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|Array BioPharma Reports Financial Results for the First Quarter of Fiscal 2003|
BOULDER, Colo., Nov. 4 /PRNewswire-FirstCall/ -- Array BioPharma Inc. (Nasdaq: ARRY) today reported financial results for the first quarter of fiscal 2003, ended September 30, 2002.
During the first quarter of fiscal 2003, total revenue reached $10.5 million, up 46% from $7.2 million during the same period in fiscal 2002. Net loss was $1.2 million, or ($0.04) per share for the first quarter, compared to a net loss of $1.5 million, or ($0.06) per share for the comparable quarter in fiscal 2002. Array ended the first quarter of fiscal 2003 with $52.1 million in cash and marketable securities.
"During the first quarter we continued to execute our business strategy of funding our proprietary research programs primarily through the earnings generated from our collaborations. We again demonstrated significant growth in revenue, collaborations, investment in proprietary research, scientific staff and laboratory facilities," said Robert E. Conway, Chief Executive Officer. "Array continues to build a sustainable drug discovery company that is not dependent on continually accessing the capital markets for additional funding."
Highlights during the first quarter of fiscal 2003 include:
Subsequent to the first quarter of fiscal 2003:
Array will hold a conference call on Tuesday, November 5, 2002, at 9:00 a.m. eastern time to discuss these results. Robert E. Conway, Chief Executive Officer, and Michael Carruthers, Chief Financial Officer, will lead the call.
CONFERENCE CALL INFORMATION
Toll: (719) 457-2625
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) 203-1112, and outside the United States (719) 457-0820. The access code is 146603. 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 November 4, 2002. 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.
Array BioPharma Inc. Condensed Statement of Operations (in thousands, except per share amounts)
Three Months Ended September 30, 2002 2001 (unaudited) Revenue $10,504 $7,192 Cost of revenue* 5,735 4,262 Gross profit 4,769 2,930 Research and development for collaborations* 1,661 1,743 Research and development for proprietary drug discovery* 2,050 862 Selling, general and administrative expenses* 1,952 1,580 Compensation related to stock option grants 576 700 Total operating expenses 6,239 4,885 Loss from operations (1,470) (1,955) Interest income 256 461 Net loss $(1,214) $(1,494) Basic and diluted net loss per share $(0.04) $(0.06) Number of shares used to compute per share data 27,558 23,351 Earnings before interest, taxes, depreciation and amortization: Net loss as reported $(1,214) $(1,494) Minus: interest income 256 461 Plus: depreciation 1,521 900 Plus: compensation related to option grants 576 700 EBITDA $627 $(355)
Summary Balance Sheet Data (in thousands)
September 30, June 30, 2002 2002 (unaudited) Cash, cash equivalents and marketable securities $52,096 $59,598 Property, plant and equipment, net 38,924 35,788 Working capital 54,207 57,350 Total assets 105,907 107,915 Stockholders' equity 93,899 93,901
SOURCE Array BioPharma Inc.
/CONTACT: Tricia Haugeto of Array BioPharma Inc., +1-303-386-1193, firstname.lastname@example.org/