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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Utek Corp | LSE:UTK | London | Ordinary Share | COM STK USD0.01 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 250.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:2407H
UTEK Corporation
04 August 2006
FOR IMMEDIATE RELEASE
UTEK CORPORATION
RESULTS FOR Q2 AND 6 MONTHS ENDED 30 JUNE 2006
UTEK Corporation ("UTEK"), a specialty finance company focused on technology
transfer, announces its unaudited results for the three months and six months
ended 30 June 2006. UTEK is quoted on AIM in the UK (LSE-AIM: UTK) and in the
USA (AMEX: UTK). It has operations in the US, UK and Israel.
Conference call briefing today, Friday 4 August 2006
UTEK will hold a live conference call at 3.00 pm, London, (10.00 am US, EDT) to
discuss its Q2 2006 results. All interested parties are invited to attend the
conference call. Dial-in numbers are: UK: 0800-032-3836; US & Canada: +1
888-823-7457; other international callers: +1 973-935-8504. The conference call
ID is: #729 9252.
Key Points:
* Ten Technology Transfers Completed
* Revenues (Income from Operations) of $23.1 million
* Net income of $11.1 million, or $1.23 per share
* Net assets of $71.4 million
CONTACTS
UTEK Corporation: www.utekcorp.com
Tania Bernier +1 813-754-4330 x223
USA: CSG1
Stanley Wunderlich +1 800-625-2236
UK: Bankside
Steve Liebmann or Simon Bloomfield +44 (0) 20-7367-8888
About UTEK Corporation
UTEK(R) is a specialty finance company focused on technology transfer. UTEK
enables companies to acquire innovative technologies from universities and
research laboratories worldwide. UTEK facilitates the identification and then
finances the acquisition of external technologies for clients in exchange for
their equity securities. This unique process is called U2B(R). In addition to
its U2B(R) service, UTEK offers companies the tools to search, analyse and
manage university intellectual properties. UTEK is a business development
company with operations in the United States, United Kingdom and Israel. For
more information about UTEK, please visit its website at www.utekcorp.com.
UTEK CORPORATION REPORTS RECORD FINANCIAL RESULTS FOR
QUARTER AND HALF YEAR ENDED 30 JUNE 2006
Overview
UTEK achieved significant growth during the quarter ended June 30, 2006. Ten
(10) technology transfers were completed in the quarter ended June 30, 2006,
with average revenues and costs per transaction of $2.2 million and $452,000,
respectively, as compared to one (1) technology transfer completed in the
quarter ended June 30, 2005 with revenue and cost for the transaction of $1.5
million and $655,000, respectively.
Clifford M. Gross, Ph.D., UTEK's Chairman and Chief Executive Officer stated,
"Looking at the remainder of 2006, we are enthusiastic about our potential for
continued growth. Although there is much more that needs to be done, we believe
that our unique model for consummating market-driven technology-transfers,
combined with our dedicated team and expanded facility, positions us well for
the future."
Quarter ended June 30, 2006 Operating Results
For the quarter ended June 30, 2006, income from operations (revenue) was $23.1
million as compared to $2.5 million for the quarter ended June 30, 2005. Net
income from operations for the quarter ended June 30, 2006 was $9.8 million as
compared to $29,000 for the quarter ended June 30, 2005. Approximately 96% and
71% of our income from operations (revenue) was received in the form of
unregistered shares of common stock for the quarters ended June 30, 2006 and
2005, respectively.
Net income (including net income from operations and realised and unrealised
gains and losses on investments) was $11.1 million or $1.23 per weighted average
diluted share outstanding for the quarter ended June 30, 2006, as compared to a
net (decrease) of $(742,000), or $(0.10) per weighted average diluted share
outstanding for the quarter ended June 30, 2005.
Monetisation resulting from equity investments attained through strategic
alliances and technology transfers during the quarter ended June 30, 2006 were
$4.1 million, as compared to $651,000 for the same quarter of the prior year.
This monetisation resulted in net realised gains, net of income tax expense, of
$1.8 million and $116,000 for the three months ended June 30, 2006 and 2005,
respectively.
