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LABOPHARM REPORTS FINANCIAL RESULTS FOR FIRST QUARTER 2011

^{Published on 2011-05-04 04:05:47 - Market Wire}
 

 ------------------------------------------------------------------------- As at: March 31, December 31, January 1, 2011 2010 2010 [thousands of Canadian dollars] $ $ $ ------------------------------------------------------------------------- ASSETS Current Cash and cash equivalents 36,279 39,394 23,650 Marketable securities - 10,235 854 Trade and other receivables 3,586 3,289 4,736 Research and development tax credits receivable 1,508 1,358 2,584 Income taxes receivable 6 6 223 Inventories 2,951 3,195 2,637 Prepaid expenses and other assets 2,098 1,994 701 ------------------------------------------------------------------------- Total current assets 46,428 59,471 35,385 Restricted investments 213 215 133 Other non-current financial assets 19,571 21,028 2,885 Property, plant and equipment 7,338 7,678 8,575 Intangible assets 1,661 1,592 1,857 Deferred income tax assets 57 117 124 ------------------------------------------------------------------------- 75,268 90,101 48,959 ------------------------------------------------------------------------- ------------------------------------------------------------------------- LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIENCY) Current Trade and other payables 9,120 8,524 16,851 Provisions 1,928 1,126 1,273 Deferred revenue 4,239 4,421 2,938 Obligations under capital leases 364 353 309 Current-portion of long-term debt 10,300 10,607 4,021 ------------------------------------------------------------------------- Total current liabilities 25,951 25,031 25,392 Deferred revenue 15,821 16,630 14,364 Obligations under capital leases 4,586 4,680 5,033 Long-term debt 35,069 38,272 19,061 ------------------------------------------------------------------------- Total liabilities 81,427 84,613 63,850 ------------------------------------------------------------------------- Shareholders' equity (deficiency) Issued capital 260,183 260,183 242,275 Warrants 6,097 6,097 894 Contributed surplus 17,571 17,444 16,385 Deficit (291,239) (278,878) (274,445) Foreign currency translation reserve 1,229 642 - ------------------------------------------------------------------------- Total shareholders' equity (deficiency) (6,159) 5,488 (14,891) ------------------------------------------------------------------------- 75,268 90,101 48,959 ------------------------------------------------------------------------- ------------------------------------------------------------------------- 

 ------------------------------------------------------------------------- For the three months ended: March 31, March 31, [thousands of Canadian dollars, 2011 2010 except share and per share amounts] $ $ ------------------------------------------------------------------------- REVENUE Product sales 3,957 3,228 Licensing 808 594 Royalties - 600 Services and research and development collaborations 520 271 ------------------------------------------------------------------------- 5,285 4,693 ------------------------------------------------------------------------- EXPENSES Cost of goods sold 2,040 1,453 Research and development expenses, net 2,347 2,384 Selling, general and administrative expenses 9,708 7,537 Finance costs 1,511 1,008 Change in fair value of other non-current financial asset (160) (150) Interest income (355) (18) Foreign exchange loss 612 660 Restructuring costs 1,882 - ------------------------------------------------------------------------- 17,585 12,874 ------------------------------------------------------------------------- Loss before income taxes (12,300) (8,181) Income tax expense 61 1 ------------------------------------------------------------------------- Net loss for the period (12,361) (8,182) ------------------------------------------------------------------------- ------------------------------------------------------------------------- OTHER COMPREHENSIVE INCOME Exchange differences on translation of foreign operations 587 - ------------------------------------------------------------------------- Comprehensive loss for the period (11,774) (8,182) ------------------------------------------------------------------------- ------------------------------------------------------------------------- Net loss per common share - basic and diluted (0.17) (0.13) ------------------------------------------------------------------------- ------------------------------------------------------------------------- Weighted average number of common shares outstanding 71,571,641 64,178,485 ------------------------------------------------------------------------- ------------------------------------------------------------------------- 

 ------------------------------------------------------------------------- For the three months ended: March 31, March 31, 2011 2010 [thousands of Canadian dollars] $ $ ------------------------------------------------------------------------- OPERATING ACTIVITIES Loss before income taxes for the period (12,300) (8,181) Items not affecting cash and other reconciliating items Amortization of property, plant and equipment 342 361 Amortization of intangible assets 71 70 Amortization of premiums and discounts on marketable securities - 7 Change in fair value of other non-current financial asset (160) (150) Finance costs 1,511 1,008 Unrealized foreign exchange loss 721 743 Stock-based compensation 127 566 ------------------------------------------------------------------------- (9,688) (5,576) Net change in other operating items (936) 3,486 ------------------------------------------------------------------------- (10,624) (2,090) Interest received 52 25 Income taxes paid (2) (1) ------------------------------------------------------------------------- (10,574) (2,066) ------------------------------------------------------------------------- INVESTING ACTIVITIES Acquisition of marketable securities - (5,095) Proceeds from maturities of marketable securities 10,193 - Issuance of term loans (2,696) - Proceeds from disposal of other non-current financial asset 3,809 - Acquisition of property, plant and equipment (94) (96) Acquisition of intangible assets (140) (6) ------------------------------------------------------------------------- 11,072 (5,197) ------------------------------------------------------------------------- FINANCING ACTIVITIES Repayment of obligations under capital leases (83) (73) Repayment of term loan (2,236) (1) Repayment of revolving credit facility (2,544) - Proceeds from issuance of term loans 2,696 - Proceeds from issuance of common shares - 18,411 Proceeds from issuance of warrants - 5,429 Payment of issuance costs of common shares and warrants - (444) Interest paid (703) (761) ------------------------------------------------------------------------- (2,870) 22,561 ------------------------------------------------------------------------- Foreign exchange loss on cash held in foreign currencies (743) (1,593) ------------------------------------------------------------------------- Net change in cash and cash equivalents during the period (3,115) 13,705 Cash and cash equivalents, beginning of period 39,394 23,650 ------------------------------------------------------------------------- Cash and cash equivalents, end of period 36,279 37,355 ------------------------------------------------------------------------- -------------------------------------------------------------------------