TORONTO, June 14 /CNW/ - Spectral Diagnostics Inc. (TSX: SDI) today
reported a consolidated loss for the year ended March 31, 2006 of $4.7 million
(23 cents per share) compared to a loss in the previous year of $7.4 million
(40 cents per share). Current year results include a one time gain of
$2.4 million (12 cents per share) on the sale of the company's rapid cardiac
test business in the fourth quarter.
Revenues for the year were $7.3 million, a drop of $2.7 million from last
year. Rapid cardiac test sales were $4.3 million compared to $7.1 million in
2005. This decline was attributable to a continuing trend of lower sales
volumes and to the sale of the rapid cardiac business effective February 6,
2006. Technology revenues of $3.0 million were consistent with prior year
levels.
As a result of the sale of the rapid cardiac business, Spectral received
total consideration of $9.0 million. Nanogen acquired Spectral's assets
related to the rapid cardiac test business, including certain intellectual
property and capital equipment, and assumed on-going operating
responsibilities for sales, marketing, manufacturing, and facilities related
to the rapid cardiac test business. Spectral retains intellectual property and
revenues related to its market leading chain Troponin I calibrator, as well as
other high value reagents. This retained reagent business accounts for
approximately $3.0 million in annual revenues.
Subsequent to the sale transaction, the Company restructured its
operations to align with current commercial activity. These commercial
operations are expected to be cash positive in Fiscal 2007.
"This has been a very pivotal year for Spectral," stated Dr. Paul Walker,
President and CEO. "We can now focus on rapid commercialization of our EAA(TM)
and West Nile products and our strengthened balance sheet gives us the ability
to pursue new growth opportunities. We are very excited for our future and for
the prospects of improving shareholder value," added Dr. Paul Walker.
Spectral is a developer of innovative technologies for rapid diagnostics.
Spectral provides accurate and timely information to clinicians enabling the
early initiation of appropriate and targeted therapy. Current products include
rapid diagnostics for sepsis (EAA(TM)) and West Nile Virus as well as a range
of other biological reagents. Spectral's common shares are listed on The
Toronto Stock Exchange: SDI.
Information in this news release that is not current or historically
factual information may constitute forward-looking information within the
meaning of securities laws. Implicit in this information, the future outlook
of Spectral and anticipated events or results are assumptions based on beliefs
of Spectral's senior management as well as information currently available to
it. While these assumptions were considered reasonable by Spectral at the time
of preparation, they may prove to be incorrect. Readers are cautioned that
actual results are subject to a number of risks and uncertainties, including
the availability of funds and resources to pursue R&D projects, the successful
and timely completion of clinical studies, the ability of Spectral to take
advantage of business opportunities in the biomedical industry, the granting
of necessary approvals by regulatory authorities as well as general economic,
market and business conditions, and could differ materially from what is
currently expected.
<<
Spectral Diagnostics Inc.
Consolidated Balance Sheets
As at March 31, 2006 and 2005
-------------------------------------------------------------------------
(in thousands of Canadian dollars)
2006 2005
$ $
Assets
Current assets
Cash and cash equivalents 4,003 1,694
Short-term investments 3,350 -
Accounts receivable 877 2,760
Inventories 43 1,351
Prepaid expenses 250 359
------------------------
8,523 6,164
Restricted cash - 2,013
Capital assets 170 1,158
Purchased technology and trademarks, net 2,353 3,327
Deferred financing costs, net 512 804
Goodwill - 2,114
------------------------
11,558 15,580
------------------------
------------------------
Liabilities
Current liabilities
Bank indebtedness - 929
Accounts payable and accrued liabilities 1,224 1,582
------------------------
1,224 2,511
Convertible notes payable 9,596 7,742
------------------------
10,820 10,253
------------------------
Shareholders' Equity
Common shares 99,446 99,446
Other equity 4,963 4,897
Deficit (103,671) (99,016)
------------------------
738 5,327
------------------------
11,558 15,580
------------------------
------------------------
Spectral Diagnostics Inc.
Consolidated Statements of Operations and Deficit
For the years ended March 31, 2006 and 2005
-------------------------------------------------------------------------
(in thousands of Canadian dollars, except share and per share data)
2006 2005
$ $
Sales 7,272 10,001
Cost of sales 3,446 4,454
------------------------
Gross margin 3,826 5,547
------------------------
Operating expenses
Sales and marketing 3,536 4,755
General and administrative 3,620 3,474
Amortization of capital assets 360 569
Amortization of purchased technology and
trademarks 671 651
Amortization of deferred financing fees 292 151
Foreign exchange loss 247 278
Stock-based compensation 66 307
Research and product development, net 183 1,334
------------------------
8,975 11,519
------------------------
Loss before the following (5,149) (5,972)
Interest expense on convertible notes payable (1,854) (1,440)
Other net interest (expense) income (37) 54
Gain on sale of rapid cardiac business 2,385 -
------------------------
Loss for the year (4,655) (7,358)
Deficit - Beginning of year (99,016) (91,658)
------------------------
Deficit - End of year (103,671) (99,016)
------------------------
------------------------
Basic and diluted loss per common share (0.23) (0.40)
------------------------
------------------------
Weighted average number of common shares
outstanding 19,860,168 18,470,610
------------------------
------------------------
Spectral Diagnostics Inc.
Consolidated Statements of Cash Flows
For the years ended March 31, 2006 and 2005
-------------------------------------------------------------------------
(in thousands of Canadian dollars)
2006 2005
$ $
Cash provided by (used in)
Operating activities
Loss for the year (4,655) (7,358)
Items not affecting cash
Amortization 1,323 1,371
Stock-based compensation expense 66 307
Accrued interest on convertible notes payable 1,854 1,440
Gain on sale of rapid cardiac business (2,385) -
Changes in non-cash working capital (412) (819)
------------------------
(4,209) (5,059)
------------------------
Financing activities
Bank indebtedness (929) (201)
Restricted cash 2,013 2,935
Repayment of trade and note payable - (989)
Net cash proceeds on issuance of common shares
and units - 3,349
------------------------
1,084 5,094
------------------------
Investing activities
Purchase of capital assets (216) (411)
Proceeds on sale of rapid cardiac business 5,650 -
------------------------
5,434 (411)
------------------------
Increase (decrease) in cash and cash equivalents
during the year 2,309 (376)
Cash and cash equivalents - Beginning of year 1,694 2,070
------------------------
Cash and cash equivalents - End of year 4,003 1,694
------------------------
------------------------
Non-cash investing activities
Common shares received on sale of rapid
cardiac business 3,350 -
>>
%SEDAR: 00002006E
| Home > Quotes & Charts > News > News Article |
|
Spectral Diagnostics Inc. (SDI) Exchange: Toronto Stock Exchange
|
$0.230 
May 21, 2013, 11:38 PM EDT
Change:
0.02 (6.98%)
Volume: 74,623
Day Low
0.200
0.200
Day High
0.230
0.230
Spectral reports financial results for 2006
Copyright © QuoteMedia. Data delayed 15 minutes unless otherwise indicated. View delay times for all exchanges.
Market Data powered by QuoteMedia. See the QuoteMedia and TMX Group Terms of Use.
Market Data powered by QuoteMedia. See the QuoteMedia and TMX Group Terms of Use.
