Remedent, Inc. (OTCBB: REMI), an international company specializing
in the research, development, and manufacturing of oral care and
cosmetic dentistry products, reported financial results for the
company's fiscal third quarter ended December 31, 2008 (in U.S.
dollars).
Fiscal Third Quarter 2009 Financial Results
Net sales totaled a record $4.8 million, an increase of 127%
from $2.1 million in the same year-ago quarter. The increase in net
sales is primarily due to the increased sales by the company's
professional dental division.
Income from operations was a loss of $467,000, as compared to a
loss of $1.1 million in the same period a year ago. The loss
includes $300,000 in non recurring one-time charges, as well as
$200,000 in losses attributed to the OTC division in the third
quarter. Prior to the one-time charges, the company?s professional
division yielded an operating profit of approximately $50,000 in
the third quarter.
Comprehensive net income (after foreign currency translation
adjustment) was $2.1 million or $0.11 per basic and fully diluted
shares (based on 19.3 million basic and fully diluted shares),
which compares to a comprehensive net loss in the same year-ago
quarter of $1.0 million or $(0.06) per basic and fully diluted
shares (based on 18.6 million basic and fully diluted shares). The
increase in net income includes approximately $2.8 million from the
sale of a portion of the company's over-the-counter retail product
business.
Fiscal Third Quarter 2009 Operational Highlights
Near the end of the third fiscal quarter, Remedent reported the
restructuring of its OTC retail division and effectively sold
approximately half of the business for a total consideration of
approximately $6.0 million (EUR 4.7 million), including a cash
payment of approximately $1.4 million (EUR 1 million).
The divestiture eliminates the need to fund this division's
future overhead and allows Remedent to focus on its core
professional cosmetic dentistry business -- all of which positions
the company for profitability in calendar 2009.
Management Commentary
"This represented a milestone quarter for Remedent," said Guy De
Vreese, CEO of Remedent. "We are now at a pivotal stage in our
development, having entered our fourth fiscal quarter with a new
operational structure designed to leverage the tremendous potential
of our unique veneer technology. Our net sales have reached record
levels, totaling more than $11.2 million for the first nine months
of the fiscal year, as compared to $7.5 million for all of fiscal
2007. Our new relationship with Den-Mat Holdings has dramatically
strengthened our position as a leader in the dental veneer space.
We are also realizing early success in our expansion into markets
in China and Australia. These factors have helped put us on course
for strong growth and profitability over the coming quarters."
Teleconference Information
Remedent will host a conference call tomorrow, Tuesday, February
24 at 11:00 a.m. Eastern time to discuss the third quarter results.
A question and answer session will follow management's
presentation. To participate in the call, dial the appropriate
number 5-10 minutes prior to the start time, request the Remedent
conference call and provide the conference ID.
Date: Tuesday, February 24, 2009
Time: 11:00 a.m. Eastern time (8:00 a.m. Pacific time)
Dial-In Number: 1-866-952-1906
International: 1-785-424-1825
Conference ID#: 7REMEDENT
A simultaneous Internet webcast and replay of the call will be
accessible via this link:
http://viavid.net/dce.aspx?sid=00005E7F.
A telephone replay of the call will be available after 2:00 p.m.
Eastern time on February 25, 2009 and until March 13, 2009:
Toll-free replay number: 1-800-283-8217
International replay number: 1-402-220-0868
(No passcode required)
If you have any difficulty connecting with the conference call
or webcast, please contact the Liolios Group at 949-574-3860.
About Remedent
Remedent, Inc. specializes in the research, development,
manufacturing and marketing of oral care and cosmetic dentistry
products. The company serves the dental community with unique
veneer, teeth whitening and sensitivity products that are
recognized for their technological superiority and
ease-of-application. Headquartered in Belgium, and with offices in
California and Singapore, Remedent distributes its products to more
than 35 countries worldwide.
Statement under the Private Securities Litigation Reform Act of
1995
This press release may include "forward-looking statements" that
are subject to risks and uncertainties. Forward-looking statements
include information about possible or assumed future results of the
operations or the performance of the Company and its future plans
and objectives. Various future events or factors may cause the
actual results to vary materially from those expressed in any
forward-looking statements made in this press release. For a
discussion of these factors and risks, see the company's annual
report on Form 10-K for the most recently ended fiscal year.
