Clarus Therapeutics (MM) (NASDAQ:CLRS)
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Clarus Announces First Quarter 2005 Results
STAMFORD, Conn., May 4 /PRNewswire-FirstCall/ -- Clarus Corporation (OTC:CLRS)
(BULLETIN BOARD: CLRS) today announced financial results for the quarter ended
March 31, 2005. Clarus reported no revenues for the quarters ended March 31,
2005 and 2004, respectively. Net loss for the first quarter of 2005 was
$390,000 or $0.02 per diluted share compared to a net loss of $471,000 or $0.03
per diluted share during the comparable period of 2004. As of March 31, 2005,
Clarus' cash, cash equivalents and marketable securities were $83.9 million (or
$4.99 gross cash per share) compared to $83.5 million as of December 31, 2004.
Gross cash per share at March 31, 2005 equals cash, cash equivalents and
marketable securities of $83.9 million divided by 16.8 million common shares
outstanding. Clarus has provided this Non-GAAP measure because it believes
that it is useful to investors assessing the extent of Clarus' assets available
for redeployment. Clarus is unaware of any comparable GAAP measure.
Clarus estimates that it has available net operating loss, capital loss,
research and experimentation credit and alternative minimum tax credit
carryforwards for U.S. federal income tax purposes of approximately $215.5
million, $15.2 million, $1.3 million and $53,000, respectively, which expire in
varying amounts beginning in the year 2009 to the extent not limited under
Section 382 of the Internal Revenue Code.
Nigel Ekern, Clarus' Chief Administrative Officer stated, "We are pleased with
the progress that we have made in managing administrative and professional
expenses in connection with the continued administration of the public company
and continue our efforts to identify and evaluate suitable acquisition and
merger opportunities as part of our strategy to redeploy our cash and utilize
our NOL's, to the extent available."
Clarus does not currently intend to hold conference calls to discuss quarterly
earnings releases unless and until it consummates an acquisition in connection
with its redeployment strategy. At such time, Clarus plans to resume holding
quarterly conference calls to review earnings and operating performance.
Clarus, formerly a provider of e-commerce business solutions, is seeking to
redeploy its assets and use its substantial cash and cash equivalent assets to
enhance stockholder value.
This press release contains forward-looking statements within the meaning of
the Securities Act of 1933 and the Exchange Act of 1934. Information in this
release includes Clarus' beliefs, expectations, intentions and strategies
regarding Clarus, its future and its products and services. Assumptions
relating to the forward-looking statements involve judgments with respect to,
among other things, future economic, competitive and market conditions and
future business decisions, all of which are difficult or impossible to predict
accurately and many of which are beyond our control. Actual results could
differ materially from those projected in the forward-looking statements as a
result of certain risks including our inability to execute successfully our
planned effort to redeploy our assets to enhance stockholder value, the
unavailability of our net operating loss carry forward, and that the unaudited
financial information provided in this press release may be adjusted as a
result of the year end audit. Clarus cannot guarantee its future performance.
All forward-looking statements contained in this release are based on
information available to Clarus as of the date of this release and Clarus
assumes no obligation to update the forward-looking statements contained herein
For further information regarding the risks and uncertainties in connection
with Clarus' business, please refer to the "Management's Discussion and
Analysis of Financial Condition and Results of Operations" and "Factors That
May Affect Our Future Results" sections of Clarus' filings with the Securities
and Exchange Commission, including but not limited to, its most recent annual
report on Form 10-K and quarterly reports on Form 10-Q, copies of which may be
obtained at our web site at http://www.claruscorp.com/ or the SEC's web site a
http://www.sec.gov/.
CLARUS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)
MARCH 31, DECEMBER 31,
2005 2004
-------- --------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 46,988 $48,377
Marketable securities 36,891 35,119
Accrued interest receivable 196 350
Prepaids and other current assets 261 182
-------- --------
Total current assets 84,336 84,028
PROPERTY AND EQUIPMENT, NET 2,290 2,367
OTHER ASSETS:
Deposits and other long-term assets 41 42
-------- --------
TOTAL ASSETS $ 86,667 $86,437
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable and accrued liabilities $1,446 $1,468
-------- --------
Total current liabilities 1,446 1,468
Deferred rent 152 115
-------- --------
Total liabilities 1,598 1,583
-------- --------
STOCKHOLDERS' EQUITY:
Preferred stock, $.0001 par value; 5,000,000
shares authorized; none issued -- --
Common stock, $.0001 par value; 100,000,000
shares authorized; 16,868,622 and 16,734,947
shares issued and 16,792,170 and 16,659,947
outstanding in 2005 and 2004, respectively 2 2
Additional paid-in capital 368,488 368,385
Accumulated deficit (280,046) (279,656)
Treasury stock, at cost (2) (2)
Accumulated other comprehensive income (168) (130)
Deferred compensation (3,205) (3,745)
-------- --------
Total stockholders' equity 85,069 84,854
-------- --------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $86,667 $86,437
======== ========
CLARUS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
THREE MONTHS ENDED
MARCH 31,
----------------------
2005 2004
-------- --------
REVENUES: $ -- $ --
-------- --------
Total revenues -- --
OPERATING EXPENSES:
General and administrative 786 723
Depreciation and amortization 85 --
-------- --------
Total operating expenses 871 723
OPERATING LOSS (871) (723)
OTHER INCOME -- 17
INTEREST INCOME 481 235
-------- --------
NET LOSS $(390) $(471)
======== ========
Loss per common share:
Basic $ (0.02) $(0.03)
Diluted $ (0.02) $(0.03)
Weighted average shares outstanding
Basic 16,242 16,081
Diluted 16,242 16,081
CLARUS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(IN THOUSANDS, EXCEPT SHARE AMOUNTS)
THREE MONTHS ENDED
MARCH 31,
----------------------
2005 2004
-------- --------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $(390) $(471)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization on
property and equipment 85 --
Amortization of deferred employee compensation 15 246
Amortization of premium and
discount on securities, net 42 369
Gain on sale of marketable securities -- (17)
Changes in operating assets and liabilities:
Interest receivable, prepaids
and other current assets 75 (344)
Accounts payable and accrued liabilities (22) (303)
Deferred rent 37 --
Deposits and other long-term assets 1 --
-------- --------
NET CASH USED IN OPERATING ACTIVITIES (157) (520)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of marketable securities (12,372) (39,829)
Proceeds from maturity
of marketable securities 10,520 13,176
Proceeds from sale of marketable securities -- 51,244
Additions to property and equipment (8) (500)
-------- --------
NET CASH PROVIDED BY (USED IN)
INVESTING ACTIVITIES (1,860) 24,091
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from the exercises of stock options 628 51
-------- --------
NET CASH PROVIDED BY FINANCING ACTIVITIES 628 51
-------- --------
CHANGE IN CASH AND CASH EQUIVALENTS (1,389) 23,622
CASH AND CASH EQUIVALENTS, beginning of period 48,377 15,045
-------- --------
CASH AND CASH EQUIVALENTS, end of period $46,988 $38,667
======== ========
NON CASH TRANSACTION
Issuance of Restricted Stock $-- $50
======== ========
DATASOURCE: Clarus Corporation
CONTACT: Nigel Ekern, Chief Administrative Officer of Clarus
Corporation, +1-203-428-2000, or
Web site: http://www.claruscorp.com/
Company News On-Call: http://www.prnewswire.com/comp/133360.html