Stellar Pharmaceuticals Reports Second Quarter 2011 Financial Results
(firmenpresse) - LONDON, ONTARIO -- (Marketwire) -- 08/15/11 -- Stellar Pharmaceuticals Inc. (OTCQB: SLXCF) ("Stellar" or "the Company"), a Canadian pharmaceutical developer and marketer of high quality, cost-effective products for select health care markets, today announced financial results for the period ended June 30, 2011. In this press release, all dollar amounts are expressed in Canadian currency and results are reported in accordance with United States generally accepted accounting principles (U.S. GAAP).
Q2-2011 Financial Highlights
For the three month period ended June 30, 2011, total revenues from all sources decreased by 14.6% to $1,072,700, compared to $1,255,800 in the same period during 2010. This differential was due to a 98.6% decrease in royalty and licensing revenues to $6,200 for the three month ended June 30, 2011 compared to $444,100 in the same period during 2010. However, product sales for both domestic and international markets increased by 4.2% and 90.7%, respectively, for the three month period ended June 30, 2011.
For the six month period ended June 30, 2011, total revenues from all sources decreased by 6.9% to $1,706,700, compared to $1,833,700 for the same period in 2010.
Total expenses for the three month period ended June 30, 2011 increased 22.8% or $139,900, compared to the same period in 2010. Total expenses for the six month period end June 30, 2011 increased 24.6% or $301,400, compared to the same period in 2010.
Factors contributing to the decrease in net income loss of $244,490 for the six month period ended June 30, 2011, compared to the same period in 2010, were several non-cash transactions, including:
The Company's net income for the second quarter of 2011 was $58,400 compared to $360,800 during the same period in 2010. As noted above, the net income for the three month period ended June 30, 2011 included $444,100 of royalty and licensing revenues, compared to $6,200 for the same period in 2011, which accounted for the deferential in profit. Although these revenues are an important part of the Company's business, the Company is encouraged by the increases in sales noted in both the international and domestic markets as these are the driving forces in growing the Company.
Stellar Q2 2011 Results
At June 30, 2011 the Company had $3.5 million in cash and cash equivalents, a decrease of $0.9 million over the December 31, 2010 balance of $4.4 million. A significant portion of this decrease was attributed to a $0.4 million retirement payout to an executive office of the Company.
Arnold Tenney, Stellar's President and Chief Executive Officer, commented, "Stellar ended the second quarter of 2011, in a strong financial position, with increases this quarter, in both international and Canadian product sales, no short or long tem debt and working capital of $4.5 million. The Company continues to evaluate all opportunities, including strategic partnerships, to improve product growth and our position in both Canada and international markets."
About Stellar Pharmaceuticals Inc.
Stellar has developed and is marketing direct in Canada, and in countries around the world through out-license agreements, three products based on its core polysaccharide technology: NeoVisc® and NeoVisc® Single Dose, for the symptomatic treatment of osteoarthritis; and Uracyst®, its patented technology for the treatment of interstitial cystitis (IC), an inflammatory disease of the urinary bladder wall. Both NeoVisc and Uracyst have their CE Mark certification for the European Community. Stellar also has an in-licensing agreement for NMP22® BladderChek®, a proteomics-based diagnostic test for the diagnosis and monitoring of bladder cancer. For more information, please visit the company's website at .
Forward-Looking Statements
This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements. Actual results may differ materially from those indicated by these forward-looking statements as a result of risks and uncertainties impacting the Company's business including increased competition; the ability of the Company to expand its operations, to attract and retain qualified professionals, technological obsolescence; general economic conditions; and other risks detailed from time to time in the Company's filings.
Contacts:
Stellar Pharmaceuticals Inc.
Arnold Tenney
President & CEO
(519) 434-1540
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Datum: 15.08.2011 - 12:30 Uhr
Sprache: Deutsch
News-ID 46363
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Town:
LONDON, ONTARIO
Kategorie:
Medical Devices
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