LARGO, Fla., Feb. 23, 2010 (GLOBE NEWSWIRE) -- GeoPharma, Inc. GORX (the "Company") announced today the results of its fiscal year 2010 third quarter which ended December 31, 2009, with revenues totaling $2,766,203 from continuing operations and a net loss basic and diluted of $(0.19) cents per share versus ($0.26) cents per share for the same period a year ago.
Commenting on the quarter GeoPharma CEO Mihir Taneja stated, "Despite lower revenues, gross profit margins were dramatically improved in the third quarter due to more efficient and profitable business being executed and the continued vigilance of our cost containment and head count reduction strategies. We welcome a candid discussion regarding the quarterly results and other significant developments directly related to the success of our business during the conference call the morning of March the second. We remain confident that GeoPharma will end the year on a positive note."
A conference call has been scheduled for Tuesday, March 2, 2010 at 11 a.m. Eastern time. The delay is due to conflict created by international travel schedules regarding the company's interests. The conference call will be hosted by GeoPharma, Inc. CEO, Mihir Taneja and Sr. VP/CFO, Carol Dore-Falcone. The dial in numbers and other pertinent information regarding the call will be made available in the next few days.
ABOUT GEOPHARMA, INC.:
GeoPharma, Inc. is a rapidly growing Bio/Pharma company with a diversified business model participating in Pharmaceuticals, Contract Manufacturing, and Medical devices. The Pharma divisions specialize in the formulation of generic drugs for human and veterinary usage and the development of medical devices used by oncologists and other medical professionals. The Manufacturing division manufactures and packages generic drugs, nutraceuticals, cosmetics, and functional food products for companies worldwide.
For further information visit the GeoPharma website at www.geopharmainc.com.
The GeoPharma, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5384
FORWARD LOOKING STATEMENTS
This press release may contain statements, which constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including those regarding the company and its subsidiaries' expectations, intentions, strategies and beliefs pertaining to future performance. All statements contained herein are based upon information available to the company's management as of the date hereof, and actual results may vary based upon future events, both within and without management's control. Important factors that could cause such differences are described in the company's periodic filings with the Securities and Exchange Commission.
| GEOPHARMA, INC. AND SUBSIDIARIES | ||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||||
| Three Months Ended December 31, | Nine Months Ended December 31, | |||
| 2009 | 2008 | 2009 | 2008 | |
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |
| Revenues: | ||||
| Manufacturing | $2,551,390 | $4,061,132 | $10,173,267 | $14,891,907 |
| Pharmaceutical | 214,813 | 503,961 | 1,156,331 | 1,162,405 |
| Total revenues | $2,766,203 | $4,565,093 | $11,329,598 | $16,054,312 |
| Cost of goods sold: | ||||
| Manufacturing | 1,831,935 | 2,957,461 | 6,890,055 | 10,534,135 |
| Pharmaceutical | 225,568 | 805,215 | 1,008,655 | 2,632,322 |
| Total cost of goods sold | $2,057,503 | $3,762,676 | $7,898,710 | $13,166,457 |
| Gross profit: | ||||
| Manufacturing | 719,455 | 1,103,671 | 3,283,212 | 4,357,772 |
| Pharmaceutical | (10,755) | (301,254) | 147,676 | (1,469,917) |
| Total gross profit | $708,700 | $802,417 | $3,430,888 | $2,887,855 |
| Selling, general and administrative expenses: | ||||
| Selling, general and administrative expenses | 2,181,430 | 2,084,544 | 6,676,715 | 6,218,297 |
| Stock compensation expense | 728,177 | 368,067 | 2,154,847 | 1,042,484 |
| Depreciation and amortization | 338,219 | 601,814 | 1,555,438 | 1,636,935 |
| Research and development | 160,353 | 307,638 | 703,222 | 1,459,539 |
| Total selling, general and administrative expenses | $3,408,179 | $3,362,063 | $11,090,222 | $10,357,255 |
| Operating income (loss) before other income and expense, income taxes and discontinued operations | $(2,699,479) | $(2,559,646) | $(7,659,334) | $(7,469,400) |
| Other income (expense), net: | ||||
| Interest income (expense), net | (291,455) | (332,900) | (1,455,585) | (1,239,542) |
| Other income (expense), net | 29,988 | 18,929 | 66,157 | 21,351 |
| Total other income (expense), net | $(261,467) | $(313,971) | $(1,389,428) | $(1,218,191) |
| Income (loss) before income taxes and discontinued operations | $(2,960,946) | $(2,873,617) | $(9,048,762) | $(8,687,591) |
| Income tax benefit (expense) | — | 158,300 | — | 1,776,200 |
| Net income (loss) from continuing operations | $(2,960,946) | $(2,715,317) | $(9,048,762) | $(6,911,391) |
| Discontinued operations: | ||||
| Revenues: Distribution | $— | $8,547,879 | $4,709,292 | $33,123,715 |
| Cost of goods sold: Distribution | — | 6,993,946 | 4,099,003 | 26,945,596 |
| Gross profit: Distribution | $ — | $1,553,933 | $610,289 | $6,178,119 |
| SG&A expenses: Distribution | 6,799 | 2,833,252 | 2,278,728 | 8,821,244 |
| Loss on sale of BOSS | — | — | 661,424 | — |
| Exit income (expense): Distribution | — | — | — | — |
| Discontinued operations net loss (net of income tax) | $(6,799) | $(1,279,319) | $(2,329,863) | $(2,643,125) |
| Revenues: Deconsolidation | $— | $ — | $45,476 | $— |
| Cost of goods sold: Deconsolidation | 100,823 | 105,943 | 273,961 | 391,716 |
| Gross profit: Deconsolidation | $(100,823) | $(105,943) | $(228,485) | $(391,716) |
| SG&A expenses: Deconsolidation | 201,424 | 361,993 | 131,290 | 1,202,611 |
| Exit income (expense): Deconsolidation | (434,000) | — | (434,000) | — |
| $(736,247) | $(467,936) | $(793,775) | $(1,594,327) | |
| Noncontrolling interest benefit | 148,101 | 153,885 | 176,291 | 524,309 |
| Deconsolidation operations net loss (net of income tax) | $(588,146) | $(314,051) | $(617,484) | $(1,070,018) |
| Net income (loss) | $(3,555,891) | $(4,308,687) | $(11,996,109) | $(10,624,534) |
| Preferred stock dividends | 154,008 | 137,701 | 281,137 | 425,001 |
| Net income (loss) available to common shareholders | $(3,709,899) | $(4,446,388) | $ (12,277,246) | $ (11,049,535) |
| Basic income (loss) per share | $(0.19) | $(0.26) | $(0.63) | $(0.63) |
| Basic weighted average number of common shares outstanding | 19,994,276 | 17,102,350 | 19,441,905 | 17,535,036 |
| Diluted income (loss) per share | $(0.19) | $(0.26) | $(0.63) | $(0.63) |
| Diluted weighted average number of common shares outstanding | 19,994,276 | 17,102,350 | 19,441,905 | 17,535,036 |
| Basic and diluted discontinued operations loss per share | $ — | $(0.07) | $(0.12) | $(0.15) |
| Basic and diluted deconsolidation loss per share | $(0.03) | $(0.02) | $(0.03) | $(0.06) |
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