FAIRFIELD, N.J., May 19 /PRNewswire-FirstCall/ -- BRADLEY PHARMACEUTICALS, INC. announced today that it has filed with the Securities and Exchange Commission its Annual Report on Form 10-K for the year ended December 31, 2005.
As stated in the Annual Report on Form 10-K, net income for the year ended December 31, 2005 amounted to approximately $8 million, or earnings of $0.49 per share on a fully diluted basis, based upon 18 million shares outstanding for the Year Ended December 31, 2005 as compared to $0.49 per share on a fully diluted basis, based upon 18.4 million shares outstanding for the Year Ended December 31, 2004. Net sales for 2005 reached approximately $133.4 million, an increase of approximately $36.7 million, or 38%, over 2004 net sales.
For 2005, Doak Dermatologics' net sales were $45.2 million, representing a decrease of $11.7 million, or 20%, from $56.9 million for 2004. For 2005, Kenwood Therapeutics' net sales were $23 million, representing a decrease of $0.8 million, or approximately 3%, from $23.8 million for 2004. Bioglan net sales for the Full Year 2005 were $65.1 million, representing an increase of $49.1 million or 307%, from $16 million in 2004. Bradley acquired certain assets of Bioglan Pharmaceuticals on August 10, 2004.
For more detailed information please see Bradley's filings, including the Company's 2005 Annual Report on Form 10-K, by visiting http://www.bradpharm.com/ and clicking on the Investor Relations link, then on SEC filings.
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward- looking statements include statements that address activities, events or developments that Bradley expects, believes or anticipates will or may occur in the future, such as sales and earnings estimates, other predictions of financial performance, timing of payments on indebtedness, timing of our filings with the SEC, launches by Bradley of new products and market acceptance of Bradley's products. Forward-looking statements are based on Bradley's experience and perception of current conditions, trends, expected future developments and other factors it believes are appropriate under the circumstances and are subject to numerous risks and uncertainties, many of which are beyond Bradley's control. These risks and uncertainties include Bradley's ability to estimate sales; ability to comply with the restrictive covenants under its credit facility; ability to refinance its credit facility, if necessary; ability to access the capital markets on attractive terms or at all; ability to favorably resolve the pending SEC informal inquiry and file required financial statements with the SEC in accordance with the Company's announced timetable; remediate its material weaknesses in its internal controls; maintain sales of its products; successfully acquire, develop, integrate, or sell new products, including POLYPHENON(R) E Ointment when and if approved by the FDA; or effectively react to other risks and uncertainties described from time to time in Bradley's SEC filings, such as fluctuation of quarterly financial results, estimation of product returns, chargebacks, rebates and allowances, concentration of customers, reliance on third party manufacturers and suppliers, litigation or other proceedings (including the pending class action lawsuits), government regulation and stock price volatility. Further, Bradley cannot accurately predict the impact on its business of the approval, introduction, or expansion by competitors of generic or therapeutically equivalent or comparable versions of Bradley's products or of any other competing products. In addition, actual results may differ materially from those projected. Bradley undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
Bradley Pharmaceuticals, Inc. was founded in 1985 as a specialty pharmaceutical company and markets to niche physician specialties in the U.S. and 38 international markets. Bradley's success is based on the strategy of Acquire, Enhance and Grow. Bradley Acquires non-strategic brands, Enhances these brands with line extensions and improved formulations and Grows the products through promotion, advertising and selling activities to optimize life cycle management. Bradley Pharmaceuticals is comprised of Doak Dermatologics, specializing in topical therapies for dermatology and podiatry; Kenwood Therapeutics, providing gastroenterology, respiratory and other internal medicine brands; and A. Aarons, which will market authorized generic versions of Doak and Kenwood therapies.
Important announcement:
May 21 - 24, 2006 - Kenwood Therapeutics will be exhibiting at Digestive Disease Week, the largest gastroenterology convention in the US, held in Los Angeles, CA.
July 26 - 30, 2006 - Doak Dermatologics will be exhibiting at the Summer Meeting of the American Academy of Dermatology, held in San Diego, CA.
August 7 - 10, 2006 - Doak Dermatologics will be exhibiting at the American Podiatric Medical Association, held in Las Vegas, NV.
Please visit Bradley Pharmaceuticals web site at: http://www.bradpharm.com/
Bradley Pharmaceuticals common stock is listed on the NYSE under the symbol BDY.
