This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Enzo Biochem Reports Fourth Quarter And Fiscal Year Results

Stocks in this article: ENZ

About Enzo Biochem

Enzo Biochem is a pioneer in molecular diagnostics, leading the convergence of clinical laboratories, life sciences and therapeutics through the development of unique diagnostic platform technologies that provide numerous advantages over previous standards. A global company, Enzo Biochem utilizes cross-functional teams to develop and deploy products systems and services that meet the ever-changing and rapidly growing needs of health care both today and into the future. Underpinning Enzo Biochem’s products and technologies is a broad and deep intellectual property portfolio, with patent coverage across a number of key enabling technologies.

Except for historical information, the matters discussed in this news release may be considered "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include declarations regarding the intent, belief or current expectations of the Company and its management, including those related to cash flow, gross margins, revenues, and expenses are dependent on a number of factors outside of the control of the company including, inter alia, the markets for the Company’s products and services, costs of goods and services, other expenses, government regulations, litigations, and general business conditions. See Risk Factors in the Company’s Form 10-K for the fiscal year ended July 31, 2013. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties that could materially affect actual results. The Company disclaims any obligations to update any forward-looking statement as a result of developments occurring after the date of this press release.

 
ENZO BIOCHEM, INC.
(in thousands, except per share data)
       
 
Three months ended Fiscal Year ended

Selected operations data:

July 31, July 31,
(unaudited) (unaudited)
 

2013

2012

2013

2012

Revenues:
Clinical laboratory services $14,008 $15,851 $55,889 $59,403
Product revenues $7,951 $8,903 $32,526 $37,722
Royalty and license fee income $1,310   $1,654   $5,292     $5,958  
 
 
Total revenues $23,269   $26,408   $93,707   $103,083  
 
Gross profit $9,446   $11,673   $38,872   $47,110  
 
Gross profit % 41 % 44 % 41 % 46 %
 
Loss before income taxes ($3,532 ) ($29,074 ) ($18,949 ) ($40,921 )
 
Benefit for income taxes (A) 430 1,931 712 1,652
       
Net loss ($3,102 ) ($27,143 ) ($18,237 ) ($39,269 )
 
Basic and diluted loss per share ($0.08 ) ($0.69 ) ($0.46 ) ($1.01 )
 
Weighted average shares outstanding - basic and diluted 40,284   39,162   39,607     38,798  
 

Reconciliation of GAAP Net Loss to EBITDA, as adjusted:

 
Net loss ($3,102 ) ($27,143 ) ($18,237 ) ($39,269 )
Add-back (deduct):
Depreciation and amortization 1,108 1,191 4,605 4,477
Interest expense (income) 29 (27 ) 54 (21 )
(Benefit) for income taxes (430 ) (1,931 ) (712 ) (1,652 )
EBITDA (B) ($2,395 ) ($27,910 ) ($14,290 ) ($36,465 )
 
Non cash impairment charges and incremental severance - C   $24,840     $24,840  
EBITDA (B), as adjusted ($2,395 ) ($3,070 ) ($14,290 ) ($11,625 )
 

Notes:

 
A- All periods reflect effective tax rates below the statutory rate due to inability to recognize future tax benefits.
 
B- EBITDA is a non-GAAP measure, as described in the attached press release
 

C- EBITDA, adjusted for non-cash impairment charges relating to goodwill and intangibles of $24.5 million and incremental one-time severance costs of $0.3 million.

 

 

Selected balance sheet data:

July 31, 2013 July 31, 2012
 
Cash and cash equivalents $9,007 $15,076
 
Working capital $8,704 $21,412
 
Stockholders' equity $34,132 $49,101
 
Total assets $58,958 $69,123




4 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs