Attached files
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| 8-K - FORM 8-K - BIOJECT MEDICAL TECHNOLOGIES INC | d697045d8k.htm |
| EX-99.2 - EX-99.2 - BIOJECT MEDICAL TECHNOLOGIES INC | d697045dex992.htm |
Exhibit 99.1
| For Further Information Contact: Bioject Medical Technologies Inc. |
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| Mark Logomasini President and CEO 503-692-8001 ext. 4121 |
Christine Farrell Vice President of Finance 503-692-8001 ext. 4132 | |||||
BIOJECT REPORTS UNAUDITED YEAR-END AND FOURTH QUARTER 2013 FINANCIAL RESULTS
Tigard, OR – March 13, 2014 – Bioject Medical Technologies Inc. (OTC Pink: BJCT), a developer and manufacturer of needle-free injection therapy systems, today reported unaudited financial results for the year and quarter ended December 31, 2013. The financial results are unaudited and actual results may vary.
12 Months Ended December 31, 2013
| • | Revenue for the twelve months ended December 31, 2013 was $1.5 million, compared to $2.0 million in 2012; |
| • | Operating expense for 2013 was $2.5 million, compared to $3.0 million in 2012; |
| • | Operating loss for 2013 was $969,000, compared, to $1.0 million in 2012; and |
| • | Net loss allocable to common shareholders for 2013 was $1.1 million, or $(0.06) per diluted share, compared to $1.2 million, or $(0.06) per diluted share, in 2012. |
Three Months Ended December 31, 2013
| • | Revenue for the quarter ended December 31, 2013 was $384,000 compared to $111,000 in the quarter ended December 31, 2012; |
| • | Operating expense for the 2013 quarter was $116,000, compared to $614,000 in the 2012 quarter. The 2013 operating expense of $116,000 included the reversal of $497,000 of expense related to unclaimed inventory credits; |
| • | Operating income for the 2013 quarter was $268,000, compared to an operating loss of $503,000, in the 2012 quarter; and |
| • | Net income allocable to common shareholders for the 2013 quarter was $215,000, or $0.00 per diluted share, compared to a net loss of $581,000, or $(0.03) per diluted share, in the 2012 quarter. |
Bioject Medical Technologies Inc., based in Tigard, Oregon, USA, is a developer and manufacturer of needle-free injection therapy systems (NFITS). NFITS works by forcing medication at high speed through a tiny orifice held against the skin. This creates a fine stream of high-pressure fluid penetrating the skin and depositing medication in the tissue beneath. Bioject is focused on developing mutually beneficial agreements with leading pharmaceutical, biotechnology, and veterinary companies, as well as research, global health and government organizations.
Readers and potential investors are cautioned that an investment in the Company’s securities involves an EXTREMELY high degree of risk. Such risks include, without limitation: the risk that audited financial results may differ materially from the unaudited results reported in this press release; the risk that the Company may be unable to continue operations and may file bankruptcy; the risk that additional capital may not be available on acceptable terms, if at all; the risk that the Company’s products will not be accepted by the market; the risk that the Company will be unable to successfully develop and negotiate new strategic relationships; the risk that the international distributor agreements will not be successful; uncertainties related to the time required for the Company to complete research and development and obtain necessary clinical data and government clearances; the risk that the Company may not receive orders, whether anticipated or unanticipated; the risk that the Company’s supply chain management process may not improve the Company’s cash position or cash flows; and the risk that the Company may be unable to comply with the extensive government regulations applicable to the business.
Bioject (OTC Pink: BJCT) trades on the OTC Pink tier of the OTC market. Investors can find Real-Time quotes and market information for the Company on www.otcmarkets.com.
For more information about Bioject, visit www.bioject.com
Bioject Medical Technologies Inc.
Selected Condensed Consolidated Statements of Operations Data (Unaudited)
(In thousands, except share and per share data)
| Three months ended December 31, |
Year ended December 31, |
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| 2013 | 2012 | 2013 | 2012 | |||||||||||||
| RESULTS OF OPERATIONS: |
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| Revenue and Expense: |
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| Net sales |
$ | 384 | $ | 111 | $ | 1,530 | $ | 1,955 | ||||||||
| Operating expenses |
116 | 614 | 2,499 | 2,977 | ||||||||||||
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| Operating income (loss) |
268 | (503 | ) | (969 | ) | (1,022 | ) | |||||||||
| Other expense, net |
(22 | ) | (6 | ) | (40 | ) | (32 | ) | ||||||||
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| Net (income) loss |
246 | (509 | ) | (1,009 | ) | (1,054 | ) | |||||||||
| Preferred stock dividend |
(31 | ) | (72 | ) | (123 | ) | (138 | ) | ||||||||
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| Net income (loss) allocable to common shareholders |
$ | 215 | $ | (581 | ) | $ | (1,132 | ) | $ | (1,192 | ) | |||||
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| Basic net income (loss) per common share allocable to common shareholders |
$ | 0.01 | $ | (0.03 | ) | $ | (0.06 | ) | $ | (0.06 | ) | |||||
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| Shares used in basic per share calculations |
18,908,594 | 18,908,594 | 18,908,594 | 18,908,594 | ||||||||||||
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| Diluted net income (loss) per common share allocable to common shareholders |
$ | 0.00 | $ | (0.03 | ) | $ | (0.06 | ) | $ | (0.06 | ) | |||||
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| Shares used in diluted per share calculations |
67,518,621 | 18,908,594 | 18,908,594 | 18,908,594 | ||||||||||||
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Bioject Medical Technologies Inc.
Selected Condensed Consolidated Balance Sheet Data (Unaudited)
(In thousands)
| December 31, | ||||||||
| 2013 | 2012 | |||||||
| ASSETS |
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| Current assets |
$ | 357 | $ | 724 | ||||
| Property and equipment, net |
78 | 95 | ||||||
| Other assets, net |
1,427 | 1,412 | ||||||
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| Total assets |
$ | 1,862 | $ | 2,231 | ||||
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| LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT) |
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| Current liabilities |
$ | 1,658 | $ | 2,532 | ||||
| Long term liabilities |
1,414 | 982 | ||||||
| Shareholders’ equity (deficit): |
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| Preferred stock |
10,740 | 9,622 | ||||||
| Common stock |
115,120 | 115,032 | ||||||
| Accumulated deficit |
(127,070 | ) | (125,937 | ) | ||||
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| Total shareholders’ deficit |
(1,210 | ) | (1,283 | ) | ||||
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| Total liabilities and shareholders’ deficit |
$ | 1,862 | $ | 2,231 | ||||
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