Tegal Corporation (NASDAQ: TGAL) today announced financial
results for the First Quarter Fiscal Year 2013, which ended June
30, 2012.
Fiscal 2013 First Quarter Financial Statement
Highlights
- The Company’s Net Income (Loss) per
share in the First Quarter of Fiscal Year 2013 was ($0.40),
compared with ($0.59) in the First Quarter of the prior fiscal year
and $1.32 Net Income in the Fourth Quarter of Fiscal Year
2012.
- Tegal recorded a Net Loss of ($679) in
the First Quarter of Fiscal Year 2012 compared with ($994) in the
First Quarter of the prior fiscal year.
- Tegal ended the First Quarter of Fiscal
Year 2013 with approximately $7.2 million in cash.
Business Highlights
Subsequent to the end of Q1, FY 2013, Tegal announced the
closing of a transaction to acquire CollabRx, Inc., a cloud-based
genomic information company that enables physicians to take into
account a tumor's genetic profile when considering targeted
therapies in patient-specific cancer treatments. The Chief
Executive Officers of the two constituent companies, Thomas Mika of
Tegal and James Karis of CollabRx, plan to serve as co-CEOs of the
combined, publicly traded company, with headquarters in San
Francisco, CA. Mr. Mika remains Chairman of the combined company.
In connection with the closing, Mr. Karis was also appointed to
Tegal’s Board of Directors. Tegal will continue to operate under
its current name and ticker symbol for the time being, but plans to
seek stockholder approval at its upcoming annual meeting on
September 25, 2012 for an amendment to its Certificate of
Incorporation, changing its corporate name to CollabRx, Inc.
Tegal subsequently announced that its CollabRx, Inc., subsidiary
signed an exclusive license agreement to provide a version of
its proprietary Therapy Finder™ tool to MedPage Today, Everyday
Health, Inc.'s rapidly growing online site. Everyday Health reports
that 96% of oncologists are served by MedPage Today, which had over
1.6 million unique visitors in June 2012, according to comScore.
The CollabRx tool leverages recent dramatic increases in tumor
genetic data, which in turn has resulted in a parallel increases in
the development of cancer therapies that target specific genetic
profiles. "Oncology Next" is a free service provided by MedPage
Today to help physicians choose well for their patients. Everyday
Health and MedPage Today will offer sponsorships and lead
generation tools to major healthcare companies in connection with
this initiative. In addition to licence fees, a portion of the
revenue generated by sponsorships is to be shared with
CollabRx.
“The acquisition of CollabRx immediately establishes our company
in a leading position in interpretive content and data analytics
for genomics-based medicine, one of today’s most important digital
markets,” said Thomas Mika, Tegal’s Chairman, President and Co-CEO.
“We are now positioned to be a cloud-based information leader in
one of the world’s most significant high-growth sectors. At the
same time, we are providing information to enhance the medical
treatment of patients throughout the world. We are extremely proud
to embark on our new mission.”
Safe Harbor Statement
Except for historical information, matters discussed in this
news release contain forward-looking statements within the meaning
of Section 27A of the Securities Act and Section 21E of the
Exchange Act. Forward-looking statements, which are based on
assumptions and describe our future plans, strategies and
expectations, are generally identifiable by the use of the words
"anticipate," "believe," "estimate," "expect," "intend," "project"
or similar expressions. These forward-looking statements are
subject to risks, uncertainties and assumptions about the Company
including, but not limited to industry conditions, economic
conditions, acceptance of new technologies, market acceptance of
the Company's products and services, the Company’s exploration and
execution of strategic alternatives. All forward-looking statements
attributable to us or persons acting on our behalf are expressly
qualified in their entirety by the cautionary statements in this
paragraph. For a further discussion of these risks and
uncertainties, please refer to the Company's periodic filings with
the Securities and Exchange Commission.
About Tegal
Since its founding in 1972, Tegal Corporation has been dedicated
to the development and application of emerging technologies. For 40
years, Tegal's process and equipment know-how has been incorporated
in devices fabricated by some of the world's leading semiconductor
and MEMS companies, including Tegal's one-time parent, Motorola.
Now entering its fifth decade, Tegal has committed its future to
the CollabRx vision of "Informing Next Generation Healthcare".
Please visit us on the web at www.tegal.com.
About CollabRx.
CollabRx is a recognized leader in "cloud-based" expert systems
to inform health care decision-making. CollabRx uses information
technology to aggregate and contextualize the world's knowledge on
genomics-based medicine with specific insights from the nation's
top cancer experts starting with the area of greatest need:
advanced cancers in patients who have effectively exhausted the
standard of care. More information may be found at
www.collabrx.com.
TEGAL CORPORATION AND SUBSIDIARIES CONDENSED
CONSOLIDATED BALANCE SHEETS (Unaudited) (In
thousands, except share data) ASSETS
June 30, March 31,
2012
2012
Current assets: Cash and cash equivalents $ 7,191 $ 7,820 Prepaid
expenses and other current assets 19 56 Other assets of
discontinued operations 11 418 Total
current assets 7,221 8,294 Property and equipment, net 53 56 Note
Receivable – CollabRx, Inc 300 -
Investment in convertible promissory
note
320 312 Total assets
$
7,894 $ 8,662
LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts
payable $ 15 $ 1 Common stock warrant liability 18 19 Accrued
expenses and other current liabilities 200 316
Liabilities on discontinued operations
206
246
Total current liabilities
439
582
Stockholders’ equity:
Preferred stock, $0.01 par value,
5,000,000 shares authorized, none issued and outstanding
- -
Common stock, $0.01 par value, 50,000,000
shares authorized; 1,688,807 and 1,688,807 shares issued and
outstanding at June 30, 2012 and March 31, 2012, respectively
17 17 Additional paid-in capital 129,106 129,052 Accumulated other
comprehensive loss
(142
)
(142
)
Accumulated deficit
(121,526
)
(120,847
)
Total stockholders’ equity
7,455
8,080 Total liabilities and stockholders’
equity
$ 7,894 $
8,662
TEGAL CORPORATION AND
SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
(Unaudited)
(In thousands, except per share
data)
Three Months EndedJune
30,
2012 2011 Revenue, related party $ 25
$ 19
Operating expenses:
General and administrative expenses 712 873
Total operating expenses 712 873
Operating loss (687 ) (854 ) Equity in (loss) of unconsolidated
affiliate -- (150 ) Other income (expense), net 9
12 Loss before income tax benefit (678 ) (992 )
Income tax expense (benefit) -- -- Net
loss from continuing operations (678 ) (992 ) Loss
from discontinued operations, net of taxes (1 ) (2 )
Net loss and comprehensive loss
$ (679
) $ (994 )
Net (loss) income per share:
Basic and diluted
$ (0.40 ) $ (0.59 ) Weighted average shares used in per
share computation:
Basic and diluted
1,689 1,689
The weighted average number of shares and the
net (loss) income per share reflect a 1-for-5 reverse split
effected by the Company on June 15, 2011
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