BRAINTREE, Mass., Feb. 21, 1996 - Consistent with its
stated objectives of restoring the Company to profitability and
regaining its position of prominence as a destination retailer
specializing in high value apparel and home fashion, href="chap11.bradlees.html">Bradlees, Inc.
(NYSE: BLE) today announced the closing of 12 underperforming store
locations, to be completed by May of this year.
Commenting on today's announcement, Bradlees' Chairman and Chief
Executive Officer, Mark A. Cohen said, "Today's decision, while
difficult, reflects our conclusion that these stores cannot be
restructured to achieve reasonable profitability. The closing of
these stores is one of several steps we are taking to enhance our
efficiency and improve our cost effectiveness. This decision, in
concert with last week's announcement of the restructuring of our
store management organization, will help streamline Bradlees and
permit our new management team to focus on bringing high value
merchandise to Bradlees' customers in a neat, clean and friendly
store environment."
The Company will work with all affected employees from these 12
locations to provide job transfers or other appropriate assistance.
The 12 stores to be closed are:
MAINE MASSACHUSETTS CONNECTICUT
North Windham Westboro East Haven
Topsham East Hartford
Lewiston Derby
NEW YORK NEW JERSEY
Schenectady West Caldwell
Poughkeepsie North Brunswick
Marlton
CONTACT: Joele Frank of Abernathy MacGregor Scanlon, 212-371-5999
CHARLOTTE, N.C., Feb. 21, 1996 - Broadway & Seymour
(Nasdaq: BSIS) reported a net loss for the year ended December 31,
1995 of $11,380 million, or $1.26 per share, on revenue of $114.7
million. This compares with net income of $7,196 million, or $0.85
per share, on revenue of $132.9 million for the year ended December
31, 1994. For the three months ended December 31, 1995, the Company
reported a net loss of $16,702 million, or $1.84 per share, as
compared with net income of $2,494 million, or $0.29 per share,
reported for the year ended December 31, 1994.
Executive Vice President and Chief Financial Officer David A.
Finley commented, "While the results for the year were
disappointing, the Company is now well underway in restructuring
operations. We have undergone extensive strategic and tactical
planning during the fourth quarter of 1995 in an effort to: assess
the strength of our core businesses; determine the markets and
products for concentrated focus; address weaknesses in project
control processes; and to identify and eliminate inefficiencies and
unnecessary costs."
"We fully expect our 1996, and future year results, to
demonstrate our commitment to healthy growth and profitability."
Broadway & Seymour is an innovative information technology
company providing integrated business solutions to the financial
services and other selected markets worldwide. It offers products,
software development and support, and systems integration
outsourcing.
BROADWAY & SEYMOUR, INC.
Consolidated Balance Sheet
(In Thousands)
Dec. 31, Dec. 31,
1995 1994
Assets
Current assets:
Cash and cash equivalents $ 2,053 $ 1,639
Receivables 28,233 28,051
Income tax refund receivable 2,100 --
Inventories 417 542
Other current assets 6,135 725
Total current assets 39,118 30,957
Property & equipment, net 9,299 7,591
Software costs 9,865 12,169
Intangible assets 24,578 24,244
Other assets 385 722
Total $83,245 $75,683
Liabilities and Stockholders' Equity
Current liabilities:
Notes payable and current
portion of debt $ 6,263 $ 830
Accounts payable, trade 6,408 10,989
Accrued compensation 2,796 3,306
Estimated liabilities
for contract losses 5,246 415
Other accrued liabilities 5,079 2,375
Deferred revenue 12,561 10,595
Income taxes payable 275 2,854
Total current liabilities 38,628 31,364
Long-term debt 1,327 935
Deferred tax liability 7,096 8,100
Other liabilities 3,757 504
Stockholders' equity:
Common stock 88 82
Paid-in capital 34,277 25,246
Retained earnings (deficit) (1,436) 9,944
Total 32,929 35,272
Less -- Treasury stock at cost (492) (492)
Total stockholders' equity 32,437 34,780
Total $83,245 $75,683
BROADWAY & SEYMOUR, INC.
