May 2, 2007 - Financial Tables
Nabi Biopharmaceuticals
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share amounts)
For the Three Months Ended
March 31, April 1,
2007 2006
Revenues $23,748 $19,517
Costs and expenses:
Costs of products sold, excluding amortization
of intangible assets 14,316 14,092
Royalty expense 423 356
Gross margin, excluding amortization of
intangible assets 9,009 5,069
Selling, general and administrative expense 9,968 11,677
Research and development expense 10,056 8,778
Amortization of intangible assets 68 68
Other operating expenses, principally freight 45 179
Operating loss (11,128) (15,633)
Interest income 1,580 1,063
Interest expense (917) (953)
Other (expense) income, net (2) 65
Loss from continuing operations before income taxes (10,467) (15,458)
Income taxes (190) -
Loss from continuing operations (10,657) (15,458)
Net loss from discontinued operations (372) (2,619)
Net loss $(11,029) $(18,077)
Basic and diluted loss per share
Continuing operations $(0.17) $ (0.26)
Discontinued operations (0.01) (0.04)
Basic and diluted loss per share $(0.18) $ (0.30)
Basic and diluted weighted average shares
outstanding 61,258 60,329
Supplemental Information:
(In thousands, except percentages)
For the Three Months Ended
Biopharmaceutical Products: March 31, 2007 April 1, 2006
- Nabi-HB $10,091 43% $7,161 36%
- Other Biopharmaceuticals 1,511 6 704 4
Biopharmaceutical subtotal 11,602 49 7,865 40
Antibody Products:
- Specialty antibodies 5,130 21 5,878 30
- Non-specific antibodies 7,016 30 5,774 30
Antibody subtotal 12,146 51 11,652 60
Total $23,748 100% $19,517 100%
Nabi Biopharmaceuticals
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
March 31, December 30,
2007 2006
Assets
Current assets:
Cash $84,663 $86,227
Marketable securities 26,500 32,500
Restricted cash 805 805
Trade accounts receivable, net 17,200 20,377
Inventories, net 17,770 19,260
Prepaid expenses and other current assets 3,044 2,654
Assets of discontinued operations 309 13,341
Total current assets 150,291 175,164
Property, plant and equipment, net 86,566 88,329
Other assets:
Intangible assets, net 1,615 1,683
Other, net 676 701
Total assets $239,148 $265,877
Liabilities and stockholders' equity
Current liabilities:
Trade accounts payable $7,450 $7,998
Accrued expenses 14,305 16,095
Capital lease obligations, net 229 291
Liabilities of discontinued operations 6,013 20,554
Total current liabilities 27,997 44,938
2.875% convertible senior notes, net 109,355 109,313
Other liabilities 829 238
Total liabilities 138,181 154,489
Commitments and contingencies
Stockholders' equity:
Convertible preferred stock - -
Common stock 6,145 6,149
Capital in excess of par 327,838 327,228
Treasury stock (5,321) (5,321)
Accumulated deficit (227,695) (216,668)
Total stockholders' equity 100,967 111,388
Total liabilities and stockholders' equity $239,148 $265,877
Nabi Biopharmaceuticals
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
For the Three Months Ended
March 31, April 1,
2007 2006
Cash flow from operating activities:
Net loss from continuing operations $(10,657) $(15,458)
Adjustments to reconcile net loss to net cash
used in operating activities:
Depreciation and amortization 2,156 2,237
Accretion of discount on convertible senior notes 42 42
Interest expense on non-interest bearing notes - 10
Provision for doubtful accounts 4 21
Provision for slow moving or obsolete inventory 81 305
Non-cash compensation 490 445
Disposal of fixed assets, net 13 47
Other, primarily foreign currency translation - (182)
Changes in assets and liabilities:
Trade accounts receivable 3,173 4,862
Inventories 1,409 (821)
Prepaid expenses and other current assets (390) 503
Other assets 21 58
Accounts payable and accrued expenses (2,106) (3,731)
Total adjustments 4,893 3,796
Net cash used in operating activities from
continuing operations (5,764) (11,662)
Net cash used in operating activities from
discontinued operations (1,964) (10,473)
Net cash used in operating activities (7,728) (22,135)
Cash flow from investing activities:
Purchases of marketable securities (9,750) (50,600)
Proceeds from sales of marketable securities 15,750 25,550
Proceeds from sale of assets, net of
closing costs - 8
Capital expenditures (333) (423)
Net cash provided by (used in) investing
activities from continuing operations 5,667 (25,465)
Net cash provided by investing activities
from discontinued operations 82 -
Net cash provided by (used in) investing activities 5,749 (25,465)
Cash flow from financing activities:
Repayments of notes payable and capital leases (63) (32)
Proceeds from exercise of employee stock options 195 325
Net cash provided by financing activities from
continuing operations 132 293
Net cash provided by (used in) financing activities
from discontinued operations 283 (3,059)
Net cash provided by (used in) financing activities 415 (2,766)
Net decrease in cash and cash equivalents (1,564) (50,366)
Cash and cash equivalents at beginning of period 86,227 101,762
Cash and cash equivalents at end of period $84,663 $51,396
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