Remedent, Inc. (OTCBB: REMI), an international company specializing
in the research, development, and manufacturing of oral care and
cosmetic dentistry products, reported results for the fiscal fourth
quarter and year ended March 31, 2009 (in U.S. dollars).
Net sales in the fourth quarter totaled $3.4 million, an
increase of 12% from $3.0 million in the same year-ago quarter. Net
sales for the fiscal year 2009 totaled a record $14.6 million, an
increase of 96% from $7.5 million in fiscal 2008.
The increase in net sales was primarily due to the increased
sales by the company's GlamSmile Product Group. In fiscal 2009,
sales of GlamSmile(TM), the company's leading dental veneer
product, increased year-over-year by $6.7 million or 564% to $7.9
million, compared to sales of $1.2 million in fiscal 2008.
Loss from operations in the fourth quarter was $468,000, an
improvement from a loss of $550,000 in the same year-ago quarter.
Loss from operations for fiscal 2009 was $946,000, an improvement
from a loss of $3.1 million in fiscal 2008. The narrowing of the
loss from operations is attributed to the increase in sales, as
well as reorganization of the company's production process and more
in-house manufacturing that resulted in lower costs than the
previously outsourced third party manufacturing.
Net loss for the fourth quarter totaled $1.1 million or $(0.05)
per share (after minority interest and based on 20.0 million
weighted average shares outstanding), as compared to a loss of
$623,000 or $(0.03) per share (based on 17.8 million weighted
average shares outstanding) in the same year-ago quarter.
Net loss for fiscal 2009 totaled $3.0 million or $(0.15) per
share (after minority interest and based on 19.6 million weighted
average shares outstanding), as compared to a loss of $3.1 million
or $(0.17) per share (based on 17.8 million weighted average shares
outstanding) in fiscal 2008. The net loss in fiscal 2009 included
$4.3 million in warrants issued to Den-Mat Holdings, partially
offset by a gain of $2.8 million from the sale of a portion of the
company's over-the-counter retail product business.
Net comprehensive loss in the fourth quarter after foreign
currency translation adjustment was $1.3 million or $(0.07) per
share, compared to a net loss of $572,000 or $(0.03) per share in
the same year-ago quarter. Net comprehensive loss in fiscal 2009
after foreign currency translation adjustment was $3.6 million or
$(0.19) per share, compared to a net loss of $3.1 million or
$(0.17) per share in fiscal 2008.
Cash and cash equivalents totaled $1.8 million at March 31,
2009, an increase of 5% from $1.7 million at March 31, 2008.
Management Commentary
"Fiscal 2009 represented strong progress for Remedent across the
board -- operationally, in product development, and in record sales
for the year," said Guy De Vreese, CEO of Remedent. "The year was
highlighted by dramatically increased sales of our flagship
GlamSmile product, which is being adopted increasingly by dentists
around the world. The year also represented a period of
restructuring and realigning our efforts through the divesture of
our OTC business, as well as advancing the development of our
revolutionary, patent-pending FirstFit(TM) system for crowns and
bridges.
"Our FirstFit development effort culminated with the recent
expansion of our distribution agreement with Den-Mat Holdings to
include FirstFit. As the world's largest producer of dental
veneers, Den-Mat's complete adoption of our GlamSmile technology in
August of 2008 has solidified our position as a world leader in the
dental veneer space. Den-Mat will now champion the market
introduction of FirstFit in the United States through their network
of more than 10,000 dentists.
"We are now beginning to emerge from a pivotal stage in our
development, with a new operational structure designed to leverage
the tremendous potential of our unique veneer technology. In
addition to Den-Mat in the United States, we are also realizing
increasing success in China and Australia. Meanwhile, we are
finding ways to reduce our costs, including doing more in-house
production. We believe our wide-ranging progress in fiscal 2009 has
put us on course for continued growth and market expansion in
fiscal 2010."
