BOCA RATON, Fla., March 15 /PRNewswire-FirstCall/ -- Nabi
Biopharmaceuticals (Nasdaq: NABI) announced the filing of its Annual Report
on Form 10-K for the fiscal year ended December 30, 2006 and re-released
its 2006 fourth quarter and full-year financial results, correcting errors
which appeared in its March 12, 2006 release originally announcing those
results. These errors, which are corrected in the attached financial
tables, primarily involved the allocation of the income tax provision for
the fourth quarter of 2005 between continuing and discontinued operations,
a correction to the fourth quarter 2006 basic and diluted loss per share
from $0.07 to $0.06 with a corresponding correction to increase the income
from discontinued operations from $0.06 to $0.07 per basic and diluted
share, and certain other reclassifications. These corrections and
reclassifications had no effect on the previously published full-year 2006
or 2005 results.
About Nabi Biopharmaceuticals
Nabi Biopharmaceuticals leverages its experience and knowledge in
powering the immune system to develop and market products that fight
serious medical conditions. The company has two products on the market
today: Nabi-HB(R) [Hepatitis B Immune Globulin (Human)], and Aloprim(TM)
(allopurinol sodium) for Injection. Nabi Biopharmaceuticals is focused on
developing products that address unmet medical needs and offer commercial
opportunities in our core business areas: Hepatitis and transplant,
Gram-positive bacterial infections and nicotine addiction. For a complete
list of pipeline products, please go to:
http://www.nabi.com/pipeline/index.php. The company is headquartered in
Boca Raton, Florida. For additional information about Nabi
Biopharmaceuticals, please visit our website: http://www.nabi.com.
Nabi Biopharmaceuticals
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, amounts in thousands, except per share data)
For the For the
Three Months Ended Twelve Months Ended
December 30, December 31, December 30, December 31,
2006 2005 2006 2005
Revenues $30,343 $26,770 $89,868 $94,149
Costs and expenses:
Costs of products
sold, excluding
amortization of
intangible assets 18,096 22,099 61,177 63,642
Royalty expense 510 484 1,535 3,623
Gross margin, excluding
amortization of
intangible assets 11,737 4,187 27,156 26,884
Selling, general
and administrative
expense 10,108 11,824 43,076 51,693
Research and
development expense 9,671 13,234 37,572 60,906
Amortization of
intangible assets 69 131 273 676
Other operating
expense, principally
freight 98 76 495 348
Impairment of vaccine
manufacturing facility - 19,842 - 19,842
Write-off of
manufacturing right - 2,684 - 2,684
Operating loss (8,209) (43,604) (54,260) (109,265)
Interest income 1,232 1,350 4,148 4,094
Interest expense (928) (1,043) (3,724) (2,523)
Other expense, net (367) (372) (38) (483)
Loss from continuing
operations before
benefit (provision)
for income taxes (8,272) (43,669) (53,874) (108,177)
Benefit (provision)
for income taxes 10 (15,725) 162 2,610
Loss from continuing
operations (8,262) (59,394) (53,712) (105,567)
Discontinued operations
Income (loss) from
discontinued
operations 4,283 (11,824) (4,991) (21,180)
Provision for
income taxes (10) (4,361) - (1,702)
Income (loss) from
discontinued
operations 4,273 (16,185) (4,991) (22,882)
Net loss $(3,989) $(75,579) $(58,703) $(128,449)
Basic and diluted
loss per share
Continuing
operations $(0.13) $ (0.99) $ (0.88) $(1.76)
Discontinued
operations 0.07 (0.26) (0.08) (0.39)
Basic and diluted
loss per share $(0.06) $ (1.25) $ (0.96) $(2.15)
Basic and diluted
weighted average
shares outstanding 61,473 60,231 60,936 59,862
SUPPLEMENTAL
INFORMATION:
Sales by Operating
Segment
Biopharmaceutical
Products $16,644 $11,367 $40,093 $48,231
Antibody Products:
Specialty antibodies 7,019 8,815 26,945 22,936
Non-specific
antibodies 6,680 6,588 22,830 22,982
Total
antibodies 13,699 15,403 49,775 45,918
Total $30,343 $26,770 $89,868 $94,149
Nabi Biopharmaceuticals
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, amounts in thousands)
December 30, December 31,
2006 2005
Cash and cash equivalents $86,227 $101,762
Marketable securities 32,500 5,172
Restricted cash 805 816
Trade accounts receivable, net 20,377 19,688
Inventories, net 19,260 20,500
Prepaid expenses and other current assets 2,654 3,449
Current assets of discontinued operations 13,341 81,215
Property, plant and equipment, net 88,329 93,865
Intangible assets, net 1,683 1,955
Other assets, net 701 914
Total assets $265,877 $329,336
Trade accounts payable and accrued expenses $24,384 $30,075
Current liabilities of discontinued
operations 20,554 16,966
2.875% convertible senior notes, net 109,313 109,145
Non-current liabilities of discontinued
operations - 10,707
Other liabilities 238 616
Stockholders' equity 111,388 161,827
Total liabilities and stockholders' equity $265,877 $329,336
Capital expenditures were $2.6 million and $8.5 million for the years
ended December 30, 2006 and December 31, 2005, respectively.
Depreciation and amortization expenses from continuing operations were
$7.9 million and $10.7 million for years ended December 30, 2006 and
December 31, 2005, respectively.
The condensed consolidated balance sheets have been derived from the
audited balance sheets. Certain items in the 2005 condensed consolidated
financial statements have been reclassified to conform to the current
year's presentation.
SOURCE Nabi Biopharmaceuticals
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Related links:
http://www.nabi.com
CONTACT:
Thomas E. Rathjen, Vice President, Investor
Relations of Nabi Biopharmaceuticals, +1-561-989-5800
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