REMEDENT, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
For the three months ended For the nine months ended
December 31, December 31,
2008 2007 2008 2007
------------ ------------ ------------ ------------
Net sales $ 4,842,628 $ 2,132,950 $ 11,249,186 $ 4,453,899
Cost of sales 2,909,531 1,271,430 4,964,408 2,623,506
------------ ------------ ------------ ------------
Gross profit 1,933,097 861,520 6,284,778 1,830,393
------------ ------------ ------------ ------------
Operating Expenses
Research and
development 52,006 172,108 224,379 247,665
Sales and
marketing 912,422 611,144 2,423,928 996,937
General and
administrative 1,268,500 1,087,313 3,672,536 2,891,165
Depreciation and
amortization 167,399 80,157 441,771 215,941
------------ ------------ ------------ ------------
TOTAL OPERATING
EXPENSES 2,400,327 1,950,722 6,762,614 4,351,708
------------ ------------ ------------ ------------
INCOME (LOSS) FROM
OPERATIONS (467,230) (1,089,202) (477,836) (2,521,315)
------------ ------------ ------------ ------------
OTHER INCOME
(EXPENSES)
Warrants issued
pursuant to
Distribution
Agreement -- -- (4,323,207) --
Gain on
disposition of
OTC 2,830,953 -- 2,830,953 --
Interest expense (168,659) (16,588) (250,175) (71,802)
Interest income 289,646 9,040 347,113 100,665
------------ ------------ ------------ ------------
TOTAL OTHER INCOME
(EXPENSES) 2,951,940 (7,548) (1,395,316) 28,863
------------ ------------ ------------ ------------
NET INCOME (LOSS) $ 2,484,710 $ (1,096,750) $ (1,873,152) $ (2,492,452)
============ ============ ============ ============
INCOME (LOSS) PER
SHARE
Basic and fully
diluted $ 0.13 $ (0.06) $ (0.10) $ (0.14)
============ ============ ============ ============
WEIGHTED AVERAGE
SHARES OUTSTANDING
Basic and fully
diluted 19,332,760 18,602,115 19,045,368 17,557,700
============ ============ ============ ============
Net Income (Loss) $ 2,484,710 $ (1,096,750) $ (1,873,152) $ (2,492,452)
OTHER
COMPREHENSIVE
INCOME (LOSS):
Foreign currency
translation
adjustment (409,200) 58,949 (622,874) 10,345
============ ============ ============ ============
Comprehensive
income (loss) $ 2,075,510 $ (1,037,801) $ (2,496,026) $ (2,482,107)
============ ============ ============ ============
REMEDENT, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
December 31, March 31,
2008 2008
------------ ------------
(unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 2,569,888 $ 1,728,281
Accounts receivable, net of allowance for
doubtful accounts of $28,310 at December 31,
2008 and $32,181 at March 31, 2008 2,612,651 1,902,920
Inventories, net 1,936,603 1,360,709
Prepaid expense 1,582,502 970,173
------------ ------------
Total current assets 8,701,644 5,962,083
PROPERTY AND EQUIPMENT, NET 917,261 692,609
OTHER ASSETS 675,000 675,000
Patents, net 251,125 115,827
------------ ------------
TOTAL ASSETS $ 10,545,030 $ 7,445,519
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion, long term debt $ 20,072 $ 58,583
Line of Credit 907,558 779,718
Accounts payable 1,444,087 2,002,439
Accrued liabilities 1,043,501 781,737
Income taxes payable 10,989 15,121
------------ ------------
Total current liabilities 3,426,207 3,637,598
------------ ------------
LONG TERM DEBT 178,392 94,754
MINORITY INTEREST 782,497 --
STOCKHOLDERS' EQUITY:
Preferred Stock $0.001 par value (10,000,000
shares authorized, none issued and
outstanding) -- --
Common stock, $0.001 par value;
(50,000,000 shares authorized, 19,995,969
and 18,637,803 shares issued and outstanding
at December 31, 2008 and March 31, 2008
respectively) 19,996 18,638
Additional paid-in capital 23,700,875 17,929,992
Accumulated other comprehensive income (loss)
(foreign currency translation adjustment) (595,224) 27,650
Accumulated deficit (16,136,263) (14,263,113)
Treasury stock, at cost; 723,000 and 0 shares
at December 31, 2008 and March 31, 2008
respectively (831,450) --
------------ ------------
Total stockholders' equity 6,157,934 3,713,167
------------ ------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 10,545,030 $ 7,445,519
============ ============
Company Contacts: Stephen Ross Scott Liolios Chief Financial
Officer Remedent, Inc. Tel 310-922-5685 Email Contact Investor
Relations: Ron Both Managing Director Liolios Group, Inc. Tel (949)
574-3860 Email Contact
Elysee Development (PK) (USOTC:ASXSF)
Historical Stock Chart
From Jun 2024 to Jul 2024
Elysee Development (PK) (USOTC:ASXSF)
Historical Stock Chart
From Jul 2023 to Jul 2024