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Labopharm Reports Results for Second Quarter 2010

^{Published on 2010-08-12 04:16:19 - Market Wire}
 

 Labopharm Inc. INTERIM CONSOLIDATED BALANCE SHEETS (Unaudited) As at As at June 30, December 31, (thousands of Canadian dollars) 2010 2009 $ $ ------------------------------------------------------------------------- ASSETS Current Cash and cash equivalents 57,985 23,650 Marketable securities 5,242 854 Accounts receivable 4,849 4,736 Research and development tax credits receivable 1,840 2,584 Income taxes receivable 12 223 Inventories 3,074 2,637 Prepaid expenses and other assets 1,637 701 ------------------------------------------------------------------------- Total current assets 74,639 35,385 ------------------------------------------------------------------------- Restricted investments 146 133 Long-term investments 18,730 2,885 Property, plant and equipment 7,952 8,575 Intangible assets 1,925 2,018 Future income tax assets 124 124 ------------------------------------------------------------------------- 103,516 49,120 ------------------------------------------------------------------------- ------------------------------------------------------------------------- LIABILITIES AND SHAREHOLDERS' DEFICIENCY Current Accounts payable and accrued liabilities 20,779 18,124 Current portion of deferred revenue 7,837 2,938 Current portion of obligations under capital leases 330 309 Current portion of long-term debt 3,762 3,558 ------------------------------------------------------------------------- Total current liabilities 32,708 24,929 ------------------------------------------------------------------------- Deferred revenue 35,965 14,364 Obligations under capital leases 4,863 5,033 Long-term debt 34,212 18,939 ------------------------------------------------------------------------- Total liabilities 107,748 63,265 ------------------------------------------------------------------------- Shareholders' deficiency Capital stock Common shares, no par value, unlimited authorized shares, 71,571,641 and 57,456,364 issued as at June 30, 2010 and December 31, 2009, respectively 260,266 242,316 Warrants 6,133 937 Contributed surplus 17,218 16,385 Deficit (287,914) (273,625) Accumulated other comprehensive income (loss) 65 (158) ------------------------------------------------------------------------- Total shareholders' deficiency (4,232) (14,145) ------------------------------------------------------------------------- 103,516 49,120 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Labopharm Inc. INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) For the three months ended: For the six months ended: (thousands of Canadian June 30, June 30, June 30, June 30 dollars, except share 2010 2009 2010 2009 and per share amounts) $ $ $ $ ------------------------------------------------------------------------- REVENUE Product sales 4,296 4,827 7,524 8,629 Licensing 1,088 1,318 1,682 2,473 Royalties 640 124 1,240 124 Services and research and development collaborations 801 - 1,072 - ------------------------------------------------------------------------- 6,825 6,269 11,518 11,226 ------------------------------------------------------------------------- ------------------------------------------------------------------------- EXPENSES Cost of goods sold (excluding amortization) 2,112 2,604 3,565 3,997 Research and development expenses, net 2,053 2,658 4,218 6,531 Selling, general and administrative expenses 6,455 6,513 13,788 13,391 Financial expenses 1,213 983 2,310 1,997 Amortization of property, plant and equipment and intangible assets 426 453 860 916 Interest income (220) (107) (388) (294) Foreign exchange loss (gain) 818 (1,961) 1,453 (2,464) ------------------------------------------------------------------------- 12,857 11,143 25,806 24,074 ------------------------------------------------------------------------- Loss before income taxes (6,032) (4,874) (14,288) (12,848) Income tax expense - - 1 - ------------------------------------------------------------------------- Net loss for the period (6,032) (4,874) (14,289) (12,848) ------------------------------------------------------------------------- ------------------------------------------------------------------------- Net loss per share - basic and diluted (0.08) (0.09) (0.21) (0.23) ------------------------------------------------------------------------- ------------------------------------------------------------------------- Weighted average number of common shares outstanding 71,571,317 56,839,127 67,817,358 56,832,673 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Labopharm Inc. INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) For the three months ended: For the six months ended: June 30, June 30, June 30, June 30 (thousands of Canadian 2010 2009 2010 2009 dollars) $ $ $ $ ------------------------------------------------------------------------- OPERATING ACTIVITIES Net loss for the period (6,032) (4,874) (14,289) (12,848) Items not affecting cash Amortization of property, plant and equipment 356 411 717 833 Amortization of intangible assets 70 42 143 83 Amortization of premiums and discounts on marketable securities - 39 7 54 Non-cash interest income (100) - (250) - Non-cash financial expenses 233 148 467 290 Unrealized foreign exchange (gain) loss 680 (1,643) 1,398 (835) Stock-based compensation 261 411 835 1,203 ------------------------------------------------------------------------- (4,532) (5,466) (10,972) (11,220) Net change in other operating items 24,986 (291) 28,599 (2,336) ------------------------------------------------------------------------- 20,454 (5,757) 17,627 (13,556) ------------------------------------------------------------------------- INVESTING ACTIVITIES Acquisition of marketable securities - (1,898) (5,095) (8,466) Proceeds from disposals of marketable securities - 1,600 - 6,020 Proceeds from maturities of marketable securities 992 9,203 992 23,010 Acquisition of restricted investment (26) - (26) - Issuance of term loan (7,192) - (7,192) - Acquisition of property, plant and equipment (57) (63) (153) (68) Acquisition of intangible assets (44) (37) (50) (53) ------------------------------------------------------------------------- (6,327) 8,805 (11,524) 20,443 ------------------------------------------------------------------------- FINANCING ACTIVITIES Repayment of obligations under capital leases (76) (67) (149) (131) Repayment of long-term debt (1) - (2) - Proceeds from issuance of long-term debt 7,192 - 7,192 - Proceeds from issuance of common shares 4 152 18,415 161 Proceeds from issuance of warrants - - 5,429 - Payment of issuance costs of common shares and warrants (251) - (695) - Financing costs incurred (550) (354) (550) (354) ------------------------------------------------------------------------- 6,318 (269) 29,640 (324) ------------------------------------------------------------------------- Foreign exchange gain (loss) on cash held in foreign currencies 185 (614) (1,408) (677) ------------------------------------------------------------------------- Net change in cash and cash equivalents during the period 20,630 2,165 34,335 5,886 Cash and cash equivalents, beginning of period 37,355 12,094 23,650 8,373 ------------------------------------------------------------------------- Cash and cash equivalents, end of period 57,985 14,259 57,985 14,259 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Supplemental cash flow information: Interest paid 755 791 1,508 1,492 Income taxes paid (recovered) - - (202) 88 -------------------------------------------------------------------------