Health & Fitness
Health and Fitness
Health and Fitness
Fri, July 16, 2010
Thu, July 15, 2010 Remedent Reports Fourth Quarter and Year End Results and Remedent to Host a Conference Call at 11:00 A.M. EST, Tuesday, July 20
DUERLE, BELGIUM--(Marketwire - July 15, 2010) - Remedent, Inc. (
Net sales in the fourth quarter decreased 27% to $2.5 million from $3.4 million in the same year ago quarter. The decrease in sales was due to non recurring license fees of approx $1 million received from Denmat in the fourth quarter ended March 31, 2009.
Loss from operations in the fourth quarter was a loss of $111,138 $(0.01) per share as opposed to a loss of $1,079,063 $(0.05) in the same year-ago quarter, based upon 20 million weighted average basic shares outstanding.
Net loss for the year ended March 31, 2010 was $2.4 million or $(0.12) per share, as compared with a loss of $3.0 million or $(0.15) per share for the year ended March 31, 2009.
Cash and cash equivalents totaled $614,000 at March 31, 2010 as opposed to $1.8 million at March 31, 2009.
Management Commentary
"Our sales strategy of shifting from our previous wholesale sales (B2B) model via a distributor to a direct retail model (B2C) is beginning to take shape. Included in our net loss of $111,000 for the fourth and final quarter ended March 31, 2010, was a loss of $550,000 directly attributable to our subsidiary Sylphar. The improved results are attributable to the inclusion for the first time of our Asian operations into our consolidated financial statements together with the gain realized from the sale of First Fit. Sales at all our Spa locations, namely in Beijing, Hong Kong, Taiwan and in Europe continue to exceed our expectations as sales continue to climb during the first quarter of the next financial year," said Guy De Vresse the CEO of Remedent.
Conference Call Information
Remedent will host a conference call on July 20, 2010 at 11:00 a.m. Eastern Standard time (8:00 a.m. Pacific time) to discuss these results and its strategic plans for the future. A question and answer session will follow management's presentation. To participate in the call, dial the appropriate number 5-10 minutes prior to the start time.
Date: Tuesday, July 20,2010 Time 11:00 a.m. Eastern time (8:00 a.m. Pacific time). Dial in number: 1-888-677-8749 International: 1-913-312-1482
A simultaneous web cast and replay of the call will be available through July 31, 2010. The replay pass code is 8101477.
About Remedent
Remedent, Inc. specializes in the research, development, manufacturing and marketing of oral care and cosmetic dentistry products. The company serves professional dental industry with breakthrough technology for dental veneers. These products are supported by a line of professional veneer whitening and teeth sensitivity solutions. Headquartered in Belgium, Remedent distributes its products to more than 35 countries worldwide. For more information, go to [ www.remedent.com ].
Statement under the Private Securities Litigation Reform Act of 1995
Statements in this press release that are "forward-looking statements" are based on current expectations and assumptions that are subject to risks and uncertainties. Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause Remedent's actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as "believes," "belief," "expects," "expect," "intends," "intend," "anticipate," "anticipates," "plans," "plan," "projects," "project," to be uncertain and forward-looking. Actual results could differ materially because of factors such as Remedent's ability to achieve the synergies and value creation contemplated by the proposed transaction. For further information regarding risks and uncertainties associated with Remedent's business, please refer to the risk factors described in Remedent's filings with the Securities and Exchange Commission, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q.
