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Array BioPharma Reports Financial Results For The Second Quarter of Fiscal 2003
BOULDER, Colo., Feb 3, 2003 /PRNewswire-FirstCall via COMTEX/ -- Array BioPharma Inc. (Nasdaq: ARRY) today reported financial results for the second quarter of fiscal 2003, ended December 31, 2002.
During the second quarter of fiscal 2003, Array reported total revenue of $9.5 million, up 14% from $8.4 million during the same period in fiscal 2002. Net loss was $2.9 million, or ($0.10) per share for the second quarter, compared to a net loss of $1.3 million, or ($0.05) per share for the comparable quarter in fiscal 2002. Array ended the second quarter of fiscal 2003 with $46.6 million in cash and marketable securities.
"These results are in line with our adjusted expectations for the quarter. During the quarter, we continued to expand and enhance the Array Discovery Platform. This integrated set of drug discovery technologies is on the critical path for pharmaceutical and biotech companies to fill their product pipelines," said Robert E. Conway, Chief Executive Officer. "We are rapidly progressing our internal drug discovery programs for both oncology and inflammation, with two programs in preclinical testing."
Array also reported revenue for the six-month period ended December 31, 2002, of $20.0 million, an increase of 29% compared to revenues of $15.6 million for the same period in fiscal 2002. Net loss for the six months ended December 31, 2002, was $4.1 million, or ($0.15) per share, compared to a net loss of $2.8 million, or ($0.12) per share, reported in the same period in fiscal 2002.
Array will hold a conference call on Tuesday, February 4, 2003, at 9:00 a.m. eastern time to discuss these results and Array's earnings guidance for the remainder of fiscal 2003. Robert E. Conway, Chief Executive Officer, and Michael Carruthers, Chief Financial Officer, will lead the call.
Date: Tuesday, February 4, 2003
Time: 9:00 a.m. eastern time
Toll-Free: (888) 482-0024
Toll: (617) 801-9702
Pass Code: 549624
Web Cast: www.arraybiopharma.com
There will be a replay of the conference call for one week, which can be accessed in the United States by dialing toll-free (888) 286-8010, and outside the United States (617) 801-6888. The access code is 73440. Replay of the call will also be available as a web cast on Array's web site at www.arraybiopharma.com .
About Array BioPharma:
Array BioPharma is a drug discovery company creating new small molecule drugs through the integration of chemistry, biology and informatics. Our experienced scientists use an integrated set of drug discovery technologies, which we call the Array Discovery Platform, to invent small molecule drugs in collaboration with leading pharmaceutical and biotechnology companies and to build our own pipeline of proprietary drug candidates. For more information on Array BioPharma, please visit our web site at www.arraybiopharma.com .
EBITDA means earnings before interest, taxes, depreciation and amortization. EBITDA should be considered in addition to, but not as a substitute for, loss from operations, net loss and other measures of financial performance prepared in accordance with generally accepted accounting principles that are presented in Array's financial statements. Array's calculation of EBITDA may be different from the calculation used by other companies and therefore, may not be comparable to similarly titled measures reported by other companies.
Array Forward-Looking Statement:
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks and uncertainties, including those discussed in our annual report filed on Form 10-K for the fiscal year ended June 30, 2002, and in other reports filed by Array with the Securities and Exchange Commission. Because these statements reflect our current expectations concerning future events, our actual results could differ materially from those anticipated in these forward-looking statements as a result of many factors. These factors include, but are not limited to, our ability to achieve and maintain profitability, the extent to which the pharmaceutical and biotechnology industries are willing to collaborate with third parties on their drug discovery activities, the ability of our collaborators and of Array to meet drug discovery objectives tied to milestones and royalties, our ability to continue to fund internal research efforts, and our ability to attract and retain experienced scientists and management. We are providing this information as of February 3, 2003. We undertake no duty to update any forward-looking statements to reflect the occurrence of events or circumstances after the date of such statements or of anticipated or unanticipated events that alter any assumptions underlying such statements.
Condensed Statement of Operations (in thousands, except per share amounts) Three Months Ended Six Months Ended December 31, December 31, 2002 2001 2002 2001 (unaudited) (unaudited) Revenue $9,502 $8,358 $20,006 $15,550 Cost of revenue* 5,405 4,733 11,140 8,995 Gross profit 4,097 3,625 8,866 6,555 Research and development for collaborations* 2,167 1,822 3,828 3,565 Research and development for proprietary drug discovery* 2,411 1,260 4,461 2,122 Selling, general and administrative expenses* 2,067 1,527 4,019 3,107 Compensation related to stock option grants 576 644 1,152 1,344 Total operating expenses 7,221 5,253 13,460 10,138 Loss from operations (3,124) (1,628) (4,594) (3,583) Interest income 230 351 486 812 Net loss $(2,894) $(1,277) $(4,108) $(2,771) Basic and diluted net loss per share $(0.10) $(0.05) $(0.15) $(0.12) Number of shares used to compute per share data 27,720 23,516 27,639 23,434 Earnings before interest, taxes, depreciation and amortization: Net loss as reported $(2,894) $(1,277) $(4,108) $(2,771) Minus: interest income 230 351 486 812 Plus: depreciation 1,648 1,093 3,169 1,993 Plus: compensation related to option grants 576 644 1,152 1,344 EBITDA $(900) $109 $(273) $(246) * Excludes compensation related to option grants Summary Balance Sheet Data (in thousands) December 31, June 30, 2002 2002 (unaudited) Cash, cash equivalents and marketable securities $46,584 $59,598 Property, plant and equipment, net 40,151 35,788 Working capital 51,087 57,350 Total assets 101,880 107,915 Stockholders' equity 92,039 93,901SOURCE Array BioPharma Inc.
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