Weighted average diluted shares outstanding were 8,997,310 and 7,228,025 for the
quarters ended June 30, 2006 and 2005, respectively.
Six Months ended June 30, 2006 Operating Results
For the six months ended June 30, 2006, income from operations (revenue) was
$34.9 million as compared to $5.1 million for the six months ended June 30,
2005. Net income from operations for the six months ended June 30, 2006 was
$13.4 million as compared to $203,000 for the six months ended June 30, 2005.
Approximately 94% and 72% of our income from operations (revenue) was received
in the form of unregistered shares of common stock for the six months ended June
30, 2006 and 2005, respectively.
Net income (including net income from operations and realised and unrealised
gains and losses on investments) was $16.6 million or $1.90 per weighted average
diluted share outstanding for the six months ended June 30, 2006, as compared to
a net (decrease) of $(3.7 million), or $(0.53) per weighted average diluted
share outstanding for the six months ended June 30, 2005.
Monetisation from the sale of investments during the six months ended June 30,
2006 were $6.1 million, as compared to $712,000 for the same six months of the
prior year. This monetisation resulted in net realised gains net of income tax
expense of $2.2 million and $141,000 for the six months ended June 30, 2006 and
2005, respectively.
Weighted average diluted shares outstanding were 8,759,178 and 7,007,724 for the
six months ended June 30, 2006 and 2005, respectively.
Liquidity and Capital Resources
At June 30, 2006, the Company had cash and cash equivalents of $5.7 million,
U.S. Treasuries and certificates of deposit of $14.7 million, total assets of
$87.0 million and net assets of $71.4 million. Net asset value per common share
outstanding was $8.03 at June 30, 2006 as compared to $5.58 at December 31, 2005
an increase of 44%. The Company had no long-term debt outstanding at June 30,
2006.
Recent Developments
Subsequent to June 30, 2006, we completed three technology transfers in which we
received unregistered shares of stock of the entity acquiring our newly formed
company. The shares acquired by us in these transactions were acquired in
tax-free stock-for-stock exchanges and are restricted and may only be resold by
us pursuant to the requirements of the Securities Act of 1933. The revenue
associated with the shares received will be determined based upon valuations in
accordance with our valuation policy as of the closing date of each transaction.
Financial Position Information
The following tables contain comparative selected financial data as of June 30,
2006 and December 31, 2005:
June 30, Dec. 31, Percentage
2006 2005 Increase
Total investments $76,590,178 $38,752,926 98%
Total assets $87,039,646 $49,005,960 78%
Total net assets $71,440,796 $44,441,118 61%
Common shares outstanding 8,898,254 7,961,505 12%
Net asset value per share $8.03 $5.58 44%
UTEK Corporation
Consolidated Statements of Assets and Liabilities
June 30, December 31,
2006 2005
(Unaudited)
ASSETS
Investments:
Non-affiliate investments (cost: 2006 -
$23,889,334; 2005 - $12,482,927) $20,535,310 $9,805,423
Affiliate investments (cost: 2006 - $36,400,144;
2005 - $17,656,837) 35,208,305 15,457,750
Control investments (cost: 2006 - $4,991,823;
2005 - $2,126,573) 6,152,373 1,888,396
U.S. Treasuries and certificates of deposit
(cost:2006 - $14,694,190; 2005 - $11,601,357) 14,694,190 11,601,357
------------ ------------
Total investments 76,590,178 38,752,926
Cash and cash equivalents 5,713,841 5,275,626
Accounts receivable, net of allowance for bad debt 681,670 746,207
Prepaid expenses and other assets 282,531 448,810
Fixed assets, net 483,427 311,103
Goodwill 2,988,869 3,128,139
Intangible assets 299,130 343,149
--------- ---------
TOTAL ASSETS 87,039,646 49,005,960
------------ ------------
LIABILITIES
Accrued expenses 680,951 367,763
Deferred revenue 2,387,958 1,606,242
Deferred tax liability 12,529,941 2,590,837
------------ -----------
TOTAL LIABILITIES 15,598,850 4,564,842
------------ -----------
NET ASSETS $71,440,796 $44,441,118
============= =============
Commitments and Contingencies
Composition of net assets:
Preferred stock, $.01 par value, 1,000,000 shares
authorized; none issued and outstanding - -
Common stock, $.01 par value, 19,000,000 shares
