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Sentigen Holding Corp. (Nasdaq: SGHL), today reported
results for the quarter ended March 31, 2006. Sentigen Holding Corp.
conducts business through two wholly-owned operating subsidiaries:
Sentigen Biosciences, Inc. ("Sentigen Biosciences") and Cell &
Molecular Technologies, Inc. ("CMT").
Consolidated Results of Continuing Operations
Revenues for the three months ended March 31, 2006 were $1,323,754
compared to revenues of $1,761,516 for the three months ended March
31, 2005, a decrease of $437,762 or 25%.
Sentigen Biosciences. Revenues for the three months ended March
31, 2006 attributable to Sentigen Biosciences were $442,663 compared
to revenues of $163,812 for the three months ended March 31, 2005, an
increase of $278,851 or 170%. The increase is attributable to a new
contract with Merck & Co., Inc. which generated revenues of $184,000
and the contract with Technical Support Working Group (TSWG) which
generated revenues of $258,663 for the three months ended March 31,
2006, as compared to revenues of $163,812 during the three months
ended March 31, 2005, an increase of $94,851 or 58%.
CMT. For the three months ended March 31, 2006, revenues
attributable to CMT were $881,091, a decrease of 45% when compared to
revenues for the three months ended March 31, 2005. The decrease is
attributable to the completion in 2005 of two agreements with Merck &
Co., Inc.
Loss from continuing operations for the three months ended March
31, 2006 was $678,488, compared to a loss from continuing operations
of $551,228 for the three months ended March 31, 2005, an increase of
23%.
Sentigen Biosciences. Loss from continuing operations attributable
to Sentigen Biosciences for the three months ended March 31, 2006 was
$84,345, a 78% reduction when compared to the loss from operations of
$380,871 for the three months ended March 31, 2005. The reduction in
loss was primarily due to decreased research and development costs and
increased revenues.
CMT. Loss from continuing operations attributable to CMT for the
three months ended March 31, 2006 was $159,922 compared to operating
income of $296,951 for the three months ended March 31, 2005. The
decrease was primarily driven by CMT's decrease in revenues.
Corporate. Loss from continuing operations attributable to
corporate holding company expenses for the three months ended March
31, 2006 was $519,795. This compares to a loss attributable to
corporate holding company expenses of $540,387 for the three months
ended March 31, 2005, a decrease of 4%. The decrease is attributed to
reduced consulting expenses, executive salaries, and public company
expense, offset by increases in professional legal and accounting fees
and stock based compensation, due to the adoption of Statement of
Financial Accounting Standards No. 123R.
Cash and Working Capital
At March 31, 2006, the Company had $115,640 in cash and cash
equivalents, $12,236,450 in U.S. Treasury Notes, at market value, and
$11,232,755 in working capital. This compares to $106,622 in cash and
cash equivalents, $13,378,020 in U.S. Treasury Notes, at market value,
and $11,846,492 in working capital at December 31, 2005. It should be
noted that we will need substantial amounts of additional financing to
commercialize the research programs undertaken by us which financing
may not be available or if available may not be on reasonable terms.
-0-
*T
SENTIGEN HOLDING CORP. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
Income statement highlights:
----------------------------------------------------------------------
(Unaudited)
For the Three Months
Ended
March 31,
-------------------------
2006 2005
------------ ------------
Revenue
CMT $881,091 $1,597,704
Sentigen Biosciences 442,663 163,812
------------ ------------
1,323,754 1,761,516
Income after direct costs
CMT 463,896 997,102
Sentigen Biosciences 266,068 64,050
------------ ------------
729,964 1,061,152
Operating (loss) income
CMT (159,922) 296,951
Sentigen Biosciences (84,345) (380,871)
Corporate (519,795) (540,387)
------------ ------------
Operating (loss) (764,062) (624,307)
------------ ------------
Loss from continuing operations (678,488) (551,228)
Income from discontinued operations, net of
tax(including gain on disposal of
$4,773,810, net of tax of $889,209 for
2005) - 4,923,322
------------ ------------
Net (loss) income $(678,488) $4,372,094
============ ============
Net (loss) income per share information:
---------------------------------------------
Basic and diluted loss per share from
continuing operations $(0.09) $(0.07)
============ ============
Basic and diluted net income per share from
discontinued operations $- $0.66
============ ============
Basic and diluted net (loss) income per
share $(0.09) $0.59
============ ============
Weighted average shares outstanding: Basic
and Diluted 7,477,542 7,471,492
============ ============
March 31, December 31,
2006 2005
------------ ------------
Balance Sheet Highlights:
---------------------------------------------
Cash and cash equivalents $115,640 $106,622
U.S. treasury notes 12,236,450 13,378,020
Total current assets 13,297,654 14,531,489
Total assets 14,260,886 15,600,243
Current maturities of long term debt 201,673 191,383
Current liabilities 2,064,899 2,684,997
Long-term debt 587,432 644,490
Total liabilities 2,652,331 3,336,407
Stockholder's Equity $11,608,555 $12,263,836
*T
Forward Looking Statements
This news release includes forward-looking statements that involve
risks and uncertainties. Although the Company believes such statements
are reasonable, it can make no assurance that such statements will
prove to be correct. Such statements are subject to certain factors
that may cause results to differ materially from the forward-looking
statements. Such factors include the risk factors discussed in the
Company's filings with the Securities and Exchange Commission,
including its most recent Annual Report on Form 10-K, a copy of which
may be obtained from the Company without charge. The Company
undertakes no obligation to publicly release results of any of these
forward-looking statements to reflect events or circumstances after
the date hereof or to reflect the occurrence of unexpected results.
About Sentigen Holding Corp.
Sentigen Holding Corp. conducts business through two wholly-owned
operating subsidiaries: Sentigen Biosciences, Inc. ("Sentigen
Biosciences") and Cell & Molecular Technologies, Inc. ("CMT").
CMT provides contract research and development services to
companies engaged in the drug discovery process in the following
areas: molecular and cell biology, gene expression and protein
biochemistry, bio-processing, high throughput screening support
services, mouse genetics, and cell-based GPCR selectivity profiling.
CMT works in cooperation with Sentigen Biosciences to commercialize
specific applications of the Tango(TM) Assay System.
Sentigen Biosciences has been primarily engaged in the development
and commercialization of novel bioassay systems that elucidate the
underlying biology of protein-protein interactions. Sentigen
Biosciences has initially targeted its Tango(TM) Assay System to
address the functionalization of G protein-coupled receptors (GPCRs)
for pharmaceutical drug discovery and development. Sentigen
Biosciences is devoting a significant portion of its research effort
and resources to the development of a novel molecular profiling
system, which the Company through CMT is commercializing. Management
intends to continually review the commercial validity of the Tango
Assay System, its applicability to functionalizing orphan GPCRs and
the prospects of our new novel molecular profiling system in order to
make the appropriate decisions as to the best way to allocate our
limited resources. While we believe our technology capabilities in the
bioscience area are substantial, up to this point, Sentigen
Biosciences has incurred substantial operating losses. Although we
have completed several pilot research collaborations, we have not
entered into any drug discovery or development agreements, nor can any
assurance be given that we will be able to do so on terms that are
acceptable to us.
For more information on our companies, please visit their
respective websites: http://www.cmt-inc.net and
http://www.sentigen.com.