Calypte Announces Second Quarter Results
Friday August 4, 7:30 am ET
LAKE OSWEGO, Ore., Aug. 4 /PRNewswire-FirstCall/ -- Calypte Biomedical Corporation (Amex: HIV - News), medical diagnostic tests manufacturer for the professional point of care (PRO) and over the counter (OTC) segments of the market primarily for the detection of antibodies to the human immunodeficiency virus (HIV) announced today its financial results for the second quarter and six-months period ended June 30, 2006.
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For the quarter ended June 30, 2006, Calypte recorded revenues of $49,000, compared with revenue of $89,000 in the first quarter in 2005. The net loss for the second quarter of 2006 was $3.7 million or $0.019 per common share compared with a net loss of $1.7 million or $0.004 per common share for the three months ended June 30, 2005. Net loss for the quarter includes non-cash interest expense of $2.4 million in 2006 and non-cash interest income of $2.1 million in 2005.
For the six-month period ended June 30, 2006, revenues totaled $140,000 versus revenues of $128,000 for the same period in 2005. The net loss was $7.1 million or $.038 per common share for the six-months ended June 30, 2006, compared to a net loss of $5.0 million or $0.018 per share. The net loss for the six-month period ended June 30, 2006 includes non-cash interest expense of $4.1 million in 2006 and non-cash interest income of $1.9 million in 2005.
Calypte's urine EIA, serum Western Blot and urine Western Blot HIV-1 in vitro diagnostic test business (the "Legacy Business") has been treated as a "discontinued operation" for financial reporting purposes. The 2005 revenues reported above exclude the sales from the Legacy Business. The 2005 net loss reported above, however, includes losses of $1.0 million and $1.9 million, respectively, attributable to the Legacy Business for the quarter and six-month periods ended June 30, 2005. There were no revenues or costs associated with the Legacy Business in 2006.
Calypte's management will host a conference call on Wednesday, August 9, 2006 at 4:30 PM Eastern Time to discuss the Company's second quarter financial results and current operations.
The call can be accessed in the U.S. by dialing 800-659-1966 and outside of the U.S. by dialing 617-614-2711. The participant pass code is 54937577. The conference call will also be Web cast live at http://www.calypte.com. An audio replay of the call will be available through September 9, 2006, beginning approximately 1 hour after the conference call ends, by dialing 888-286-8010 in the U.S., or 617-801-6888 from outside of the U.S. The account code for the playback is 54268914. The Web cast will also be available for replay on the company's website.
About Calypte Biomedical:
Calypte Biomedical Corporation is a U.S.-based healthcare company focused on the development and commercialization of diagnostic testing products for the detection of sexually transmitted diseases such as the HIV-1 BED Incidence EIA and new diagnostic test products for the rapid detection of HIV and other sexually transmitted diseases, several of which do not require blood samples. Calypte believes there is a significant need for rapid detection of such diseases globally to control their proliferation, particularly in developing countries, which lack the medical infrastructure to support laboratory-based testing. Calypte believes that testing for HIV and other sexually transmitted infectious diseases may make important contributions to public health, and could increase the likelihood of treating those with undetected HIV and other sexually transmitted diseases.
Statements in this press release that are not historical facts are forward-looking statements within the meaning of the Securities Act of 1933, as amended. Those statements include statements regarding the intent, belief or current expectations of the Company and its management. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to, the Company's ability to obtain additional financing, if and as needed, and access funds from its existing financing arrangements that will allow it to continue its current and future operations and whether demand for its test products in domestic and international markets will generate sufficient revenues to achieve positive cash flow and profitability. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the Company's expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Factors that may impact the Company's success are more fully disclosed in the Company's most recent public filings with the U.S. Securities and Exchange Commission ("SEC"), including its annual report on Form 10-KSB for the year ended December 31, 2005 and its subsequent filings with the SEC.
Company Contact: Investor Relations Contact:
Theodore R Gwin, Tim Clemensen,
Chief Financial Officer Rubenstein Investor Relations
(971) 204-0282 Phone: (212) 843-9337
email: tgwin@calypte.com email: tclemensen@rubensteinir.com
CALYPTE BIOMEDICAL CORPORATION AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Three Months Six Months
Ended Ended
June 30, June 30,
2006 2005 2006 2005
Revenues:
Product sales 49 89 140 128
Other - - - -
Total revenues 49 89 140 128
Cost of product sales 78 22 138 32
Gross Margin (29) 67 2 96
-59% 75% 1% 75%
Other operating expenses:
Research and development costs 376 710 900 1,472
Selling, general and
administrative costs 954 2,046 2,245 3,460
Total other operating expenses 1,330 2,756 3,145 4,932
Loss from operations (1,359) (2,689) (3,143) (4,836)
Interest income (expense), net (2,492) 2,078 (4,289) 1,818
Minority interest in losses of
consolidated joint ventures 87 - 240 -
Other income (expense), net 43 (65) 66 (91)
Income (Loss) from continuing
operations before income taxes (3,721) (676) (7,126) (3,109)
Income taxes - (2) (2) (2)
Net income (loss) from continuing
operations $(3,721) $(678) $(7,128) $(3,111)
Discontinued operations
Loss from operations of legacy
business, net of net of
income taxes - (1,039) - (1,923)
Net Loss $(3,721) $(1,717) $(7,128) $(5,034)
Net loss per share from continuing
operations $(0.019) $(0.004) $(0.038) $(0.018)
Net loss per share (basic and
diluted) $(0.019) $(0.010) $(0.038) $(0.029)
Weighted average shares used to
compute net loss per share
(basic and diluted) 191,921 171,473 188,018 171,288
CALYPTE BIOMEDICAL CORPORATION AND SUBSIDIARY
CONSOLIDATED BALANCE SHEET DATA
(in thousands)
Unaudited
June 30, December 31,
2006 2005
Cash and cash equivalents $157 $492
Working capital (12,296) (6,530)
Total Assets 7,977 5,590
Convertible notes and debentures, net of discount 2,467 2,056
Notes payable to and advances from related parties 6,871 1,500
Long-term liabilities, including mandatorily
redeemable Series A preferred stock 3,796 4,661
Total stockholders' deficit (8,821) (7,151)
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