GHENT, BELGIUM--(Marketwire - Aug 15, 2011) - Remedent, Inc. (
Net sales for the three months ended June 30, 2011 decreased 13% to $3 million compared to $3.4 million for the same year ago quarter. Net loss for the three months ended June 30, 2011 prior to taxes and non-controlling interests was $75k compared to net profit of $567k for the same year ago quarter.
Cash and cash equivalents totaled approximately $3 million at June 30, 2011 compared to $1.6 million reported at March 31, 2011.
Management Commentary:
"Our investment in our Chinese operations continues to exceed all our expectations. For the three months ended June 30, 2011, Glamsmile Asia generated $900k in revenues and approximately $400k in profits for the first quarter prior to taxes and outside shareholders interest. This is a 50% increase in revenue for the same year ago quarter. We anticipate further growth in China and a new fourth studio is expected to open in Wenzhou, China in September, 2011. We are certainly looking forward to getting Glamsmile Asia positioned as one of the leading luxury brands in China as well as the other emerging markets," said Guy De Vreese, CEO of Remedent, Inc.
Conference Call Information
Remedent will host a conference call on Thursday, August 18, 2011 at 11:00 AM Eastern Standard Time (8:00 AM Pacific Standard Time) to discuss these results. A question and answer session will follow management's presentation. To participate in the call, dial the appropriate number 5-10 minutes before the start time.
Date: Thursday, August 18, 2011
Time: 11:00 AM Eastern time (8:00 AM Pacific time)
Dial in number: 888-233-7975
Pass code: 8070349
A telephone replay of the call will be available until August 31, 2011
Toll Free Replay Number: 888-203-1112
Replay Password: 8070349
About Remedent
Remedent, Inc. specializes in the research, development and marketing of oral care and cosmetic dentistry products. The company serves the professional dental industry with breakthrough technology for dental veneers. These products are supported by a line of professional veneer whitening and tooth sensitivity solutions. Headquartered in Belgium, Remedent distributes its products to more than 35 countries worldwide. For more information, go to www.remedent.be
Forward-Looking Statements
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 the proposed transaction. 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. We undertake no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this press release.
REMEDENT, INC. AND SUBSIDIARIES | ||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
(Unaudited) | ||||||||
For the three months ended June 30, |
||||||||
2011 | 2010 | |||||||
Net sales | $ | 3,001,971 | $ | 3,436,759 | ||||
Cost of sales | 817,397 | 914,337 | ||||||
Gross profit | 2,184,574 | 2,522,422 | ||||||
Operating Expenses | ||||||||
Research and development | 116,496 | 65,545 | ||||||
Sales and marketing | 665,978 | 512,976 | ||||||
General and administrative | 1,152,007 | 1,152,712 | ||||||
Depreciation and amortization | 178,870 | 201,202 | ||||||
TOTAL OPERATING EXPENSES | 2,113,351 | 1,932,435 | ||||||
INCOME (LOSS) FROM OPERATIONS | 71,223 | 589,987 | ||||||
OTHER (EXPENSES) INCOME | ||||||||
Interest expense | (111,522) | (54,891 | ) | |||||
Other income | 51,649 | 38,860 | ||||||
TOTAL OTHER (EXPENSES) INCOME | (59,873) | (16,031 | ) | |||||
NET INCOME BEFORE TAXES AND NON-CONTROLLING INTEREST | 11,350 | 573,956 | ||||||