authorized; 8,898,254
shares issued and outstanding at June 30, 2006
and 7,961,505 $88,983
shares issued and outstanding at December 31, 2005 $79,616
Additional paid-in capital 50,791,138 40,347,663
Accumulated income:
Accumulated net operating income 23,333,121 10,134,057
Net realised loss on investments, net of tax (756,102) (2,968,399)
Net unrealised depreciation of investments, net
of deferred tax (2,111,421) (3,138,939)
Foreign currency translation adjustment 95,077 (12,880)
-------- ----------
Net assets $71,440,796 $44,441,118
============= =============
Net asset value per share $8.03 $5.58
======= =======
UTEK Corporation
Consolidated Statements of Operations
(Unaudited)
Three Months Ended June 30 Six Months Ended June 30
2006 2005 2006 2005
--------- --------- --------- ---------
Income from operations:
Sale of technology rights $21,624, 267 $1,503,197 $31,839,197 $3,179,340
Consulting and other services 1,192,843 932,001 2,546,324 1,734,693
Investment income, net 242,197 107,599 480,792 167,293
--------- --------- --------- ---------
23,059,307 2,542,797 34,866,313 5,081,326
------------ ----------- ------------ -----------
Expenses:
Acquisition of technology rights 4,523,127 655,122 7,147,127 1,226,795
Salaries and wages 898,627 581,996 1,592,245 1,019,155
Professional fees 301,870 159,701 583,296 343,773
Sales and marketing 931,002 622,012 1,740,175 1,129,585
General and administrative 830,697 477,929 2,442,131 1,036,564
--------- --------- ----------- -----------
7,485,323 2,496,760 13,504,974 4,755,872
----------- ----------- ------------ -----------
Income before income taxes 15,573,984 46,037 21,361,339 325,454
Provision for income taxes 5,806,628 17,324 7,984,409 122,468
----------- -------- ----------- ---------
Net income from operations 9,767,356 28,713 13,376,930 202,986
Net realised and unrealised gains (losses):
Net realized gain on investments,
net of income tax expense of $1,103,928
and $1,334,756 for the three and six
months ended June 30, 2006, respectively,
and $69,936 and $85,100 for the three
and six months ended June 30, 2005,
respectively 1,829,711 115,916 2,212,297 141,049
Change in unrealized
appreciation(depreciation) of
investments, net of deferred tax
expense (benefit) of ($324,261) and
$619,938 for the three and six
months ended June 30, 2006,
respectively, and ($87,263) and
($1,522,110) for the three and six
months ended June 30, 2005,
respectively (537,448) (886,667) 1,027,518 (4,047,246)
----------- ----------- ----------- -------------
Net increase (decrease) in net
assets from operations $11,059,619 $ (742,038) $16,616,745 $(3,703,211)
============= ============= ============= ==============
Net increase(decrease) in net
assets from operations per share:
Basic $1.25 $(0.10) $1.92 $(0.53)
Diluted $1.23 $(0.10) $1.90 $(0.53)
Weighted average shares:
Basic 8,871,871 7,228,025 8,663,083 7,007,724
Diluted 8,997,310 7,228,025 8,759,178 7,007,724
Dividend declared per share: - - $.02 -
UTEK Corporation
Consolidated Statements of Cash Flows
(Unaudited)
For the Six Months Ended June 30
----------------------------------
2006 2005
---------- ----------
Operating Activities:
Net increase (decrease) in net assets from operations $16,616,745 $(3,703,211)
Adjustments to reconcile net increase (decrease)in
net assets from operations to net cash used in
operating activities:
Change in net unrealised (appreciation)
depreciation of investments (1,647,456) 5,569,364
Depreciation and amortisation 97,714 56,745
Goodwill impairment - UTEKip, Ltd. 234,940 -
(Gain) on sale of investments (3,547,053) (185,893)
Loss on disposal of fixed assets 13,555 -
Stock compensation 221,555 -
Deferred income taxes 9,939,104 (1,314,541)
Investment securities received in
connection with the sale of
technology rights (31,839,197) (3,179,340)
Consulting and other services rendered in
exchange for investment securities (892,452) (370,456)
Changes in operating assets and liabilities:
Accounts receivable 122,279 (37,968)
Prepaid expenses and other assets 166,279 122,884
Deferred revenue 151,904 (39,729)
Accrued expenses 313,188 (405,610)
--------- -----------
Net cash used in operating activities (10,048,895) (3,487,755)
-------------- -------------
Investing Activities:
Acquisition of 22nd Street of Ybor City, Inc. (1,000,000) -
