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8-K - FORM 8-K - ALKERMES INC | b86678e8vk.htm |
Exhibit 99.1
Alkermes Contacts:
For Investors: Rebecca Peterson, (781) 609-6378
For Media: Jennifer Snyder, (781) 609-6166
For Investors: Rebecca Peterson, (781) 609-6378
For Media: Jennifer Snyder, (781) 609-6166
ALKERMES REPORTS FINANCIAL RESULTS FOR FISCAL 2011 AND PROVIDES
FINANCIAL EXPECTATIONS FOR FISCAL 2012
FINANCIAL EXPECTATIONS FOR FISCAL 2012
Reports Record RISPERDAL® CONSTA® Revenues in Fiscal 2011
Merger with Elan Drug Technologies Creates Leading Biopharmaceutical Company with CNS Focus
Merger with Elan Drug Technologies Creates Leading Biopharmaceutical Company with CNS Focus
WALTHAM,
Mass., May 18, 2011 Alkermes, Inc. (NASDAQ: ALKS) today reported financial results for the
fiscal year ended March 31, 2011, and provided financial expectations for its fiscal year 2012, on
a standalone basis.
Financial highlights:
| Total revenues of $186.6 million for fiscal 2011, driven by record manufacturing and royalty revenues from RISPERDAL® CONSTA®. | ||
| Record manufacturing and royalty revenues from RISPERDAL CONSTA of $154.3 million, driven by worldwide sales of RISPERDAL CONSTA of over $1.5 billion by Janssen, Division of Ortho-McNeil-Janssen Pharmaceuticals, Inc. and Janssen-Cilag (Janssen). For the fourth fiscal quarter, worldwide sales by Janssen were approximately $404 million, an increase of 6.8% over the same quarter in 2010. | ||
| Strong financial position, with cash and total investments of $294.7 million as of March 31, 2011, which reflects the redemption of all remaining non-recourse RISPERDAL CONSTA secured 7% Notes during the year, leaving Alkermes debt-free. | ||
| GAAP net loss of $45.5 million and pro forma net loss of $23.5 million for fiscal 2011. |
Other recent highlights:
| Entered into an agreement with Elan Corporation, plc for the merger of Alkermes with Elan Drug Technologies (EDT). The transaction is expected to be immediately accretive to cash earnings and accelerates Alkermes path to building a sustainably profitable biopharmaceutical company focused on central nervous system (CNS) diseases. |
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| BYDUREON recommended for approval in the EU by the Committee for Medicinal Products for Human Use of the European Medicines Agency for the treatment of type 2 diabetes. | ||
| VIVITROL® approval in Russia for the treatment of opioid dependence received by Cilag GmbH International, a subsidiary of Johnson & Johnson. | ||
| Announced positive results from a phase 2 study evaluating exenatide once monthly in patients with type 2 diabetes. | ||
| Announced top-line results from DURATION-6, a head-to-head study designed to compare weekly BYDUREON to daily liraglutide. | ||
| Announced positive preliminary results from a phase 2 study of ALKS 37 for the treatment of opioid-induced constipation. | ||
| Partner Amylin Pharmaceuticals, Inc. (Amylin) commenced a thorough QT (tQT) study for BYDUREON in February 2011 and plans to submit the results of this study to the U.S. Food and Drug Administration (FDA) in the second half of calendar 2011. |
We enter fiscal 2012 stronger than ever and poised to build a major new biopharmaceutical company,
with global scale and positioned for faster, more diversified and more amplified growth, commented
Richard Pops, Chief Executive Officer of Alkermes. Our plan is to grow Alkermes into a much larger
company that will reap the financial benefits of our key marketed products and the novel and
proprietary products that are now in clinical development.