Teleconference Information
Remedent will host a conference call on Wednesday, July 1, 2009
at 11:00 a.m. Eastern time to discuss these 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: Wednesday, July 1, 2009
Time: 11:00 a.m. Eastern time (8:00 a.m. Pacific time)
Dial-In Number: 1-800-894-5910
International: 1-785-424-1052
Conference ID#: 7REMEDENT
A simultaneous webcast and replay of the call will be accessible
via this link: http://viavid.net/dce.aspx?sid=0000666B.
Please call the conference telephone number 5-10 minutes prior
to the start time. An operator will register your name and
organization and ask you to wait until the call begins. If you have
any difficulty connecting with the conference call, please contact
the Liolios Group at 1-949-574-3860.
A telephone replay of the call will be available from 2:00 p.m.
Eastern time on the same day until August 1, 2009:
Toll-free replay number: 1-800-695-0395
International replay number: 1-402-220-1388
(No passcode required)
About Remedent
Remedent, Inc. specializes in the research, development,
manufacturing and marketing of oral care and cosmetic dentistry
products. The company serves professional dental industry with
breakthrough technology for dental veneers, bridges and crowns that
are recognized worldwide for their technological superiority and
ease-of-application. These products are supported by a line of
professional veneer whitening and teeth sensitivity solutions.
Headquartered in Belgium, Remedent distributes its products to more
than 35 countries worldwide. For more information, go to
www.remedent.com.
Statement under the Private Securities Litigation Reform Act of
1995
Statements in this press release that are "forward-looking
statements" are based on current expectations and assumptions that
are subject to risks and uncertainties. Such forward-looking
statements involve known and unknown risks, uncertainties and other
unknown factors that could cause Remedent's actual operating
results to be materially different from any historical results or
from any future results expressed or implied by such
forward-looking statements. In addition to statements that
explicitly describe these risks and uncertainties, readers are
urged to consider statements that contain terms such as "believes,"
"belief," "expects," "expect," "intends," "intend," "anticipate,"
"anticipates," "plans," "plan," "projects," "project," to be
uncertain and forward-looking. Actual results could differ
materially because of factors such as Remedent's ability to achieve
the synergies and value creation contemplated by the proposed
transaction. For further information regarding risks and
uncertainties associated with Remedent's business, please refer to
the risk factors described in Remedent's filings with the
Securities and Exchange Commission, including, but not limited to,
its annual report on Form 10-K and quarterly reports on Form
10-Q.
REMEDENT, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
Three months ended Year ended
March 31, March 31,
2009 2008 2009 2008
------------ ------------ ------------ ------------
Net sales $ 3,390,355 $ 3,028,362 $ 14,639,541 $ 7,482,261
Cost of sales 1,650,315 1,352,271 6,614,723 3,975,777
------------ ------------ ------------ ------------
Gross profit 1,740,040 1,676,091 8,024,818 3,506,484
Operating Expenses
Research and
development 24,273 85,293 248,652 332,958
Sales and
marketing 370,042 889,452 2,793,970 1,886,389
General and
administrative 1,639,656 1,165,842 5,312,192 4,057,007
Depreciation and
amortization 173,903 85,319 615,674 301,260
------------ ------------ ------------ ------------
TOTAL
OPERATING
EXPENSES 2,207,874 2,225,906 8,970,488 6,577,614
------------ ------------ ------------ ------------
OPERATING LOSS (467,834) (549,815) (945,670) (3,071,130)
NON-OPERATING
(EXPENSE) INCOME
Warrants issued
pursuant to
Distribution