Consolidated Statement of Income
(in thousands, except per share data)
Twelve months ended Dec. 31,
1995 1994
Revenue:
Services $ 73,651 64.2% $ 68,506 51.6%
Products
Software Licenses 32,445 28.3% 48,467 36.5%
Hardware 6,710 5.8% 13,274 10.0%
Other 1,030 0.9% 2,611 2.0%
Sale of Services Contract 902 0.8% -- --
Total 114,738 100.0% 132,858 100.0%
Cost of revenue:
Services 76,619 104.0% 58,907 86.0%
Products
Software licenses 9,801 30.2% 19,248 39.7%
Hardware 5,438 81.0% 10,353 78.0%
Other 591 57.4% 1,012 38.8%
Total 92,449 80.6% 89,250 67.4%
Operating expenses:
Research and development 6,729 5.9% 4,389 3.3%
Sales and marketing 16,918 14.7% 15,357 11.6%
General and administrative 11,566 10.1% 9,717 7.3%
Restructuring
Impairment Costs 2,921 2.5% -- --
Total 38,134 33.2% 29,463 22.2%
Operating Income (15,845) -13.8% 13,875 10.4%
Interest income 93 0.1% 63 --
Interest expense (586) -0.5% (884) -0.7%
Income before
income taxes (16,338) -14.2% 13,054 9.8%
Provision for income
taxes (4,958) -4.3% 5,858 4.4%
Net income $(11,380) -9.9% $7,196 5.4%
EPS on net income ($1.26) -- $0.85 --
Weighted average shares 9,043 -- 8,467 --
WILMINGTON, Del. Feb. 21, 1996 - href="chap11.columbia.html">The Columbia Gas System,
Inc. (NYSE: CG) today announced two developments relating to its
common stock:
Purchasers of common stock in the offering will not be entitled
to the dividend since the offering will be completed after the
dividend record date of March 1.
Richard said proceeds from the sale of the common stock will be
used to pay down about half of the short-term debt the Corporation
will incur later this month when it redeems $200 million of
Preferred Stock and $200 million of Convertible Preferred Stock that
were issued to creditors when the Corporation emerged from Chapter
11 on November 28, 1995. He said the remainder of the short-term
debt and related interest will be repaid from cash being generated
by the operating units, the proceeds from the soon to be completed
sale of the southwest oil and gas company, and/or anticipated income
tax refunds.
A shelf registration statement was filed with the SEC in
November 1995 for one billion dollars of common stock, preferred
stock and debentures and has not as yet become effective. A
prospectus supplement covering the offering of common stock will be
filed prior to the offering. The securities covered by the
registration statement may not be sold, nor may offers to buy be
accepted prior to the time the registration statement becomes
effective. An offering may only be made pursuant to a prospectus,
therefore, this news release shall not constitute an offer to sell
or the solicitation of an offer to buy nor shall there be any sale
of the securities in any state in which such an offer, solicitation
or sale would be unlawful prior to registration or qualification
under the securities laws of that state.
The Columbia Gas System, Inc., is one of the nation's largest
natural gas systems with assets in excess of $6 billion. Its
operating units are actively engaged in all phases of the natural
gas business, provide marketing and fuel management services and
generate electric power. Columbia companies serve customers in 15
states and the District of Columbia.
CONTACT: media, Bill Chaddock, 302-429-5261, or Bill McLaughlin,
302-429-5443, or analysts, Tom Hughes, 302-429-5363, Ken Murphy,
302-429-5471, all of Columbia Gas
NORTHBROOK, Ill. -- Feb. 21, 1996 -- href="chap11.dauphin.html">Dauphin
Technology Inc. today announced that on Feb. 15, 1996, Dauphin
filed
its Second Amended Plan of Reorganization and its related Disclosure
Statement with the United States Bankruptcy Court.
On March 21, 1996, the Bankruptcy Court will conduct a hearing
at which it will consider the adequacy of the Disclosure Statement.
If the Court finds that the Disclosure Statement contains adequate
information, Dauphin will be authorized to disseminate the Plan and
Disclosure Statement to its creditors and shareholders and solicit
acceptance of the Plan, which Dauphin hopes will lead to its
emergence from its Chapter 11 Case.
On Feb. 15, 1996, the Court also authorized Dauphin to enter
into an Asset Acquisition and Employment Agreement with Interactive
Controls Inc. ("Intercon") and its two shareholders, Victor Baron
and Sal Burd. Pursuant to the terms of this agreement, Dauphin has
acquired the right to implement the business plan which Intercon
developed for the design, manufacture and sale of interactive
control devices and systems. Baron and Burd have been employed by
Dauphin to implement the new business plan and to assist Dauphin
with its general business and reorganization process. Baron has
assumed the position of Dauphin's chief operating officer. Baron
will also act as the president of Dauphin's new "Intercon Division,"
through which Dauphin will implement the new business plan. Burd
will assume the position of Dauphin's chief financial officer.