INCOME TAXES | (86,393) | (6,229 | ) | |||||
NET (LOSS) INCOME BEFORE NON-CONTROLLING INTEREST | (75,043) | 567,727 | ||||||
LESS: NET INCOME ATTRIBUTABLE TO THE NON-CONTROLLING INTEREST | 259,630 | 255,577 | ||||||
NET (LOSS) INCOME ATTRIBUTABLE TO REMEDENT, INC. Common Stockholders | $ | (334,673) | $ | 312,150 | ||||
(LOSS) INCOME PER SHARE | ||||||||
Basic | $ | (0.02) | $ | 0.02 | ||||
Fully diluted | $ | (0.02) | $ | 0.01 | ||||
WEIGHTED AVERAGE SHARES OUTSTANDING | ||||||||
Basic | 19,995,969 | 19,995,969 | ||||||
Fully diluted | 19,995,969 | 21,160,969 | ||||||
REMEDENT, INC. AND SUBSIDIARIES | |||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||
(Unaudited) | |||||||
For the three months ended June 30, |
|||||||
2011 | 2010 | ||||||
Net Income(Loss) Attributable to Remedent Common Stockholders | $ | (334,673) | $ | 312,150 | |||
OTHER COMPREHENSIVE | |||||||
INCOME (LOSS): | |||||||
Foreign currency translation adjustment | 57,279 | (177,648 | ) | ||||
TOTAL OTHER COMPREHENSIVE (LOSS) INCOME | (277,934) | 134,502 | |||||
LESS: COMPREHENSIVE LOSS ATTRIBUTABLE TO NON-CONTROLLING INTEREST | -- | (15,865 | ) | ||||
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO REMEDENT Common Stockholders | $ | (277,934) | $ | 150,367 | |||
REMEDENT, INC. AND SUBSIDIARIES | |||||||
CONSOLIDATED BALANCE SHEETS | |||||||
June 30, 2011 | March 31, 2011 | ||||||
ASSETS | (unaudited) | ||||||
CURRENT ASSETS: | |||||||
Cash and cash equivalents | $ | 2,975,682 | $ | 1,662,520 | |||
Accounts receivable, net of allowance for doubtful accounts of $29,719 at June 30, 2011 and $28,975 at March 31, 2011 | 2,092,397 | 2,764,651 | |||||
Inventories, net | 2,294,648 | 2,164,046 | |||||
Prepaid expense | 874,546 | 762,953 | |||||
Total current assets | 8,237,273 | 7,354,170 | |||||
PROPERTY AND EQUIPMENT, NET | 1,263,851 | 1,401,735 | |||||
OTHER ASSETS | |||||||
Patents, net | 242,299 | 166,746 | |||||
Goodwill | 699,635 | 699,635 | |||||
Total assets | $ | 10,443,058 | $ | 9,622,286 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | |||||||
CURRENT LIABILITIES: | |||||||
Current portion, long term debt | $ | 137,841 | $ | 184,679 | |||
Line of Credit | 2,304,115 | 2,160,674 | |||||
Short term loan | 441,702 | 400,000 | |||||
Accounts payable | 1,831,486 | 1,744,253 | |||||
Accrued liabilities | 951,472 | 1,256,148 | |||||
Deferred revenue | 475,250 | 475,250 | |||||
Due to related parties | -- | 95,354 | |||||
Total current liabilities | 6,141,866 | 6,316,358 | |||||
Long term debt less current portion | 1,273,557 | 273,557 | |||||
Total liabilities | 7,415,423 | 6,589,915 | |||||
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, 2011 and March 31, 2011 respectively) | 19,996 | 19,996 | |||||
Treasury stock, at cost; 723,000 shares outstanding at June 30, 2011 and March 31, 2011 respectively | (831,450 | ) | (831,450 | ) | |||
Additional paid-in capital | 24,868,908 | 24,855,883 | |||||
Accumulated deficit | (21,447,788 | ) | (21,113,118 | ) | |||
Accumulated other comprehensive income (loss) (foreign currency translation adjustment) | (777,670 | ) | (834,949 | ) | |||
Obligation to issue shares | 97,500 | 97,500 | |||||
Total Remedent, Inc. stockholders' equity | 1,929,496 | 2,193,862 | |||||
Non-controlling interest | 1,098,139 | 838,509 | |||||
Total stockholders' equity | 3,027,635 | 3,032,371 | |||||
Total liabilities and equity | $ | 10,443,058 | $ | 9,622,286 | |||
Contact Information:
CONTACT:
Stephen Ross
310 922 5685
docktor99@aol.com