REMEDENT, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) Three months ended Year ended March 31, March 31, 2010 2009 2010 2009 ----------- ----------- ----------- ----------- Net sales $ 2,472,815 $ 3,390,355 $ 8,247,940 $14,639,541 Cost of sales 952,189 1,650,315 4,322,680 6,614,723 ----------- ----------- ----------- ----------- Gross profit 1,520,626 1,740,040 3,925,260 8,024,818 ----------- ----------- ----------- ----------- Operating Expenses Research and development 39,850 24,273 271,195 248,652 Sales and marketing 461,078 370,042 1,352,260 2,793,970 General and administrative 1,313,812 1,639,656 4,524,324 5,312,192 Depreciation and amortization 168,218 173,903 726,499 615,674 ----------- ----------- ----------- ----------- TOTAL OPERATING EXPENSES 1,982,958 2,207,874 6,874,278 8,970,488 ----------- ----------- ----------- ----------- OPERATING LOSS (462,332) (467,834) (2,949,018) (945,670) ----------- ----------- ----------- ----------- NON-OPERATING (EXPENSE) INCOME Warrants issued pursuant to Distribution Agreement -- -- (168,238) (4,323,207) Gain on disposition of OTC -- -- -- 2,830,953 IMDS provision -- (300,000) -- (300,000) Interest expense/other deductions (50,596) (166,972) (171,364) (417,147) Interest income/other income 54,907 1,884 170,244 348,997 Other income -- -- (169,358) -- ----------- ----------- ----------- ----------- TOTAL OTHER INCOME (EXPENSES) 4,311 (465,088) (168,238) (1,860,404) ----------- ----------- ----------- ----------- LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (458,021) (932,922) (3,118,376) (2,806,074) Income tax expense (14,242) (32,633) (14,242) (32,633) ----------- ----------- ----------- ----------- NET LOSS FROM CONTINUING OPERATIONS BEFORE MINORITY INTEREST (472,263) (965,555) (3,132,618) (2,838,707) NET (LOSS) INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS (346,683) 114,208 (782,703) 114,208 ----------- ----------- ----------- ----------- NET LOSS FROM CONTINUING OPERATIONS, ATTRIBUTABLE TO REMEDENT INC. COMMON STOCKHOLDERS $ (111,138) $(1,079,763) $(2,349,915) $(2,952,915) =========== =========== =========== =========== LOSS PER SHARE Basic and fully diluted $ (0.01) $ (0.06) $ (0.12) $ (0.15) =========== =========== =========== =========== WEIGHTED AVERAGE SHARES OUTSTANDING Basic and fully diluted 19,995,969 19,995,969 19,995,969 19,559,653 =========== =========== =========== =========== OTHER COMPREHENSIVE INCOME (LOSS): Net loss attributable to Remedent, Inc. common stockholders $ (111,138) $(1,079,763) $(2,349,915) $(2,952,915) Foreign currency translation adjustment (102,949) (45,371) (9,464) (668,245) ----------- ----------- ----------- ----------- Total other comprehensive loss (214,287) (1,125,134) (2,359,379) (3,621,160) Less: comprehensive (loss) income attributable to non-controlling interest (42,623) (54,700) 7,130 (54,700) ----------- ----------- ----------- ----------- COMPREHENSIVE LOSS ATTRIBUTABLE TO REMEDENT INC., COMMON STOCKHOLDERS $ (171,664) $(1,070,434) $(2,366,509) $(3,566,460) =========== =========== =========== =========== REMEDENT, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS March 31,2010 March 31,2009 ------------- ------------- ASSETS CURRENT ASSETS: Cash and cash equivalents $ 613,466 $ 1,807,271 Accounts receivable, net of allowance for doubtful accounts of $65,845 at March 31, 2010 and $33,966 at March 31, 2009 806,931 3,208,120 Inventories, net 2,161,692 1,937,946 Prepaid expense 920,487 1,310,900 ------------- ------------- Total current assets 4,502,576 8,264,237 ------------- ------------- PROPERTY AND EQUIPMENT, NET 1,735,719 1,024,999 OTHER ASSETS Long term investments and advances 750,000 750,000 Patents, net 246,992 163,106 Goodwill 699,635 -- ------------- ------------- Total assets $ 7,934,922 $ 10,202,342 ============= ============= LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) CURRENT LIABILITIES: Current portion, long term debt $ 215,489 $ 78,798 Line of Credit 674,600 660,200 Accounts payable 1,932,684 1,398,420 Accrued liabilities 491,536 1,590,360 Due to related parties 268,484 -- Income taxes payable -- 39,339 ------------- ------------- Total current liabilities 3,582,793 3,767,117 Long term debt less current portion 425,882 100,542 ------------- ------------- Total liabilities 4,008,675 3,867,659 ------------- ------------- EQUITY: Preferred Stock $0.001 par value (10,000,000 shares authorized, none issued and outstanding) -- -- Common stock, $0.001 par value; (50,000,000 shares authorized, 19,995,969 shares issued and outstanding at March 31, 2010 and 19,995,969 shares issued and outstanding at March 31, 2009) 19,996 19,996 Treasury stock, at cost; 723,000 and 723,000 shares at March 31, 2010 and March 31, 2009 respectively (831,450) (831,450) Additional paid-in capital 24,742,201 24,106,055 Accumulated deficit (19,565,943) (17,216,028) Accumulated other comprehensive income (loss) (foreign currency translation adjustment) (650,059) (640,595) Obligation to issue shares 97,500 -- ------------- ------------- Total Remedent, Inc. stockholders' equity 3,812,245 5,437,978 ------------- ------------- Non-controlling interest 114,002 896,705 ------------- ------------- Total stockholders' equity 3,926,247 6,334,683 ------------- ------------- Total liabilities and equity $ 7,934,922 $ 10,202,342 ============= =============