Baron and Burd will join Dauphin's Chief Executive Officer and
President, Andrew Kandalepas, to act as a three man executive
committee, which will direct Dauphin's new business plan.
Baron has 20 years of experience in product development,
marketing and technical sales. In addition, he has established a
wide range of long-term relationships within the manufacturing
industry. Burd, a CPA and financial consultant, has held key fiscal
management positions and has been an investment advisor with
companies in the securities and investment business.
Dauphin's acquisition and implementation of the new business
plan was designed to expand Dauphin's current product lines.
Dauphin's board of directors hopes that such product expansion will
result in Dauphin's long term stability and increase its share of
the ever expanding computer market.
Dauphin is publicly traded and is listed on the NASDAQ Over the
Counter Bulletin Board under the symbol DNTKQ.
CONTACT: Dauphin Technology Inc., Northbrook
Nina L. O'Connor, 847/559-8443 ext. 206
DENVER, CO -- Feb. 21, 1996 -- Forest Oil Corporation
announced today a net loss before preferred stock dividends of $3.5
million or $.41 per common share for the fourth quarter of 1995 and
a net loss before preferred dividends of $18.0 million or $2.72 per
common share for the year ended December 31, 1995, compared to a net
loss of $35.0 million or $6.30 per common share for the fourth
quarter of 1994 and a net loss of $81.8 million or $14.95 per common
share for the year ended December 31, 1994.
The 1994 loss included a ceiling test writedown of $58.0 million
and a charge of $14.0 million to reflect the cumulative effects of a
change in the company's method of accounting for oil and gas sales.
The loss for the fourth quarter of 1995 includes $4.3 million of
income associated with the resolution of a bankruptcy claim. The
reported 1995 results do not include the effects of recently
announced Canadian acquisitions.
The company also released a December 31, 1995 pro forma balance
sheet reflecting a 1996 event, the acquisition of ATCOR Resources
Ltd. of Calgary, Alberta using proceeds from an offering of common
stock. On a pro forma basis, these transactions increase the
company's net assets to $180.2 million compared to $6.1 million at
December 31, 1994 and reduce its debt-to-capitalization percentage
to 53% from 98% over the same period.
On a pro forma basis after the ATCOR acquisition, Forest's
estimated proved reserves increased 34% to 330.2 BCF of natural gas
compared to 247.0 BCF reported at December 31, 1994. Pro forma
reserves for liquids increased 176% to 20.8 million barrels compared
to 7.5 million barrels at December 31, 1994.
Forest had previously announced the acquisition of a 56%
economic (49% voting) interest in Saxon Petroleum Inc., also of
Calgary, the exchange of 1.68 million shares of common stock for
$22.4 million face amount of debt ($5.7 million book value) and a 5-
to-1 reverse stock split. These transactions were given effect in
the company's financial statements at December 31, 1995.
William L. Dorn, chairman of Forest, stated: "The completion of
several significant transactions in December 1995 and January 1996
have increased the company's asset base and strengthened its balance
sheet considerably. The recent acquisitions and enhanced balance
sheet will enable Forest Oil to execute a growth strategy in 1996.
Including the effects of the Saxon and ATCOR acquisitions, the
company's estimated proved reserves on a pro forma basis at December
31, 1995 increased by 56% from December 31, 1994."
For 1995, Forest reported that its oil and gas sales decreased
to $82.3 million from $114.5 million, or by approximately 28%
compared to 1994. Production volumes decreased to 33.3 BCF of
natural gas and 1,173,000 barrels of oil in 1995 compared to 48.0
BCF and 1,543,000 barrels in 1994, representing decreases of 31% and
24%, respectively. These decreases result primarily from limited
capital expenditures in 1994 and 1995 that did not allow the company
to replace existing production through acquisitions and drilling.
Forest expects this trend to reverse in 1996 as a result of the
Saxon and ATCOR acquisitions coupled with planned increases in its
domestic capital investment program.
Oil and gas production expense was relatively flat at $22.4
million in both 1995 and 1994. On a per-unit basis, using a
conversion ratio of one barrel of oil to six thousand cubic feet of
natural gas, production expense increased 43% to $.56 per MCFE in
1995 compared to $.39 per MCFE in 1994. The increased cost per MCFE
is directly attributable to fixed components of oil and gas
production expense being allocated over a smaller production base.
The company expects production expense to decrease in 1996, on a per
unit basis, as a result of the Saxon and ATCOR acquisitions and
increased levels of capital investment.
