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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 | 0.1462 | 0.2748 | 0.00 | 12:12:00 |
Net sales for the three months ended September 30, 2010 increased 74% to $3.1 million compared to $1.8 million for the same year ago quarter. Net sales for the six months ended September 30, 2010, increased 67% to $6.5 million from $3.9 million for the same year ago quarter. The increase in sales was mainly due to increased sales in the Asian GlamSmile facilities in Beijing and Hong Kong. Our sales also increased as a result of the launch of new, higher margin, OTC products.
Profit for the three months ended September 30, 2010 prior to outside shareholders' participation totaled approximately $359 thousand compared with losses of $1.2 million for the same year ago quarter. Profit for the six months ended September 30, 2010 prior to outside shareholders' participation totaled approximately $926 thousand compared with losses of $1.7 million for the same year ago quarter.
Profits attributed to Remedent common stockholders for the three months ended September 30, 2010 were $201 thousand compared to losses of $839 thousand for the same year ago quarter. Profits attributed to Remedent common stockholders for the six months ended September 30, 2010 were $513 thousand compared to losses of $1.4 million for the same year ago quarter.
Cash and cash equivalents totaled $2.47 million at September 30, 2010 compared to $613 thousand as reported at March 31, 2010.
Management Commentary
"The shifting of our business model from wholesale (B2B) model via a distributor to a direct retail model is beginning to bear fruit as previously mentioned during prior conference calls. During the current and prior quarter we included our retail Asian operations of approximately $1.3 million gross revenues as we are continuing to open new Spa locations in both Europe and Asia during the next quarter and in the remainder of our financial year. Sales in all our Spa locations continue to exceed our expectations as sales continue to climb," said Guy De Vreese the CEO of Remedent.
Conference Call Information
Remedent will host a conference call on Monday, November 15, 2010 at 12:00 p.m. Eastern Standard time (9.00 a.m. Pacific time) to discuss these results and its strategic plans for the future. 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.
Date: Monday, November 15, 2010 Time 12:00 p.m. Eastern time (9:00 a.m. Pacific time). Dial in number: 800 732-8711 Passcode: 7930049
The replay of the call will be available through December 15, 2010. The dial in number for the replay is 888-203-1112 and the replay pass code is 7930049
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. 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.
Forward-Looking Statements
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 could differ materially because of factors such as Remedent's ability to achieve the synergies and value creation contemplated by the proposed transaction. 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. We undertake no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this press release.
REMEDENT, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) For the three months For the six months ended ended September 30, September 30, 2010 2009 2010 2009 ---------- ---------- ---------- ----------- Net sales $3,101,553 $1,780,301 $6,538,312 $ 3,941,104 Cost of sales 793,942 1,302,237 1,708,279 2,398,244 ---------- ---------- ---------- ----------- Gross profit 2,307,611 478,064 4,830,033 1,542,860 ---------- ---------- ---------- ----------- Operating Expenses Research and development 111,994 54,522 177,539 81,120 Sales and marketing 394,014 137,076 906,990 488,011 General and administrative 1,255,597 1,102,634 2,408,309 2,145,398 Depreciation and amortization 183,025 177,914 384,227 351,358 ---------- ---------- ---------- ----------- TOTAL OPERATING EXPENSES 1,944,630 1,472,146 3,877,065 3,065,887 ---------- ---------- ---------- ----------- INCOME (LOSS) FROM OPERATIONS 362,981 (994,082) 952,968 (1,523,027) ---------- ---------- ---------- ----------- OTHER INCOME (EXPENSES) Warrants issued -- (159,888) -- (159,888) Interest expense (34,446) (39,207) (89,337) (63,853) Interest