.3% ($1,461) -7.7%
Net loss per share ($0.26) ($0.29)
Weighted average number of
common shares and common
equivalent shares (warrants
and options) outstanding 4,872 4,965
Number of stores in operation 152 149
SOURCE National Record Mart, Inc.