Date: Tuesday, February 24, 2009 Time: 11:00 a.m. Eastern time (8:00 a.m. Pacific time) Dial-In Number: 1-866-952-1906 International: 1-785-424-1825 Conference ID#: 7REMEDENTA simultaneous Internet webcast and replay of the call will be accessible via this link: http://viavid.net/dce.aspx?sid=00005E7F. A telephone replay of the call will be available after 2:00 p.m. Eastern time on February 25, 2009 and until March 13, 2009:
Toll-free replay number: 1-800-283-8217 International replay number: 1-402-220-0868 (No passcode required)If you have any difficulty connecting with the conference call or webcast, please contact the Liolios Group at 949-574-3860. About Remedent Remedent, Inc. specializes in the research, development, manufacturing and marketing of oral care and cosmetic dentistry products. The company serves the dental community with unique veneer, teeth whitening and sensitivity products that are recognized for their technological superiority and ease-of-application. Headquartered in Belgium, and with offices in California and Singapore, Remedent distributes its products to more than 35 countries worldwide. Statement under the Private Securities Litigation Reform Act of 1995 This press release may include "forward-looking statements" that are subject to risks and uncertainties. Forward-looking statements include information about possible or assumed future results of the operations or the performance of the Company and its future plans and objectives. Various future events or factors may cause the actual results to vary materially from those expressed in any forward-looking statements made in this press release. For a discussion of these factors and risks, see the company's annual report on Form 10-K for the most recently ended fiscal year.
REMEDENT, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
For the three months ended For the nine months ended
December 31, December 31,
2008 2007 2008 2007
------------ ------------ ------------ ------------
Net sales $ 4,842,628 $ 2,132,950 $ 11,249,186 $ 4,453,899
Cost of sales 2,909,531 1,271,430 4,964,408 2,623,506
------------ ------------ ------------ ------------
Gross profit 1,933,097 861,520 6,284,778 1,830,393
------------ ------------ ------------ ------------
Operating Expenses
Research and
development 52,006 172,108 224,379 247,665
Sales and
marketing 912,422 611,144 2,423,928 996,937
General and
administrative 1,268,500 1,087,313 3,672,536 2,891,165
Depreciation and
amortization 167,399 80,157 441,771 215,941
------------ ------------ ------------ ------------
TOTAL OPERATING
EXPENSES 2,400,327 1,950,722 6,762,614 4,351,708
------------ ------------ ------------ ------------
INCOME (LOSS) FROM
OPERATIONS (467,230) (1,089,202) (477,836) (2,521,315)
------------ ------------ ------------ ------------
OTHER INCOME
(EXPENSES)
Warrants issued
pursuant to
Distribution
Agreement -- -- (4,323,207) --
Gain on
disposition of
OTC 2,830,953 -- 2,830,953 --
Interest expense (168,659) (16,588) (250,175) (71,802)
Interest income 289,646 9,040 347,113 100,665
------------ ------------ ------------ ------------
TOTAL OTHER INCOME
(EXPENSES) 2,951,940 (7,548) (1,395,316) 28,863
------------ ------------ ------------ ------------
NET INCOME (LOSS) $ 2,484,710 $ (1,096,750) $ (1,873,152) $ (2,492,452)
============ ============ ============ ============
INCOME (LOSS) PER
SHARE
Basic and fully
diluted $ 0.13 $ (0.06) $ (0.10) $ (0.14)
============ ============ ============ ============
WEIGHTED AVERAGE
SHARES OUTSTANDING
Basic and fully
diluted 19,332,760 18,602,115 19,045,368 17,557,700
============ ============ ============ ============
Net Income (Loss) $ 2,484,710 $ (1,096,750) $ (1,873,152) $ (2,492,452)
OTHER
COMPREHENSIVE
INCOME (LOSS):
Foreign currency
translation
adjustment (409,200) 58,949 (622,874) 10,345
============ ============ ============ ============
Comprehensive
income (loss) $ 2,075,510 $ (1,037,801) $ (2,496,026) $ (2,482,107)
============ ============ ============ ============
REMEDENT, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
December 31, March 31,
2008 2008
------------ ------------
(unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 2,569,888 $ 1,728,281
Accounts receivable, net of allowance for
doubtful accounts of $28,310 at December 31,
2008 and $32,181 at March 31, 2008 2,612,651 1,902,920
Inventories, net 1,936,603 1,360,709
Prepaid expense 1,582,502 970,173
------------ ------------
Total current assets 8,701,644 5,962,083
PROPERTY AND EQUIPMENT, NET 917,261 692,609
OTHER ASSETS 675,000 675,000
Patents, net 251,125 115,827
------------ ------------
TOTAL ASSETS $ 10,545,030 $ 7,445,519
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion, long term debt $ 20,072 $ 58,583
Line of Credit 907,558 779,718
Accounts payable 1,444,087 2,002,439
Accrued liabilities 1,043,501 781,737
Income taxes payable 10,989 15,121
------------ ------------
Total current liabilities 3,426,207 3,637,598
------------ ------------
LONG TERM DEBT 178,392 94,754
MINORITY INTEREST 782,497 --
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
and 18,637,803 shares issued and outstanding
at December 31, 2008 and March 31, 2008
respectively) 19,996 18,638
Additional paid-in capital 23,700,875 17,929,992
Accumulated other comprehensive income (loss)
(foreign currency translation adjustment) (595,224) 27,650
Accumulated deficit (16,136,263) (14,263,113)
Treasury stock, at cost; 723,000 and 0 shares
at December 31, 2008 and March 31, 2008
respectively (831,450) --
------------ ------------
Total stockholders' equity 6,157,934 3,713,167
------------ ------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 10,545,030 $ 7,445,519
============ ============
Contact Information: Company Contacts: Stephen Ross Scott Liolios Chief Financial Officer Remedent, Inc. Tel 310-922-5685 Investor Relations: Ron Both Managing Director Liolios Group, Inc. Tel (949) 574-3860