LAKE OSWEGO, Ore., March 29 /PRNewswire-FirstCall/ -- Calypte Biomedical Corporation today announces its financial results for the fourth quarter and year ended December 31, 2005.
For the fourth quarter ended December 31, 2005, Calypte recorded revenues of $133,000, compared with $33,000 in the fourth quarter in 2004. The net loss for the quarter was approximately $754,000 or $0.004 compared with a net loss of $6.2 million or $0.04 per common share for the three months ended December 31, 2004.
For the year-ended December 31, 2005, Calypte reported revenues of $427,000, compared with $531,000 in 2004. The 2004 revenue included $500,000 of deferred revenue related to a 1994 distribution agreement with a Japanese distributor. The net loss for 2005 was $8.8 million or $0.05 per common share compared with a net loss of $17.3 million, or $0.11 per common share, for the year ended December 31, 2004.
On November 15, 2005 Calypte executed a definitive agreement with Maxim Biomedical, Inc. ("Maxim"), whereby Maxim acquired Calypte's urine EIA, serum Western Blot and urine Western Blot HIV-1 in vitro diagnostic test business (the "Legacy Business"). The revenues reported above exclude the sales from the Legacy Business. The Legacy Business has been treated as a "discontinued operation" for financial reporting purposes. The revenues noted above exclude sales of Legacy Business products for both the fourth quarter of 2005 and 2004 and for the years ended December 31, 2005 and 2004. The net loss reported above, however, includes losses attributable to the Legacy Business for all periods.
On October 6, 2005 Calypte announced that Roger I. Gale, Chairman of the Company's Board of Directors, was also appointed interim Chief Executive Officer. He continues in that role during the Company's active search for a Chief Executive Officer. Mr. Gale and Calypte's management will host a conference call on Thursday, March 30, 2006 at 4:30 PM Eastern Time to discuss the Company's fourth quarter and year end financial results as well as provide an operations update.
The call can be accessed in the U.S. by dialing 800-329-9097 and outside of the U.S. by dialing 617-614-4929. The participant pass code is 24094189. The conference call will also be Web cast live at http://www.calypte.com/. An audio replay of the call will be available for 30 days, beginning approximately 1 hour after the conference call ends, by dialing 888-286-8010 in the U.S., or 617-801-6888 from outside of the U.S. The account code for the playback is 92528564. The Web cast will also be available for replay on the company's website.
About Calypte Biomedical:
Calypte Biomedical Corporation is a U.S.-based healthcare company focused on the development and commercialization of diagnostic testing products for the detection of sexually transmitted diseases such as the HIV-1 BED Incidence EIA and new diagnostic test products for the rapid detection of HIV and other sexually transmitted diseases, several of which do not require blood samples. Calypte believes there is a significant need for rapid detection of such diseases globally to control their proliferation, particularly in developing countries, which lack the medical infrastructure to support laboratory-based testing. Calypte believes that testing for HIV and other sexually transmitted infectious diseases may make important contributions to public health, and could increase the likelihood of treating those with undetected HIV and other sexually transmitted diseases.
Statements in this press release that are not historical facts are forward-looking statements within the meaning of the Securities Act of 1933, as amended. Those statements include statements regarding the intent, belief or current expectations of the Company and its management. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to, the Company's ability to obtain additional financing, if and as needed, and access funds from its existing financing arrangements that will allow it to continue its current and future operations and whether demand for its test products in domestic and international markets will generate sufficient revenues to achieve positive cash flow and profitability. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the Company's expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Factors that may impact the Company's success are more fully disclosed in the Company's most recent public filings with the U.S. Securities and Exchange Commission ("SEC"), including its annual report on Form 10-KSB/A (No. 2) for the year ended December 31, 2004 and its subsequent filings with the SEC.
CALYPTE BIOMEDICAL CORPORATION AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Three Months Ended Twelve Months Ended
December 31, December 31,
2005 2004 2005 2004
Revenues:
Product sales 133 31 427 31
Other - 500 - 500
Total revenues 133 531 427 531
Cost of product sales 27 35 133 35
Gross Margin 106 496 294 496
80% 93% 69% 93%
Other operating expenses:
Research and development costs 334 516 2,211 2,140
Selling, general and
administrative costs 789 2,351 5,363 8,437
Total other operating expenses 1,123 2,867 7,574 10,577
Loss from operations (1,017) (2,371) (7,280) (10,081)
Interest income (expense), net 1,201 (1,676) 1,952 (2,126)
Other income (expense), net (128) (408) (335) 33
Income (loss) from continuing
operations before income taxes 56 (4,455) (5,663) (12,174)
Income taxes - - (2) (2)
Net income (loss)
from continuing operations $56 $(4,455) $(5,665) $(12,176)
Discontinued operations
Loss from operations of legacy
business, including loss on
disposal of $425 in 2005,
net of income taxes (810) (1,735) (3,098) (5,090)
Net loss $(754) $(6,190) $(8,763) $(17,266)
Net loss per share
from continuing operations $0.000 $(0.026) $(0.032) $(0.078)
Net loss per share
(basic and diluted) $(0.004) $(0.037) $(0.050) $(0.111)
Weighted average shares used
to compute net loss per share
(basic and diluted) 181,010 169,351 175,842 155,575
CALYPTE BIOMEDICAL CORPORATION AND SUBSIDIARY
CONSOLIDATED BALANCE SHEET DATA
(in thousands)
Unaudited
December 31,
2005 2004
Cash and cash equivalents $492 $1,075
Working capital (3,034) (4,772)
Total assets 5,590 7,930
Convertible notes and debentures,
net of discount - current portion 60 37
Long-term liabilities, including mandatorily
redeemable Series A preferred stock 8,157 3,173
Total stockholders' deficit (7,151) (3,293)
Company Contact: Investor Relations Contact:
Theodore R Gwin, Tim Clemensen,
Chief Financial Officer Rubenstein Investor Relations
Phone: (971) 204-0282 Phone: (212) 843-9337
email:
