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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Elysee Development Corp (PK) | USOTC:ASXSF | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.23824 | 0.193 | 0.2708 | 0.00 | 13:57:26 |
Net sales in the third quarter decreased 62% to $1.8 million from $4.8 million in the same year-ago quarter. The decrease in sales was primarily due to the non-recurrence of license fees received from Denmat, specifically $2,500,000 during the three months ended December 31, 2008.
Loss from operations in the third quarter was $964,000, as compared to a loss from operations of $467,000 in the same year-ago quarter, which was attributable to non-recurring license fees as discussed above, the planned U.S. reorganization, and an agreed settlement with an OTC customer.
Net loss for the third quarter totaled $836,000 or $(0.04) per share (after minority interest and based on 20 million weighted average basic shares outstanding), as compared to net income of $2.5 million or $0.13 per share (based on 19 million weighted average basic shares outstanding) in the same year-ago quarter. The net loss in the third fiscal quarter included a charge of $8,000 for warrants issued during the quarter, as compared to the year-ago quarterly loss which included a $4.3 million charge for warrants issued.
Cash and cash equivalents totaled $1.4 million at December 31, 2009 as compared to $1.8 million at March 31, 2009.
Management Commentary
"We have now established a new worldwide production facility in China," said Guy De Vreese, CEO of Remedent. "Our goal has been to prepare for increasing demand and improved margins, while maintaining the quality of our dental veneers. We achieved this in the second quarter and in the third quarter have been delivering veneers with exceptional thinness and durability. Our new manufacturing facility has enabled us to increase both capacity and timeliness of shipments, while reducing costs."
New Remedent Web Site
On November 19, 2009, Remedent unveiled new corporate website at www.Remedent.com featuring its latest dental technologies. This includes GlamStrip(TM) for the single-motion application of dental veneers, and FirstFit, a revolutionary solution for dental bridges and crowns. The highly interactive website features new before and after images as well as engaging videos.
The site also provides coverage of the FirstFit presentation at the Den-Mat Education Destination Seminar in Las Vegas, which was held on November 7, 2009. The presentation was conducted by Remedent's CEO, Guy De Vreese, with the Belgian inventor of FirstFit, Dr. Evelyne Jacquemyns, presenting live via webcast from one of Remedent's international GlamSmile locations in Dubai, UAE. The event represented the first official presentation of the new bridge and crown technology to dentists in the United States.
Teleconference Information
Remedent will host a conference call on February 18th, 2010, at 11 am Eastern time (8:00 am Pacific time) to discuss these results. A question and answer session will follow management's presentation. To participate in the call, dial the appropriate number 5-10 minutes prior to the start time, request the Remedent conference call and provide the conference ID.
Participant Dial-In Numbers: Date: February 18, 2010 Time: 11:00 am Eastern time (8:00 am Pacific time) Dial-In Number: 1-800-894-5910 International: 1-785-424-1052 Conference ID#: 7REMEDENT
A simultaneous webcast and replay of the call will be accessible.
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization and ask you to wait until the call begins. A telephone replay of the call will be available from 2:00 p.m. Eastern time on the same day until March 17, 2010. Toll-free replay number: 1-800-723-0394 International replay number: 1-402-220-2649 (No passcode required)
About Remedent
Remedent, Inc. specializes in the research, development, manufacturing and marketing of oral care and cosmetic dentistry products. The company serves professional dental industry with breakthrough technology for dental veneers, bridges and crowns that are recognized worldwide for their technological superiority and ease-of-application. These products are supported by a line of professional veneer whitening and teeth sensitivity solutions. Headquartered in Belgium, Remedent distributes its products to more than 35 countries worldwide. For more information, go to www.remedent.com.
Statement under the Private Securities Litigation Reform Act of 1995
Statements in this press release that are "forward-looking statements" are based on current expectations and assumptions that are subject to risks and uncertainties. Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause Remedent's actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as "believes," "belief," "expects," "expect," "intends," "intend," "anticipate," "anticipates," "plans," "plan," "projects," "project," to be uncertain and forward-looking. Actual results may differ materially because of such risks and uncertainties and the reported results should not be considered as an indication of future performance. For further information regarding risks and uncertainties associated with Remedent's business, please refer to the risk factors described in Remedent's filings with the Securities and Exchange Commission, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q.