Total overhead costs, including capitalized amounts related to
exploration and development activities, decreased 15% to $15.9
million in 1995 from $18.7 million in 1994. The decrease in total
overhead costs is due primarily to a reduction in the size of the
company's workforce on March 1, 1995.
Depreciation and depletion expense decreased 33% to $43.6
million in 1995 from $65.5 million in 1994 due primarily to
decreased production and a decrease in the depletion rate per unit
of production. The depletion rate decreased 5% to $1.08 per MCFE in
1995 compared to $1.14 in 1994 due to the writedown of oil and gas
properties in 1994.
Forest Oil Corporation is engaged in the acquisition,
exploration, development, production and marketing of natural gas
and crude oil in North America. Forest's principal reserves and
producing properties are located in the Gulf of Mexico, Texas,
Oklahoma and Canada. The company's common and preferred stocks are
traded on the Nasdaq National Market system under the FOIL and FOILO
symbols, respectively.
FOREST OIL CORPORATION
Consolidated Balance Sheets
Pro Forma December 31,
December 31, 1995 1995 1994
(In Thousands)
ASSETS
Current assets:
Cash and cash equivalents $ 3,287 3,287 2,869
Accounts receivable 35,763 17,395 20,418
Other current assets 4,612 2,557 2,231
Total current assets 43,662 23,239 25,518
Property and equipment, at cost:
Oil and gas properties - full
cost accounting method 1,360,487 1,216,027 1,171,887
Buildings, transportation and
other equipment 18,027 10,502 12,649
1,378,514 1,226,529 1,184,536
Less accumulated depreciation,
depletion and valuation
allowance 948,930 948,930 907,927
Net property and equipment 429,584 277,599 276,609
Investment in affiliate 11,301 11,301 11,652
Other assets 33,443 8,904 11,053
$517,990 321,043 324,832
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Cash overdraft $2,055 2,055 4,445
Current portion of long-term debt 2,263 2,263 1,636
Current portion of gas balancing
liability 4,700 4,700 5,735
Accounts payable 37,561 17,456 26,557
Accrued interest 4,219 4,029 4,318
Other current liabilities 1,917 1,917 4,927
Total current liabilities 52,715 32,420 47,618
Long-term debt 192,848 193,879 207,054
Gas balancing liability 3,841 3,841 8,525
Other liabilities 25,824 23,298 19,641
Deferred revenue 15,137 15,137 35,908
Deferred income taxes 38,502 - -
Minority interest in Saxon
Petroleum Inc. 8,882 8,171 -
Shareholders' equity:
Preferred stock 24,359 24,359 15,845
Common stock 2,280 1,066 566
Capital surplus 366,431 241,241 192,337
Common shares to be issued in
debt restructuring 6,073 6,073 -
Accumulated deficit (217,495) (217,495) (199,499)
Foreign currency translation (1,407) (1,407) (1,337)
Treasury stock, at cost - (9,540) (1,826)
Total shareholders' equity 180,241 44,297 6,086
$517,990 321,043 324,832
FOREST OIL CORPORATION
Consolidated Statements of Production and Operations
Three Months Ended Years Ended
December 31, December 31,
1995 1994 1995 1994
(In Thousands Except Production
and Per Share Amounts)
PRODUCTION
Gas (MMCF) 7,598 9,616 33,342 48,048
Oil and condensate (thousand
barrels) 247 391 1,173 1,543
CONSOLIDATED STATEMENTS OF OPERATIONS:
Revenue:
Oil and gas sales:
Gas $18,206 16,986 63,347 91,309
Oil and condensate 3,838 6,049 18,602 22,874
Products and other 77 78 326 358
22,121 23,113 82,275 114,541
Miscellaneous, net (193) (893) 181 1,406
Total revenue 21,928 22,220 82,456 115,947
Expenses:
Oil and gas production 5,887 5,737 22,463 22,384
General and administrative 3,320 3,613 9,081 11,166
Interest 6,223 6,696 25,323 26,773
Depreciation and depletion 9,961 13,145 43,592 65,468
Provision for impairment of
oil and gas properties - 28,000 - 58,000
Total expenses 25,391 57,191 100,459 183,791
Loss before income taxes and
cumulative effect of
change in accounting
principle (3,463) (34,971) (18,003)
(67,844)
Income tax expense (benefit):
Current - (20) (7) 9
Deferred - - - -
- (20) (7) 9
Loss before cumulative effect
of change in
accounting principle (3,463) (34,951) (17,996)
(67,853)
Cumulative effect of change
in method of accounting
for oil and gas sales
- - - (13,990)
Net loss $(3,463) (34,951) (17,996)
(81,843)
Weighted average number
of common shares
outstanding 9,822 5,635 7,421 5,619
Net loss attributable to
common stock $(4,003) (35,491) (20,156)
(84,004)
Primary and fully diluted
loss per share:
Loss before cumulative
effect of change in
accounting principle $ (.41) (6.30) (2.72) (12.46)
Net loss attributable to
common stock $ (.41) (6.30) (2.72) (14.95)
CONTACT: Forest Oil Corporation, Denver
Zack Hager, 303/812-1610
MARIETTA, Ga., Feb. 21 1996 - HEALTHDYNE INFORMATION
ENTERPRISES, INC. (OTC Bulletin Board: HDIE) ("HIE" or the
"Company") today announced fourth quarter and 1995 year-end results.