Key operating results for fiscal 2011 include the following:
| GAAP net loss of $45.5 million, or a basic and diluted loss per share of $0.48, including $19.8 million in share-based compensation expense and $2.2 million in costs related to the early redemption of the non-recourse RISPERDAL CONSTA secured 7% Notes. For fiscal 2010, GAAP net loss was $39.6 million, or a basic and diluted loss per share of $0.42, including $15.3 million in share-based compensation and severance expense and $18.9 million in charges associated with the relocation of the companys corporate headquarters to Waltham, Massachusetts. | ||
| Pro forma net loss of $23.5 million, or a basic and diluted loss per share of $0.25 for fiscal 2011, compared to a pro forma net loss of $5.4 million, or a basic and diluted loss per share of $0.06 for fiscal 2010. |
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Alkermes is providing pro forma results as a complement to GAAP results. The pro forma measure
excludes certain noncash or nonrecurring items, and Alkermes management believes these pro forma
measures help to indicate underlying trends in the companys ongoing operations. The reconciliation
between pro forma diluted loss and reported diluted loss per share for fiscal 2011 and 2010 is
provided in the following table:
Charges Related to | Share-Based | |||||||||||||||||||
the Relocation of | Compensation and | Costs Related to | Reported GAAP | |||||||||||||||||
Pro Forma | the Companys | Severance | the Redemption of | Diluted | ||||||||||||||||
Diluted Loss | Headquarters | Expense | the 7% Notes | Loss | ||||||||||||||||
FY 2011 |
($0.25 | ) | $ | | ($0.21 | ) | ($0.02 | ) | ($0.48 | ) | ||||||||||
FY 2010 |
($0.06 | ) | ($0.20 | ) | ($0.16 | ) | $ | | ($0.42 | ) |
Revenues
| Total revenues for fiscal 2011 were $186.6 million, compared to $178.3 million for fiscal 2010. | ||
| Total manufacturing revenues for fiscal 2011 were $118.5 million, which included $116.1 million related to RISPERDAL CONSTA, $2.3 million related to the sale of polymer for BYDUREON and $0.1 million related to VIVITROL for sale in Russia, compared to $112.9 million for fiscal 2010, which included $109.0 million related to RISPERDAL CONSTA, $3.4 million related to the manufacture of polymer for BYDUREON and $0.5 million related to VIVITROL for sale in Russia. | ||
| Royalty revenues for fiscal 2011 were $38.3 million, of which $38.1 million related to RISPERDAL CONSTA, based on net sales of approximately $1.5 billion, compared to $37.0 million for fiscal 2010, of which $36.9 million related to RISPERDAL CONSTA, based on net sales of approximately $1.5 billion. | ||
| Net sales of VIVITROL for fiscal 2011 were $28.9 million, compared to net sales of $20.2 million for fiscal 2010. | ||
| Research and development (R&D) revenue under collaborative arrangements for fiscal 2011 was $0.9 million, compared to $3.1 million for fiscal 2010. | ||
| Net collaborative profit for fiscal 2011 was $0, compared to $5.0 million for fiscal 2010. |
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Costs and Expenses
| Cost of goods manufactured and sold for fiscal 2011 was $52.2 million, which included $41.0 million related to RISPERDAL CONSTA, $8.8 million related to VIVITROL and $2.4 million related to the manufacture of polymer for BYDUREON, compared to $49.4 million for fiscal 2010, of which $40.2 million related to RISPERDAL CONSTA, $6.9 million related to VIVITROL and $2.3 million related to the manufacture of polymer for BYDUREON. | ||
| R&D expenses for fiscal 2011 were $97.2 million, compared to $95.4 million for fiscal 2010. Fiscal 2010 R&D expenses included $18.7 million of charges related to the relocation of the companys corporate headquarters to Waltham, Massachusetts. | ||
| Selling, general and administrative (SG&A) expenses for fiscal 2011 were $82.8 million, compared to $76.5 million for fiscal 2010. | ||
| Share-based compensation expense (included in operating expenses above) for fiscal 2011 was $19.8 million, of which $1.7 million related to cost of goods manufactured, $6.2 million related to R&D expenses and $11.9 million related to SG&A expenses. Share-based compensation expense for fiscal 2010 was $13.9 million, of which $1.5 million related to cost of goods manufactured, $3.5 million related to R&D expenses and $8.9 million related to SG&A expenses. | ||
| Interest income for fiscal 2011 was $2.7 million, compared to $4.7 million for fiscal 2010. Interest expense for fiscal 2011 was $3.3 million, compared to interest expense of $6.0 million for fiscal 2010. |
At March 31, 2011, Alkermes had cash and total investments of $294.7 million, compared to $285.0
million at December 31, 2010, and $350.2 million at March 31, 2010. During fiscal 2011, Alkermes
reported a net cash outflow from operations of $5.9 million. In addition, in fiscal 2011, Alkermes
made principal and interest payments of $46.4 million related to the redemption in full of
Alkermes non-recourse RISPERDAL CONSTA secured 7% Notes.