Agreement - - (4,323,207) -
Gain on
disposition of
OTC - - 2,830,953 -
IMDS provision (300,000) - (300,000) -
Interest
expense/other
deductions (166,972) (66,366) (417,147) (138,168)
Interest
income/other
income 1,884 20,367 348,997 -
Other income - - - 121,032
------------ ------------ ------------ ------------
TOTAL OTHER
INCOME
(EXPENSES) (465,088) (45,999) (1,860,404) (17,136)
------------ ------------ ------------ ------------
LOSS FROM
CONTINUING
OPERATIONS BEFORE
INCOME TAXES AND
MINORITY INTEREST (932,922) (595,814) (2,806,074) (3,088,266)
Income tax expense (32,633) (27,247) (32,633) (27,247)
------------ ------------ ------------ ------------
NET LOSS FROM
CONTINUING
OPERATIONS BEFORE
MINORITY INTEREST (965,555) (623,061) (2,838,707) (3,115,513)
MINORITY INTEREST (114,208) - (114,208) -
------------ ------------ ------------ ------------
NET LOSS FROM
CONTINUING
OPERATIONS $ (1,079,763) $ (623,061) $ (2,952,915) $ (3,115,513)
============ ============ ============ ============
LOSS PER SHARE
Basic and fully
diluted $ (0.05) $ (0.03) $ (0.15) $ (0.17)
============ ============ ============ ============
WEIGHTED AVERAGE
SHARES OUTSTANDING
Basic and fully
diluted 19,995,969 17,823,012 19,559,653 17,823,012
============ ============ ============ ============
OTHER COMPREHENSIVE
INCOME (LOSS):
Foreign currency
translation
adjustment (259,045) 50,608 (668,245) 60,953
------------ ------------ ------------ ------------
Comprehensive
income (loss) $ (1,338,808) $ (572,453) $ (3,621,160) $ (3,054,560)
============ ============ ============ ============
Comprehensive loss
per share $ (0.07) $ (0.03) $ (0.19) $ (0.17)
============ ============ ============ ============
REMEDENT, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
March 31, 2009 March 31, 2008
-------------- --------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 1,807,271 $ 1,728,281
Accounts receivable, net of allowance
for doubtful accounts of $33,966 at
March 31, 2009 and $32,181 at March 31,
2008 3,208,120 1,902,920
Inventories, net 1,937,946 1,360,709
Prepaid expense 1,310,900 970,173
-------------- --------------
Total current assets 8,264,237 5,962,083
-------------- --------------
PROPERTY AND EQUIPMENT, NET 1,024,999 692,609
OTHER ASSETS
Long term investments and advances 750,000 675,000
Patents, net 163,106 115,827
-------------- --------------
Total assets $ 10,202,342 $ 7,445,519
============== ==============
LIABILITIES AND STOCKHOLDERS? EQUITY
(DEFICIT)
CURRENT LIABILITIES:
Current portion, long term debt $ 78,798 $ 58,583
Line of Credit 660,200 779,718
Accounts payable 1,398,420 2,002,439
Accrued liabilities 1,590,360 781,737
Income taxes payable 39,339 15,121
-------------- --------------
Total current liabilities 3,767,117 3,637,598
Long term debt less current portion 100,542 94,754
Minority interest 896,705 --
Total liabilities 4,764,364 3,732,352
-------------- --------------
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 shares issued and
outstanding at March 31, 2009 and
18,637,803 shares issued and
outstanding at March 31, 2008) 19,996 18,638
Treasury stock, at cost; 723,000 and 0
shares at March 31, 2009 and March 31,
2008 respectively (831,450) --
--------------
Additional paid-in capital 24,106,055 17,929,992
Accumulated deficit (17,216,028) (14,263,113)
Accumulated other comprehensive income
(loss) (foreign currency translation
adjustment) (640,595) 27,650
-------------- --------------
Total stockholders? equity 5,437,978 3,713,167
-------------- --------------
Total liabilities and stockholders?
equity $ 10,202,342 $ 7,445,519
============== ==============
Company Contacts: Stephen Ross Chief Financial Officer Remedent,
Inc. Tel 310-922-5685 Email Contact Investor Relations: Ron Both
Scott Liolios Managing Director Liolios Group, Inc. Tel (949)
574-3860 Email Contact
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