Proceeds received on sale of equity investments 6,116,428 711,928
Purchases of investments (3,551,122) (9,624,408)
Purchases of fixed assets (239,574) (102,235)
----------- -----------
Net cash provided by (used in) investing
activities 1,325,732 (9,014,715)
----------- -------------
Financing Activities:
Distributions to shareholders (177,865) -
Payments of bank debt - (23,516)
Net proceeds from issuance of common stock 8,955,182 13,281,917
Proceeds from exercise of stock options 276,104 -
--------- ---
Net cash provided by financing activities 9,053,421 13,258,401
----------- ------------
Foreign currency translation adjustment 107,957 (93,934)
--------- ----------
Increase in cash and cash equivalents 438,215 661,997
Cash and cash equivalents at beginning of year 5,275,626 3,785,873
=========== ===========
Cash and cash equivalents at end of period $5,713,841 $4,447,870
============ ============
Supplemental Disclosures of Non-Cash Investing Activities
The Company purchased all of the capital stock of INTRA-DMS, Ltd.
for $300,000 in common stock. In conjunction with the acquisition,
liabilities were assumed as follows:
Fair value of assets acquired $502,035
Consideration given 300,000
---------
Liabilities assumed $202,035
==========
The Company issued 82,919 shares of commonstock to purchase 22nd
Street of Ybor City, Inc. $1,000,000
============
Investment securities received for unearned strategic alliance
services $1,464,522 $300,694
============ ==========
Forward-Looking Statements
Certain matters discussed in this press release are "forward-looking
statements." These forward-looking statements can generally be identified as
such because the context of the statement will include words, such as UTEK
"expects," "should," "believes," "anticipates" or words of similar import.
Similarly, statements that describe UTEK's future plans, objectives or goals are
also forward-looking statements. Such forward-looking statements are subject to
certain risks and uncertainties, including the financial performance of UTEK and
the valuation of UTEK's investment portfolio, which could cause actual results
to differ materially from those currently anticipated. Although UTEK believes
the expectations reflected in any forward-looking statements are based on
reasonable assumptions, it cannot give any assurance that its expectations will
be attained. Shareholders, potential investors and other readers are urged to
consider these factors carefully in evaluating any forward-looking statements.
Certain factors could cause results and conditions to differ materially from
those projected in these forward-looking statements, and some of these factors
are discussed below. These factors are not exhaustive. New factors, risks and
uncertainties may emerge from time to time that may affect the forward-looking
statements made herein. These forward-looking statements are only made as of the
date of this press release and UTEK does not undertake any obligation to
publicly update such forward-looking statements to reflect subsequent events or
circumstances.
UTEK's operating results could fluctuate significantly due to a number of
factors. These factors include the small number of transactions that are
completed each quarter, the value of individual transactions, the timing of the
recognition and the magnitude of unrealised gains and losses, UTEK's dependence
on the performance of companies in its portfolio, the possibility that advances
in technology could render the technologies it has transferred obsolete, the
loss of technology licences by companies in its portfolio, the degree to which
it encounters competition in its markets, the volatility of the stock market and
the volatility of the valuations of the companies it has invested in as it
relates to its realised and unrealised gains and losses, the concentration of
investments in a small number of companies, as well as other general economic
conditions. As a result of these and other factors, current results may not be
indicative of UTEK's future performance. For more information on UTEK and for a
more complete discussion of the risks pertaining to an investment in UTEK,
please refer to UTEK's filings with the Securities and Exchange Commission.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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