For its first full year of operations in 1995, HIE reported
revenue of $8.7 million and a net loss of $4.6 million, or $(.30)
per share, excluding nonrecurring charges and $10.0 million, or
$(.64) per share, including nonrecurring charges. The Company had
revenue of $153,000 and a net loss of $1.3 million, or $(.08) per
share for its partial prior year of operations from June 15, 1994
(date of incorporation) to December 31, 1994.
Revenue for the fourth quarter of 1995 reached $2.9 million, an
increase of $2.8 million over the comparable prior year quarter and
an increase of $800,000 over the third quarter of 1995. The net
loss for the fourth quarter of 1995 was $1.5 million, or $(.10) per
share, excluding nonrecurring charges and $6.9 million, or $(.43)
per share, including nonrecurring charges. The Company had a net
loss of $852,000, or $(.05) per share, for the fourth quarter of
1994.
Nonrecurring charges incurred in the fourth quarter of 1995
totaled $5.3 million. Approximately $3.5 million of these
nonrecurring charges were attributable to the previously announced
purchased in-process R&D expense resulting from the Company's
increase of its ownership interest in Healthcare Communications,
Inc. of Dallas, Texas, an international provider of system
integration software tools, from 57% to 100% during December 1995.
Most of the remaining nonrecurring charges were attributable to
certain write-offs, including a $1.4 million goodwill impairment
expense, related to the Company's 61% ownership interest in DataView
Imaging International, Inc. ("DataView") of Norcross, Ga., an
international provider of clinical image management tools and
products. While HIE intends to continue using DataView's technology,
HIE and DataView are presently exploring alternatives to restructure
their relationship to provide DataView with an alternative source of
capital. These 1995 nonrecurring charges will result in reduced
amortization expense of intangible costs in future years.
Darrell Young, HIE's President and Chief Executive Officer,
stated that, "HIE's rapid revenue growth reflects the strong demand
for HIE's services and software tools. We have made several
significant organizational, operational and financial decisions and
changes during the fourth quarter of 1995 to enhance both future
operating results and operational cash flow. HIE is now well
positioned for 1996 and beyond."
HIE is an international provider of healthcare clinical
information solutions and services to integrated healthcare delivery
networks and other healthcare providers in the United States,
Canada, United Kingdom, Germany and Australia.
Select condensed financial information follows:
HEALTHDYNE INFORMATION ENTERPRISES, INC.