During fiscal 2011, we maintained our financial discipline and achieved objectives set out at the
beginning of the year, which left us in a position of financial strength, stated James Frates,
Chief Financial Officer of Alkermes. In addition, the merger with EDT will immediately make the
company profitable on a cash basis and diversify our revenues. We will have the ability to
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grow
earnings while also laying the foundation for growth by investing prudently in our promising
pipeline.
Financial Expectations for Fiscal 2012
The following outlines Alkermes financial expectations for the fiscal year ending March 31, 2012.
These financial expectations do not include any impact of the proposed merger with EDT. Financial
expectations for the combined Alkermes/EDT business will be provided upon completion of the
transaction. These financial expectations do include the impact of share-based compensation
expense. The following statements are forward-looking, and actual results may differ materially.
Please see Note Regarding Forward-Looking Statements at the end of this release and Alkermes
annual and quarterly reports on file with the U.S. Securities and Exchange Commission (SEC) for a
description of risks that could cause results to differ materially from these forward-looking
statements.
| Revenues: The company expects total revenues to range from $205 to $229 million. | ||
| The company expects total manufacturing revenues to range from $121 to $127 million. The expected manufacturing revenues for RISPERDAL CONSTA range from $120 to $125 million and are based on a purchase forecast from Janssen and assume no significant changes in exchange rates. The expected manufacturing revenues from sales of polymer to manufacture BYDUREON range from $1 to $2 million and are based on a purchase forecast from Amylin. Both Janssen and Amylin have the right to change the timing and amount of their purchases. Alkermes revenue estimates are also dependent upon its ability to manufacture sufficient quantities of RISPERDAL CONSTA and polymer for BYDUREON to meet its partners estimates. | ||
| The company expects total royalty revenues to range from $37 to $45 million. The expected royalty revenues from RISPERDAL CONSTA range from $37 to $39 million. The company expects royalty revenues from sales of BYDUREON in the EU of up to $5 million and royalty revenues from sales of VIVITROL in Russia of up to $1 million. Sales of RISPERDAL CONSTA, BYDUREON and VIVITROL in Russia are dependent on the companys partners. These expectations assume no significant changes in exchange rates. |
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| The company expects net product sales from VIVITROL to range from $40 to $50 million. | ||
| The company expects R&D revenues of $7 million, receivable from Amylin upon first commercial sale of BYDUREON in the EU. | ||
| Cost of Goods Manufactured: The company expects total cost of goods manufactured to range from $46 to $57 million. The expected cost of goods manufactured related to RISPERDAL CONSTA ranges from $40 to $45 million. The expected cost of goods manufactured related to VIVITROL ranges from $5 to $10 million. The expected cost of goods manufactured related to polymer for BYDUREON ranges from $1 to $2 million. These cost estimates are based on expected sales by Alkermes in the U.S., projected orders from Janssen and Amylin and the companys historical manufacturing yields. Margins on RISPERDAL CONSTA, VIVITROL and polymer for BYDUREON are dependent on many factors and may fluctuate. Orders from Janssen and Amylin are subject to change at any time. | ||
| R&D Expenses: The company expects R&D expenses to range from $110 to $125 million. This expectation is based on product candidates moving into later-stage development and does not assume any new collaborative arrangements. | ||
| SG&A Expenses: The company expects SG&A expenses to range from $85 to $95 million. These expectations include the companys continuing commercialization operations for VIVITROL. | ||
| Operating Loss: The company expects operating loss to range from $36 to $48 million. | ||
| Net Interest and Income Taxes: The company expects net interest income to range from $0 to $3 million, and does not expect to incur any income taxes in fiscal 2012. | ||
| Net Loss: The company expects net loss to range from $36 to $45 million, or a basic and diluted loss per share of approximately $0.38 to $0.47 per share. The basic loss per share is based on the current basic share count of approximately 96 million shares outstanding. | ||
| Share-based Compensation Expense: The company expects share-based compensation expense, included in the operating expenses above, to be in the range of $20 to $25 million. | ||
| Cash Flow from Operations: The company expects net cash outflow from operations to range from $5 to $15 million in fiscal 2012. |
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Conference Call
Alkermes will host a conference call at 4:30 p.m. ET on Wednesday, May 18, 2011, to discuss these
financial results and provide an update on the company. The conference call may be accessed by
dialing 1-888-424-8151 for domestic callers and 1-847-585-4422 for international callers. The
conference call ID number is 6037988. In addition, a replay of the conference call will be
available from 7:30 p.m. ET on Wednesday, May 18, 2011, through 5:00 p.m. ET on Wednesday, May 25,
2011, and may be accessed by visiting Alkermes website or by dialing 1-888-843-7419 for domestic
callers and 1-630-652-3042 for international callers. The replay access code is 6037988.