income 72,987 25,160 111,847 91,158 ---------- ---------- ---------- ----------- TOTAL OTHER INCOME (EXPENSES) 38,541 (173,935) 22,510 (132,583) ---------- ---------- ---------- ----------- NET INCOME (LOSS) BEFORE INCOME TAXES AND NON-CONTROLLING INTEREST 401,522 (1,168,017) 975,478 (1,655,610) PROVISION FOR INCOME TAXES (42,946) -- (49,175) -- ---------- ---------- ---------- ----------- INCOME FROM CONTINUING OPERATIONS BEFORE NON-CONTROLLING INTEREST, NET OF TAX 358,576 (1,168,017) 926,303 (1,655,610) LESS: NET INCOME (LOSS) ATTRIBUTABLE TO NON-CONTROLLING INTEREST 157,351 (329,234) 412,888 (267,396) ---------- ---------- ---------- ----------- NET INCOME (LOSS) ATTRIBUTABLE TO REMEDENT, INC. Common Stockholders $ 201,225 $ (838,783) $ 513,415 $(1,388,214) ========== ========== ========== =========== INCOME (LOSS) PER SHARE Basic $ 0.01 $ (0.04) $ 0.03 $ (0.07) ========== ========== ========== =========== Fully diluted $ 0.01 $ (0.04) $ 0.02 $ (0.07) ========== ========== ========== =========== WEIGHTED AVERAGE SHARES OUTSTANDING Basic 19,995,969 19,995,969 19,995,969 19,995,969 ========== ========== ========== =========== Fully diluted 33,595,142 33,999,738 33,989,738 33,999,738 ========== ========== ========== =========== REMEDENT, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) For the three months For the six months ended ended September 30, September 30, ------------------------- ------------------------ 2010 2009 2010 2009 ------------ ----------- ----------- ----------- Net Income (Loss) Attributable to Remedent Common Stockholders $ 201,225 $ (838,783) $ 513,415 $(1,388,214) OTHER COMPREHENSIVE INCOME (LOSS): Foreign currency translation adjustment 154,529 60,761 (23,119) 118,329 ------------ ----------- ----------- ----------- Total Other Comprehensive income (loss) 355,754 (778,022) 490,296 (1,269,885) LESS: COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO NON-CONTROLLING INTEREST 12,721 13,836 (3,143) 56,084 ------------ ----------- ----------- ----------- COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO REMEDENT Common Stockholders $ 343,033 $ (791,858) $ 493,459 $(1,325,969) ============ =========== =========== =========== REMEDENT, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS September 30, March 31, 2010 2010 ------------ ------------ (unaudited) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 2,471,552 $ 613,466 Accounts receivable, net of allowance for doubtful accounts of $33,854 at September 30, 2010 and $65,845 at March 31, 2010 1,631,444 806,931 Inventories, net 2,141,487 2,161,692 Prepaid expenses 1,000,860 920,487 ------------ ------------ Total current assets 7,245,343 4,502,576 ------------ ------------ PROPERTY AND EQUIPMENT, NET 1,447,324 1,735,719 OTHER ASSETS Long term investments and advances 750,000 750,000 Patents, net 243,355 246,992 Goodwill 699,635 699,635 ------------ ------------ Total assets $ 10,385,657 $ 7,934,922 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Current portion, long term debt $ 124,026 $ 215,489 Line of Credit 1,984,708 674,600 Accounts payable 1,720,255 1,932,684 Accrued liabilities 1,125,260 491,536 Due to related parties 265,857 268,484 ------------ ------------ Total current liabilities 5,220,106 3,582,793 Long term debt less current portion 458,236 425,882 ------------ ------------ Total liabilities 5,678,342 4,008,675 ------------ ------------ 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 September 30, 2010 and March 31, 2010) 19,996 19,996 Treasury stock, at cost; 723,000 shares at September 30, 2010 and March 31, 2010 (831,450) (831,450) Additional paid-in capital 24,829,833 24,742,201 Accumulated deficit (19,052,527) (19,565,943) Accumulated other comprehensive (loss) (foreign currency translation adjustment) (671,819) (650,059) Obligation to issue shares 97,500 97,500 ------------ ------------ Total Remedent, Inc. stockholders' equity 4,391,533 3,812,245 Non-controlling interest 315,782 114,002 ------------ ------------ Total stockholders' equity 4,707,315 3,926,247 ------------ ------------ Total liabilities and equity $ 10,385,657 $ 7,934,922 ============ ============
CONTACT: Stephen Ross 310 922 5685 docktor99@aol.com
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