Consolidated Condensed Financial Statements
For the Quarter and Year Ended December 31, 1995
Consolidated Condensed Statements of Operations
For the Quarter Ended
12/31/95 12/31/94
(Unaudited)
Revenue $ 2,870 $ 80
Cost of sales 847 36
Gross margin 2,023 44
Operating expenses:
Sales & marketing 1,011 113
Research & development 555 125
General & administrative 1,436 656
Nonrecurring charges 5,335 ---
Operating loss (6,314) (850)
Other income (expense) (542) (2)
Loss before income tax expense (benefit) (6,856) (852)
Income tax expense (benefit) 27 ---
Net loss $ (6,883) $ (852)
Net loss per share $ (0.43) $ (0.05)
Weighted average shares outstanding 16,105 15,500
For the Period
For the Year From June 15, 1994
Ended (Incorporation Date)
12/31/95 to Dec. 31, 1994
Revenue $ 8,700 $ 153
Cost of sales 2,618 65
Gross margin 6,082 88
Operating expenses:
Sales & Marketing 3,435 186
Research & development 1,928 192
General & administrative 4,337 980
Nonrecurring charges 5,335 ---
Operating loss (8,953) (1,270)
Other income (expense) (1,170) 5
Loss before income tax expense
(benefit) (10,123) (1,265)
Income tax expense (benefit) (140) ---
Net loss $ (9,983) $(1,265)
Net loss per share $ (0.64) $ (0.08)
Weighted average shares
outstanding 15,653 15,500
Consolidated Condensed Financial Statements
For the Quarter and Year Ended December 31, 1995
Consolidated Condensed Balance Sheets
As of December 31,
1995 1994
Cash $ 4,013 $ 41
Other current assets, net 3,986 140
Total current assets 7,999 181
Intangibles, net 12,056 8,697
Other assets 1,579 1,096
Total assets $ 21,634 $ 9,974
Short-term debt $ 2,675 $ ---
Other current liabilities 2,481 237
Total current liabilities 5,156 237
Long-term obligations 5,549 ---
Stockholders' equity 10,929 9,737
Total liabilities & stockholders' equity $ 21,634 $ 9,974
CAMBRIDGE, Mass., Feb. 21, 1996 - Repligen Corporation
(Nasdaq: RGEN) today reported revenues of $2,104,000, expenses of
$4,406,000 and a loss of $2,302,000 or $0.15 per share, for the
third quarter of fiscal 1996, ended December 31, 1995. This
compares to revenues of $3,579,000, expenses of $9,411,000 and a
loss of $5,832,000 or $0.38 per share, for the third quarter of
fiscal 1995, ended December 31, 1994.
For the nine months ended December 31, 1995, revenues were
$9,960,000, expenses were $15,835,000 and a loss of $5,875,000 or
$0.38 per share. This compares to revenues of $11,825,000, expenses
of $30,550,000 and a loss of $18,725,000 or $1.22 per share for the
nine month period of fiscal 1995, ended December 31, 1994.
The reduction in expenses of 53% and 48% in the comparable
three- month and nine-month periods, respectively, reflect Repligens
planned strategy to reduce costs and focus its resources on research
and product technologies. These financial results are in line with
corporate expectations.
Research and development revenues for the third quarter of
fiscal 1996 decreasedby $753,000 from the comparable prior-year
quarter. The decrease in revenue reflects an anticipated reduction
in funding for Repligens anti-inflammation and recombinant platelet
factor-4 (rPF4) development programs. The decline in revenues is
due to a decreased need for process development, preclinical and
manufacturing activities as both programs are in phase I/II clinical
trials.
"We continue to streamline our operations and have significantly
reduced our costs, thereby enabling us to focus on core research and
product technologies, said Sandford D. Smith, president and chief
executive officer. "Earlier this month, we announced an agreement
with biotech leader Genzyme for the purchase of the Allegro
Biologics business unit, finalization of which will further reduce
the Company's operating costs."
Repligen Corporation is a biopharmaceutical company focused
primarily on the cardiovascular, cancer and acute inflammation
areas. The Company has product candidates in clinical trials as well
as a research platform aimed at developingdrugs that address unmet
medical needs. The Company is headquartered in Cambridge,
Massachusetts.
SELECTED CONSOLIDATED FINANCIAL DATA
Operating Statement Data:
(Unaudited)
Three Months Ended Nine Months Ended
12/31/95 12/31/94 12/31/95 12/31/94 Revenues:
R&D $1,675,000 $2,428,000 $7,535,000
$8,420,000 Product 169,000 538,000 1,543,000
1,813,000 Investment 161,000 513,000 624,000
1,105,000 Other 99,000 100,000 258,000
487,000 Total 2,104,000 3,579,000 9,960,000
11,825,000
Costs & Expenses:
R&D 2,864,000 7,529,000 10,195,000
23,732,000 S,G&A 1,426,000 1,549,000 4,470,000
4,561,000
Cost of
goods sold 114,000 270,000 1,103,000
1,034,000 Interest 2,000 63,000 67,000
248,000 Restructuring
charge -- -- -- 975,000
Total 4,406,000 9,411,000 15,835,000 30,550,000
Net loss $(2,302,000)$(5,832,000) $(5,875,000) $(18,725,000)
Net loss
per common
share outstanding $(0.15) $(0.38) $(0.38)
$(1.22) Weighted average
common shares
outstanding 15,358,938 15,357,030 15,358,555 15,355,844
Balance Sheet Data:
(Unaudited) 12/31/95 03/31/95
Cash and investments $10,075,000 $15,302,000
Total assets $18,106,,000 $31,330,000
Stockholders' equity $10,120,000 $15,576,000