REMEDENT, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS December 31, 2009 March 31, (unaudited) 2009 ------------- ------------- ASSETS CURRENT ASSETS: Cash and cash equivalents $ 1,386,231 $ 1,807,271 Accounts receivable, net of allowance for doubtful accounts of $36,982 at December 31, 2009 and $33,966 at March 31, 2009 1,146,859 3,208,120 Inventories, net 2,415,977 1,937,946 Prepaid expenses 1,512,581 1,310,900 ------------- ------------- Total current assets 6,461,648 8,264,237 ------------- ------------- PROPERTY AND EQUIPMENT, NET 1,320,352 1,024,999 OTHER ASSETS Long term investments and advances 750,000 750,000 Patents, net 200,304 163,106 ------------- ------------- Total assets $ 8,732,304 $ 10,202,342 ============= ============= LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Current portion, long term debt $ 39,797 $ 78,798 Line of Credit 1,186,103 660,200 Accounts payable 2,204,277 1,398,420 Accrued liabilities 721,087 1,590,360 Income taxes payable 37,466 39,339 ------------- ------------- Total current liabilities 4,188,730 3,767,117 Long term debt less current portion 303,173 100,542 ------------- ------------- Total liabilities 4,491,903 3,867,659 ------------- ------------- EQUITY: REMEDENT, INC. STOCKHOLDERS' EQUITY Preferred Stock $0.001 par value (10,000,000 shares authorized, none issued and outstanding) -- -- Common stock, $0.001 par value; (50,000,000 shares authorized, 19,995,969 shares issued and outstanding at December 31, 2009 and March 31, 2009) 19,996 19,996 Treasury stock, at cost; 723,000 shares at September 30, 2009 and March 31, 2009 (831,450) (831,450) Additional paid-in capital 24,578,643 24,106,055 Accumulated deficit (19,440,363) (17,216,028) Accumulated other comprehensive (loss) (foreign currency translation adjustment) (547,110) (640,595) ------------- ------------- Total Remedent, Inc. stockholders' equity 3,779,716 5,437,978 Non-controlling interest 460,685 896,705 ------------- ------------- Total stockholders' equity 4,240,401 6,334,683 ------------- ------------- Total liabilities and equity $ 8,732,304 $ 10,202,342 ============= ============= REMEDENT, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) For the three months ended December 31, 2009 2008 ------------- ------------- Net sales $ 1,834,021 $ 4,842,648 Cost of sales 972,247 2,909,531 ------------- ------------- Gross profit 861,774 1,933,097 ------------- ------------- Operating Expenses Research and development 150,225 56,006 Sales and marketing 403,171 912,422 General and administrative 1,065,114 1,268,500 Depreciation and amortization 206,923 167,399 ------------- ------------- TOTAL OPERATING EXPENSES 1,825,433 2,400,327 ------------- ------------- INCOME (LOSS) FROM OPERATIONS (963,659) (467,230) ------------- ------------- OTHER INCOME (EXPENSES) Warrants issued (8,350) -- Gain on disposition of OTC -- 2,830,953 Interest expense (56,915) (168,659) Interest income 24,179 289,646 ------------- ------------- TOTAL OTHER INCOME (EXPENSES) (41,086) 2,951,940 ------------- ------------- NET LOSS (Income) (1,004,745) 2,484,710 LESS: NET LOSS ATTRIBUTABLE TO NON-CONTROLLING INTEREST (168,624) -- ------------- ------------- NET LOSS (Income) ATTRIBUTABLE TO REMEDENT, INC. Common Stockholders $ (836,121) $ 2,484,710 ============= ============= LOSS PER SHARE Basic $ (0.04) $ 0.13 ============= ============= Fully diluted $ (0.04) $ 0.08 ============= ============= WEIGHTED AVERAGE SHARES OUTSTANDING Basic 19,995,969 19,332,760 ============= ============= Fully diluted 33,789,738 31,371,629 ============= =============
Company Contact: Stephen Ross Chief Financial Officer Remedent, Inc. Tel 310-922-5685 docktor99@aol.com
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