SAN DIEGO, Oct. 18 /PRNewswire/ -- Dura Pharmaceuticals, Inc. (Dura)
(Nasdaq: DURA) today reported net losses, including non-recurring charges
totaling $103.2 million, of $98.7 million for the third quarter of 2000 and
$76.8 million for first nine months of 2000. Net loss per diluted share was
$2.20 for the third quarter and $1.73 for the nine months ended September 30,
2000. The non-recurring charges pertain to acquired in-process technology
resulting from the acquisition of Spiros Development Corporation II, Inc.
(SDCII), restructuring of Spiros technology programs and expenses resulting
from the pending merger with Elan Corporation, plc (Elan) (NYSE: ELN).
Earnings per diluted share, excluding non-recurring charges, were
$0.09 and $0.56 for the third quarter and first nine months of 2000,
respectively. This compares to earnings per diluted share, excluding
non-recurring charges, of $0.13 and $0.47 for the respective periods in 1999.
Pharmaceutical sales totaled $58 million for the third quarter and
$186.2 million for the first nine months of 2000, representing increases of
7% and 16% over the respective periods last year. Contract revenue generated
primarily from SDCII and Eli Lilly & Company (NYSE: LLY) totaled $12.1 million
for the third quarter and $51.2 million for the first nine months of 2000,
compared to $17.3 million for the third quarter and $50.1 million for the
first nine months of 1999. Contract revenue from SDCII during July and August
of 2000 totaled $6.9 million and ceased with Dura's acquisition of SDCII on
August 31, 2000. The Company ended the third quarter of 2000 with over
$250 million in cash and short-term investments and generated cash flow from
operations, excluding non-recurring cash charges, of $28 million and
$78 million during the third quarter and first nine months of 2000,
respectively.
Dura also announced that it is terminating its program initiated in
October 1998 to repurchase up to $50 million of the Company's common stock.
Under this program, Dura repurchased a total of 2.4 million shares of its
common stock at an average price of $11.68 per share. Substantially all of
these shares were repurchased in 1998.
Dura Pharmaceuticals, Inc. is a San Diego based specialty pharmaceutical
company that markets and sells prescription products that treat infectious,
respiratory and dermatological diseases. Dura focuses on products and
transactions that leverage its sales and marketing organization. Dura also
intends, through the use of collaborative relationships, to develop the
Spiros(R) motorized blisterdisk and Spiros(R) S2 pulmonary drug delivery
systems for the local and systemic delivery of a wide range of medications.
On September 11, 2000, Dura and Elan announced the signing of a definitive
merger agreement for Elan to acquire Dura. The merger is pending approval by
vote of Dura's shareholders at a special meeting of shareholders which is
scheduled to take place on November 9, 2000.
Except for the historical and factual information contained herein, the
matters discussed in this press release may contain forward-looking statements
including targets, estimates, plans, expectations, goals and projections,
which involve risks and uncertainties, including Dura's ability to complete
its merger with Elan, risks associated with the creation and successful
operation of a dermatology division, the effectiveness of Dura's sales forces
in promoting its products, Dura's success in acquiring additional products,
risks associated with the successful development and commercialization of the
inhaled insulin product candidate and Dura's Spiros(R) S2 technology, and
other risks detailed from time to time in Dura's filings with the Securities
and Exchange Commission. Actual results may differ materially from those
projected, including future growth in product sales and earnings. Any
forward-looking statements represent Dura's judgment as of the time and date
of this release. Dura disclaims, however, any intent or obligation to update
any such forward-looking statements. Further information about Dura
Pharmaceuticals, Inc. can be found at http://www.durapharm.com.
Financial Information to Follow
CONSOLIDATED STATEMENTS OF OPERATIONS DATA
(In thousands, except per share data) (unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2000 1999 2000 1999
REVENUES:
Sales $58,000 $54,271 $186,207 $160,673
Contract 12,127 17,289 51,230 50,140
Total revenues 70,127 71,560 237,437 210,813
OPERATING COSTS AND EXPENSES:
Cost of sales 13,539 10,467 39,615 31,337
Clinical, development and
regulatory 13,155 13,000 43,967 36,966
Selling, general and
administrative 42,726 34,077 115,682 95,145
Product rights amortization 5,864 5,166 16,779 14,975
Charges for acquired in-
process technology,
restructuring and merger
expenses 103,170 -- 103,170 --
Total operating costs
and expenses 178,454 62,710 319,213 178,423
OPERATING INCOME (LOSS) (108,327) 8,850 (81,776) 32,390
OTHER INCOME (LOSS) - net 654 (3,650) 5,375 (3,717)
INCOME (LOSS) BEFORE
INCOME TAXES (107,673) 5,200 (76,401) 28,673
PROVISION (BENEFIT) FOR
INCOME TAXES (8,973) 1,664 400 9,789
NET INCOME (LOSS) $(98,700) $3,536 $(76,801) $18,884
NET INCOME (LOSS) PER
SHARE - diluted $(2.20) $0.08 $(1.73) $0.41
WEIGHTED AVERAGE NUMBER OF
COMMON AND COMMON EQUIVALENT
SHARES - diluted 44,767 45,462 44,478 45,655
CONSOLIDATED BALANCE SHEET DATA
(unaudited)
September 30, December 31,
2000 1999
CASH AND SHORT-TERM INVESTMENTS $250,246 $274,413
OTHER CURRENT ASSETS 55,069 69,093
LICENSE AGREEMENTS, PRODUCT RIGHTS,
AND OTHER 556,599 539,968
TOTAL ASSETS $861,914 $883,474
CURRENT LIABILITIES $105,721 $87,581
LONG-TERM LIABILITIES 357,197 354,154
STOCKHOLDERS' EQUITY 398,996 441,739
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $861,914 $883,474
News releases from Dura Pharmaceuticals are available at no charge on
Dura's web site at http://www.durapharm.com and through PR Newswire's On-Call fax
service by calling (800) 758-5804, extension 197051.
SOURCE Dura Pharmaceuticals, Inc.
 back to top
Related links:
http://www.durapharm.com
Company News On-Call:
http://www.prnewswire.com/comp/197051.html or fax,
800-758-5804, ext. 197051
CONTACT:
Michael T. Borer, Senior Vice President and
Chief Financial Officer of Dura Pharmaceuticals, Inc.,
858-457-2553
|
