Time: 9:00 a.m. Eastern time (6:00 a.m. Pacific time)
Dial-In Number: 1-800-862-9098
International: 1-785-424-1051
Conference ID#: 7REMEDENT A simultaneous webcast and replay of the call will be accessible via this link: http://viavid.net/dce.aspx?sid=000068A3. Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization and ask you to wait until the call begins. If you have any difficulty connecting with the conference call, please contact the Liolios Group at 1-949-574-3860. A telephone replay of the call will be available from 12:00 p.m. Eastern time on the same day until September 14, 2009. Toll-free replay number: 1-800-727-6189
International replay number: 1-402-220-2671
(No passcode required) About Remedent Remedent, Inc. specializes in the research, development, manufacturing and marketing of oral care and cosmetic dentistry products. The company serves professional dental industry with breakthrough technology for dental veneers, bridges and crowns that are recognized worldwide for their technological superiority and ease-of-application. These products are supported by a line of professional veneer whitening and teeth sensitivity solutions. Headquartered in Belgium, Remedent distributes its products to more than 35 countries worldwide. For more information, go to www.remedent.com. Statement under the Private Securities Litigation Reform Act of 1995 Statements in this press release that are "forward-looking statements" are based on current expectations and assumptions that are subject to risks and uncertainties. Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause Remedent's actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as "believes," "belief," "expects," "expect," "intends," "intend," "anticipate," "anticipates," "plans," "plan," "projects," "project," to be uncertain and forward-looking. Actual results could differ materially because of factors such as Remedent's ability to achieve the synergies and value creation contemplated by our distribution and licensing agreements. For further information regarding risks and uncertainties associated with Remedent's business, please refer to the risk factors described in Remedent's filings with the Securities and Exchange Commission, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q.
REMEDENT, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS June 30, March 31, 2009 2009 ------------ ------------ ASSETS (unaudited) CURRENT ASSETS: Cash and cash equivalents $ 1,598,294 $ 1,807,271 Accounts receivable, net of allowance for doubtful accounts of $36,188 at June 30, 2009 and $33,966 at March 31, 2009 3,373,343 3,208,120 Inventories, net 2,056,141 1,937,946 Prepaid expense 1,321,700 1,310,900 ------------ ------------ Total current assets 8,349,478 8,264,237 ------------ ------------ PROPERTY AND EQUIPMENT, NET 1,001,394 1,024,999 OTHER ASSETS Long term investments and advances 750,000 750,000 Patents, net 75,092 163,106 ------------ ------------ Total assets $ 10,175,964 $ 10,202,342 ============ ============ LIABILITIES AND STOCKHOLDERS EQUITY (DEFICIT) CURRENT LIABILITIES: Current portion, long term debt $ 59,414 $ 78,798 Line of Credit 1,477,140 660,200 Accounts payable 1,508,368 1,398,420 Accrued liabilities 987,286 1,590,360 Income taxes payable 37,107 39,339 ------------ ------------ Total current liabilities 4,069,315 3,767,117 Long term debt less current portion 100,542 100,542 ------------ ------------ Total liabilities 4,169,857 3,867,659 ------------ ------------ EQUITY: REMEDENT, INC. 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 shares issued and outstanding at June 30, 2009 and March 31, 2009) 19,996 19,996 Treasury stock, at cost; 723,000 at June 30, 2009 and March 31, 2009 (831,450) (831,450) Additional paid-in capital 24,207,505 24,106,055 Accumulated deficit (17,765,460) (17,216,028) Accumulated other comprehensive income (loss) (foreign currency translation adjustment) (583,027) (640,595) ------------ ------------ Total Remedent, Inc. stockholders equity 5,047,564 5,437,978 Non-controlling interest 958,543 896,705 ------------ ------------ Total stockholders equity 6,006,107 6,334,683 ------------ ------------ Total liabilities and equity $ 10,175,964 $ 10,202,342 ============ ============ REMEDENT, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) For the three months ended June 30, 2009 2008 ----------- ----------- Net sales $ 2,160,803 $ 3,635,479 Cost of sales 1,096,007 1,269,424 ----------- ----------- Gross profit 1,064,796 2,366,055 ----------- ----------- Operating Expenses Research and development 26,598 124,948 Sales and marketing 350,935 671,299 General and administrative 1,042,764 1,130,313 Depreciation and amortization 173,444 91,261 ----------- ----------- TOTAL OPERATING EXPENSES 1,593,741 2,017,831 ----------- ----------- INCOME (LOSS) FROM OPERATIONS (528,945) 348,224 ----------- ----------- OTHER INCOME (EXPENSES) Interest expense (24,647) (35,343) Other income 65,998 17,621 ----------- ----------- TOTAL OTHER INCOME (EXPENSES) 41,351 (17,723) ----------- ----------- NET (LOSS) INCOME (487,594) 330,501 LESS: NET INCOME ATTRIBUTABLE TO THE NON-CONTROLLING INTEREST 61,838 -- ----------- ----------- NET (LOSS) INCOME ATTRIBUTABLE TO REMEDENT, INC. Common Stockholders $ (549,432) $ 330,501 =========== =========== INCOME (LOSS) PER SHARE Basic $ (0.03) $ 0.02 =========== =========== Fully diluted $ (0.03) $ 0.01 =========== =========== WEIGHTED AVERAGE SHARES OUTSTANDING Basic 19,995,969 18,637,803 =========== =========== Fully diluted 32,702,274 27,000,995 =========== =========== NET (LOSS) INCOME $ (487,594) $ 330,501 OTHER COMPREHENSIVE INCOME (LOSS) Foreign currency translation adjustment 57,568 27,592 ----------- ----------- TOTAL OTHER COMPREHENSIVE (LOSS) INCOME (491,864) 358,093 LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NON-CONTROLLING INTEREST 42,248 -- =========== =========== COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO REMEDENT INC., Common Stockholders $ (534,112) $ 358,093 =========== ===========
Contact Information: Company Contacts: Stephen Ross Chief Financial Officer Remedent, Inc. Tel 310-922-5685 Investor Relations: Scott Liolios Ron Both Managing Director Liolios Group, Inc. Tel 949-574-3860