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Astex Pharmaceuticals Reports 2013 First Quarter Financial Results

Condensed Consolidated Statements of Operations and Balance Sheets to follow

 

ASTEX PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
     
  Three months ended
  March 31,
  2013 2012
   
Revenues:    
Royalty revenue  $ 22,089  $ 20,594
Development and license revenue  --  1,430
Total revenues  22,089  22,024
     
Operating expenses:    
Research and development  17,865  14,065
General and administrative  4,135  4,342
Amortization of intangibles  1,905  2,157
Total operating expenses  23,905  20,564
     
Income (loss) from operations  (1,816)  1,460
     
Interest income  41  41
Foreign currency translation loss  (1,326)  (4)
Other expense  (258)  (40)
Income (loss) before income taxes  (3,359)  1,457
     
Income tax benefit  3,847  2,783
     
Net income  $ 488  $ 4,240
Net income per common share:    
Basic  $ 0.01  $ 0.05
Diluted  $ 0.01  $ 0.04
Weighted average shares outstanding:    
Basic 93,678 93,072
Diluted 96,803 103,988
     
     
ASTEX PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
     
  March 31, December 31,
  2013 2012
     
ASSETS
     
 Current assets:     
 Cash and cash equivalents  $ 61,729  $ 15,496
 Marketable securities  75,212  122,727
 Accounts receivable  924  1,059
 Income tax receivable  6,263  4,892
 Prepaid expenses and other current assets  2,605  2,333
 Total current assets  146,733  146,507
     
 Marketable securities, non-current  40  40
 Property, plant and equipment, net  5,495  5,749
 Goodwill  44,042  46,790
 Other intangible assets, net  68,205  74,514
 Other assets  1,564  1,564
 Total assets  $ 266,079  $ 275,164
     
LIABILITIES & STOCKHOLDERS' EQUITY
     
 Current liabilities:     
 Accounts payable  $ 7,819  $ 9,238
 Accrued compensation  5,183  4,076
 Other accrued liabilities  673  619
 Deferred acquisition consideration  14,231  2,213
 Deferred tax liability   3,285  3,494
 Total current liabilities  31,191  19,640
     
 Warrant liability   533  276
 Deferred acquisition consideration, non-current   --  14,763
 Deferred tax liability, non-current   1,233  3,543
 Total liabilities  32,957  38,222
     
 Total stockholders' equity  233,122  236,942
 Total liabilities and stockholders' equity  $ 266,079  $ 275,164
CONTACT: Timothy L. Enns
         Astex Pharmaceuticals, Inc.
         Senior Vice President
         Corporate Communications & Marketing
         Tel:  +1 (925) 560-2810
         E-mail:  tim.enns@astx.com
         
         Susanna Chau
         Astex Pharmaceuticals, Inc.
         Manager
         Investor Relations
         Tel:  +1 (925) 560-2845
         E-mail:  susanna.chau@astx.com
         
         Alan Roemer
         The Trout Group
         Managing Director
         Tel:  +1 (646) 378-2945
         E-mail: aroemer@troutgroup.com

Astex Pharmaceuticals, Inc. logo

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