About Alkermes
Alkermes, Inc. is a fully integrated biotechnology company committed to developing innovative
medicines to improve patients lives. Alkermes developed, manufactures and commercializes
VIVITROL® for alcohol and opioid dependence and manufactures RISPERDAL®
CONSTA® for schizophrenia and bipolar I disorder. Alkermes robust pipeline includes
extended-release injectable and oral products for the treatment of prevalent, chronic diseases,
such as central nervous system disorders, addiction and diabetes. Headquartered in Waltham,
Massachusetts, Alkermes has a research facility in Massachusetts and a commercial manufacturing
facility in Ohio. For more information, please visit Alkermes
website at www.alkermes.com.
Note Regarding Forward-Looking Statements
Certain statements set forth in this press release constitute forward-looking statements as
defined by the SEC. You can identify these statements by the fact that they use words such as
will, anticipate, estimate, expect, project, intend, plan, believe, target,
forecast and other words and terms of similar meaning or use future dates. Such forward-looking
statements include, but are not limited to: statements concerning future financial and operating
performance, business plans or prospects; the successful manufacture and commercialization of
VIVITROL and RISPERDAL CONSTA, including continued revenue growth from VIVITROL and RISPERDAL
CONSTA; statements by Amylin concerning the expected commencement date and duration of the tQT
study and timing around the submission of such study results to the FDA; the timing and approval of
BYDUREON for the treatment of type 2 diabetes; the likelihood that the merger with EDT is
consummated and the timing of such consummation; the financial and operational impact of the
Alkermes and EDT merger; the
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timing, funding and feasibility of clinical trials for our products;
and the therapeutic value of the companys products. You are cautioned that forward-looking
statements are inherently uncertain.
Although the company believes that such statements are based on reasonable assumptions within the
bounds of its knowledge of its business and operations, the forward-looking statements are neither
promises nor guarantees and they are necessarily subject to a high degree of uncertainty and risk.
Actual performance and results may differ materially from those projected or suggested in the
forward-looking statements due to various risks and uncertainties. These risks and uncertainties
include, among others: the companys ability to manufacture RISPERDAL
CONSTA and VIVITROL on a commercial scale, economically or in sufficient quantities to supply the
market; the companys ability to successfully commercialize VIVITROL in the U.S.; Janssens ability
to successfully commercialize RISPERDAL CONSTA and VIVITROL in Russia; the companys ability to
successfully conduct clinical trials in a timely and cost-effective manner; the possibility that
the merger with EDT will not be completed because of the failure of one or more conditions,
including but not limited to the failure to obtain the required regulatory approval and the failure
of Alkermes shareholders to approve the merger; the possibility that the anticipated benefits from
the proposed merger with EDT cannot or will not be fully realized; the possibility that costs or
difficulties related to integration of the two companies will be greater than expected; whether
clinical trial results for the companys products will be predictive of real-world results or of
results in subsequent clinical trials; whether advancement of BYDUREON will be delayed due to
actions or decisions by Amylin with regard to development and regulatory strategy, timing and
funding which are out of the companys control; whether the tQT study will be completed on time or
at all; whether the results of the tQT study will demonstrate that exenatide causes an effect on
heart rhythm; decisions by foreign regulatory authorities or the FDA regarding the companys
products, including the FDAs decision regarding Amylins New Drug Application submission for
BYDUREON; whether the companys products may have unintended side effects, adverse reactions or
incidents of misuse that could cause the FDA or other health authorities to require post-approval
studies or require removal of the companys products from the market; and those risks described in
Part 1, Item 1A, Risk Factors of our Annual Report on Form 10-K for the year ended March 31,
2010. The information contained in this press release is provided by the company as of the date
hereof, and, except as required by law, the company disclaims any intention or responsibility for
updating any forward-looking information contained in this press release.
