OccuLogix Reports Q3-08 Financial Results
TORONTO, ONTARIO--(Marketwire - Nov. 10, 2008) - OccuLogix, Inc. (NASDAQ:OCCX)(TSX:OC) today reported its consolidated financial results for the three months ended September 30, 2008. All dollar amounts are expressed in U.S. currency, and results are reported in accordance with United States generally accepted accounting principles (U.S. GAAP).
For the third quarter of 2008, OccuLogix' net revenues from continuing operations were $23,900 as compared to $0 in the third quarter of 2007, and the Company's revenues from discontinued operations for the third quarter of 2008 were $0 as compared to $15,225 in the third quarter of 2007. The third quarter loss from continuing operations was $2.3 million, or $1.00 per share as compared to $19.6 million, or $8.55 per share, in the third quarter of 2007. OccuLogix' loss in the third quarter of 2008 from discontinued operations was $0.0 million, or $0.00 per share, as compared to $1.1 million, or $0.48 per share, in the third quarter of 2007. Including both continuing and discontinued operations, OccuLogix' net loss for the third quarter of 2008 was $2.3 million, or $1.00 per share as compared to $20.7 million, or $9.03 per share, for the third quarter of 2007.
As of September 30, 2008, OccuLogix had cash and cash equivalents, and short-term investments of $2.5 million. The Company noted that this amount does not include any of the proceeds from the $2.2 million private placement that it announced on October 6, 2008.
On October 7, 2008, the Company effected a 1:25 reverse stock split. As required, all earnings per share numbers have been presented on a post reverse stock split basis.
About OccuLogix, Inc.
OccuLogix (www.occulogix.com) is a healthcare company focused on ophthalmic devices for the diagnosis and treatment of age-related eye diseases.
Forward-Looking Statements
This press release may contain forward-looking statements. These statements relate to future events and are subject to risks, uncertainties and assumptions about the Company. These statements are only predictions based on our current expectations and projections about future events. You should not place undue reliance on these statements. Actual events or results may differ materially. Many factors may cause our actual results to differ materially from any forward-looking statement, including the factors detailed in our filings with the Securities and Exchange Commission and Canadian securities regulatory authorities, including but not limited to our Forms 10-K and 10-Q. We do not undertake to update any forward-looking statements.
OCCULOGIX, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(expressed in U.S. dollars except number of shares)
(Unaudited)
Three months ended
September 30,
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2008 2007
$ $
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Revenue
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Retina 23,900 -
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Cost of goods sold
Retina
Cost of goods sold, net of goods recovered 1,945 2.262.411
Royalty costs - 25,000
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Total cost of goods sold 1,945 2,287,411
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21,955 (2,287,411)
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Operating expenses
General and administrative 947,830 2,471,586
Clinical and regulatory 671,612 3,076,010
Sales and marketing 218,895 501,868
Restructuring charges 74,128 -
Impairment of intangible asset - 20,923,028
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1,912,465 26,972,492
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Loss from operations (1,890,510) (29,259,903)
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Other income (expense)
Interest income 17,946 137,137
Changes in fair value of warrant obligation (68,281) 856,969
Interest expense (169,540) (588)
Amortization of finance costs (48,000) -
Other 131,655 (5,693)
Minority interest 1,393,410 217,436
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1,257,190 1,205,261
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Loss from continuing operations before
income taxes (633,320) (28,054,642)
Income tax (expense) recovery (1,649,632) 8,449,188
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Loss from continuing operations (2,282,952) (19,605,454)
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Loss from discontinued operations - (1,082,842)
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Net loss for the period (2,282,952) (20,688,296)
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Weighted average number of shares outstanding
- basic and diluted 2,292,280 2,292,280
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Net loss per share - basic and diluted (1.00) (9.03)
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OCCULOGIX, INC.
CONSOLIDATED BALANCE SHEETS
(expressed in U.S. dollars)
(Unaudited)
September 30, December 31,
2008 2007
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$ $
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ASSETS
Current
Cash and cash equivalents 2,107,933 2,235,832
Cash restricted in use 200,000 -
Short-term investments 413,678 -
Amounts receivable, net 29,211 374,815
Prepaid expenses 209,211 481,121
Deposits 21,680 10,442
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Total current assets 2,981,713 3,102,210
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Fixed assets, net 123,094 122,286
Patents and trademarks, net 218,833 139,437
Investments - 863,750
Other non-current assets 249,504 -
Intangible assets, net 9,871,654 11,085,054
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Total assets 13,444,798 15,312,737
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current
Accounts payable 434,652 1,192,807
Accrued liabilities 3,462,124 2,873,451
Due to stockholders 15,517 32,814
Deferred revenue 97,444 -
Obligations under warrants 68,281 -
Short term liabilities and accrued interest 7,008,755 -
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Total current liabilities 11,086,773 4,099,072
Deferred income tax liability 2,379,814 2,259,348
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Total liabilities 13,466,587 6,358,420
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Minority interest 3,124,958 4,953,960
Stockholders' equity (deficiency)
Capital stock
Common stock 57,306 57,306
Par value of $0.025 per share
Authorized: 40,000,000; Issued
and outstanding:
September 31, 2008 - 2,292,280; December 31,
2007 - 2,292,280
Additional paid-in capital 362,181,935 362,232,031
Accumulated deficit (365,385,988) (358,288,980)
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Total stockholders' equity (deficiency) (3,146,747) 4,000,357
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Total liabilities and stockholders' equity
(deficiency) 13,444,798 15,312,737
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For more information, please contact
OccuLogix, Inc.Bill Dumencu
CFO & Treasurer
(905) 602-0887 ext. 3910
Email: bill.dumencu@occulogix.com
Website: www.occulogix.com