Bio-Technology General Corp. (Nasdaq:BTGC) today reported third-quarter pro forma net income from operations was $3.5 million, or $0.06 per share. Quarterly revenues were $20.1 million, compared to net income of $4.4 million in the third quarter of 2000.
Income before income taxes in the third quarter of 2001 was $5.2 million compared to $5 million in the third quarter of 2000.
Q3 sales were $15.5 million compared to $18.2 million in the third quarter of 2000.
For the nine months ended September 30, 2001, BTGC reported pro forma net income from operations that grew 71% to $19 million, or $0.33 per share.
Revenues were $82.1 million, compared with $63.1 million in the nine months ended September 30, 2000. Just two weeks ago the company pre-announced expectations of $70 million revenues for the nine-month period.
Product sales in the nine months ended September 30, 2001 increased 58% to $70.7 million from $44.8 million in the first nine months of 2000.
Pro forma results exclude, for the nine months ended September 30, 2001, the effect of the write-off, in accordance with generally accepted accounting principles, of in-process research and development acquired.
For the three and nine months ended September 30, 2001, the pro forma results exclude the effect of amortizing negative goodwill in the amount of approximately $0.9 million and $1.9 million, respectively, resulting from the acquisition of Myelos, finalized on March 19, 2001.
The company estimates sales of $85 million for the year, generating revenues of about $100 million.