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Additional Information
In connection with the proposed merger, Alkermes plc will file with the SEC a registration
statement that will include a preliminary prospectus regarding the proposed merger and Alkermes,
Inc. will file with the SEC a proxy statement in respect of the proposed merger. The definitive
proxy statement/prospectus will be mailed to the stockholders of Alkermes, Inc. INVESTORS ARE URGED
TO CAREFULLY READ THE REGISTRATION STATEMENT AND THE PROXY STATEMENT/PROSPECTUS AND OTHER MATERIALS
REGARDING THE PROPOSED MERGER WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL
CONTAIN IMPORTANT INFORMATION ABOUT ALKERMES, INC. AND EDT AND THE PROPOSED TRANSACTION. Investors
may obtain a free copy of the registration statement and the proxy statement/prospectus when they
are available and other documents containing information about EDT and Alkermes, Inc., without
charge, at the SECs website at http://www.sec.gov/. Copies of the proxy statement/prospectus and
the filings with the SEC that will be incorporated by reference in the proxy statement/prospectus
can also be obtained, when available, without charge, from Elans website http://www.elan.com/ or
Alkermes, Inc.s website at http://www.alkermes.com/.
This communication does not constitute an offer to sell, or the solicitation of an offer to sell,
or the solicitation of an offer to subscribe for, or buy, any securities, nor shall there be any
sale, issuance or transfer of securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under the securities laws of any such
jurisdiction.
Participants in Solicitation
This communication is not a solicitation of a proxy from any Alkermes shareholder. Alkermes, Inc.
and its directors, officers and certain other members of management may, however, be deemed to be
participants in the solicitation of proxies from Alkermes, Inc.s shareholders in respect of the
proposed merger. Information about these persons can be found in Alkermes, Inc.s Annual Report on
Form 10-K for the year ended March 31, 2010, as filed with the SEC on May 21, 2010. Additional
information about the interests of such persons in the solicitation of proxies in respect of the
merger will be included in the registration statement and the proxy statement/prospectus to be
filed with the SEC in connection with the proposed merger. Investors can obtain free copies of
these documents as described above.
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VIVITROL® is a trademark of Alkermes, Inc. RISPERDAL® CONSTA® is a
trademark of Janssen-Cilag group of companies. BYDUREON is a trademark of Amylin
Pharmaceuticals, Inc.
(tables follow)
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Alkermes, Inc. and Subsidiaries
Selected Financial Information (Unaudited)
Selected Financial Information (Unaudited)
Year | Year | |||||||
Ended | Ended | |||||||
Consolidated Statements of Operations | March 31, | March 31, | ||||||
(In thousands, except per share data) | 2011 | 2010 | ||||||
Revenues: |
||||||||
Manufacturing revenues |
$ | 118,521 | $ | 112,938 | ||||
Royalty revenues |
38,319 | 36,979 | ||||||
Product sales, net |
28,920 | 20,245 | ||||||
Research and development revenue under collaborative arrangements |
880 | 3,117 | ||||||
Net collaborative profit |
| 5,002 | ||||||
Total Revenues |
186,640 | 178,281 | ||||||
Expenses: |
||||||||
Cost of goods manufactured and sold |
52,185 | 49,438 | ||||||
Research and development |
97,239 | 95,363 | ||||||
Selling, general and administrative |
82,847 | 76,514 | ||||||
Total Expenses |
232,271 | 221,315 | ||||||
Operating Loss |
(45,631 | ) | (43,034 | ) | ||||
Other Expense, net: |
||||||||
Interest income |
2,728 | 4,667 | ||||||
Interest expense |
(3,298 | ) | (5,974 | ) | ||||
Other expense, net |
(290 | ) | (360 | ) | ||||
Total Other Expense, net |
(860 | ) | (1,667 | ) | ||||
Loss Before Income Taxes |
(46,491 | ) | (44,701 | ) | ||||
Income Tax Benefit |
(951 | ) | (5,075 | ) | ||||
Net Loss |
$ | (45,540 | ) | $ | (39,626 | ) | ||
Loss per Common Share: |
||||||||
Basic and Diluted |
$ | (0.48 | ) | $ | (0.42 | ) | ||
Weighted Average Number of Common Shares Outstanding (GAAP and Pro Forma): |
||||||||
Basic and Diluted |
95,610 | 94,839 | ||||||
Pro Forma Reconciliation: |
||||||||
Net Loss GAAP |
$ | (45,540 | ) | $ | (39,626 | ) | ||
Share-based compensation and severance expense |
19,832 | 15,327 | ||||||
Costs related to the redemption of the non-recourse 7% Notes |
2,168 | | ||||||
Costs incurred related to the relocation of the companys corporate headquarters |
| 18,949 | ||||||
Net Loss Pro Forma |
$ | (23,540 | ) | $ | (5,350 | ) | ||
Pro Forma Loss per Common Share: |
||||||||
Basic and Diluted |
$ | (0.25 | ) | $ | (0.06 | ) | ||
This selected financial information should be read in conjunction with the consolidated financial statements and notes thereto included
in the companys Annual Report on Form 10-K for the year ended March 31, 2011, which the company intends to file in May 2011.
Consolidated Balance Sheets | March 31, | March 31, | ||||||
(In thousands) | 2011 | 2010 | ||||||
Cash, cash equivalents and total investments |
$ | 294,730 | $ | 350,193 | ||||
Receivables |
22,969 | 25,316 | ||||||
Inventory |
20,425 | 20,653 | ||||||
Prepaid expenses and other current assets |
8,244 | 10,936 | ||||||
Property, plant and equipment, net |
95,020 | 96,905 | ||||||
Other assets |
11,060 | 11,597 | ||||||
Total Assets |
$ | 452,448 | $ | 515,600 | ||||
Non-recourse RISPERDAL CONSTA secured 7% notes -
current |
$ | | $ | 51,043 | ||||
Other current liabilities |
48,057 | 40,101 | ||||||
Deferred revenue long-term |
4,837 | 5,105 | ||||||
Other long-term liabilities |
7,536 | 6,735 | ||||||
Total shareholders equity |
392,018 | 412,616 | ||||||
Total Liabilities and Shareholders Equity |
$ | 452,448 | $ | 515,600 | ||||
Alkermes Inc. and Subsidiaries
Quarterly Financial Data (Unaudited)
Quarterly Financial Data (Unaudited)
Three Months Ended | Year Ended | |||||||||||||||||||
June 30, | September 30, | December 31, | March 31, | March 31, | ||||||||||||||||
2010 | 2010 | 2010 | 2011 | 2011 | ||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||||||
Revenues: |
||||||||||||||||||||
Manufacturing revenues |
$ | 26,891 | $ | 33,163 | $ | 26,155 | $ | 32,312 | $ | 118,521 | ||||||||||
Royalty revenues |
8,917 | 9,460 | 9,777 | 10,165 | 38,319 | |||||||||||||||
Product sales, net |
6,204 | 6,469 | 7,729 | 8,518 | 28,920 | |||||||||||||||
Research and development revenue under
collaborative arrangements |
268 | 155 | 314 | 143 | 880 | |||||||||||||||
Total Revenues |
42,280 | 49,247 | 43,975 | 51,138 | 186,640 | |||||||||||||||
Expenses: |
||||||||||||||||||||
Cost of goods manufactured and sold |
12,665 | 13,911 | 12,860 | 12,749 | 52,185 | |||||||||||||||
Research and development |
22,977 | 23,932 | 22,503 | 27,827 | 97,239 | |||||||||||||||
Selling, general and administrative |
19,726 | 18,436 | 20,521 | 24,164 | 82,847 | |||||||||||||||
Total Expenses |
55,368 | 56,279 | 55,884 | 64,740 | 232,271 | |||||||||||||||
Operating Loss |
(13,088 | ) | (7,032 | ) | (11,909 | ) | (13,602 | ) | (45,631 | ) | ||||||||||
Total Other Expense (Income), net |
(379 | ) | (1,577 | ) | 567 | 529 | (860 | ) | ||||||||||||
Loss Before Income Taxes |
(13,467 | ) | (8,609 | ) | (11,342 | ) | (13,073 | ) | (46,491 | ) | ||||||||||
Income Tax (Benefit) Provision |
(58 | ) | (943 | ) | 41 | 9 | (951 | ) | ||||||||||||
Net Loss |
$ | (13,409 | ) | $ | (7,666 | ) | $ | (11,383 | ) | $ | (13,082 | ) | $ | (45,540 | ) | |||||
Loss Per Common Share: |
||||||||||||||||||||
Basic and diluted |
$ | (0.14 | ) | $ | (0.08 | ) | $ | (0.12 | ) | $ | (0.14 | ) | $ | (0.48 | ) | |||||
Weighted Average Number of Common Shares Outstanding: |
||||||||||||||||||||
Basic and diluted |
95,326 | 95,511 | 95,667 | 95,939 | 95,610 | |||||||||||||||