PORT HUENEME, CA--(Marketwired - Feb 9, 2015) - Stellar Biotechnologies, Inc. ("Stellar" or "the Company") (
"Our first quarter results demonstrate the positive impact of Stellar's sustained efforts on the commercial growth of our core KLH business," said Frank Oakes, President and Chief Executive Officer of Stellar Biotechnologies. "The increase in product sales, together with careful management of resources and projects, contributed to Stellar's continued strong financial position."
First Quarter Ended December 31, 2014 Results:
Change in Fiscal Year End:
In June 2014, Stellar's Board of Directors approved a change in the Company's fiscal year end from August 31 to September 30 of each year. As a result of the change, the Company had a one month transition period in September 2014. The unaudited results for the one month ended September 30, 2014 were included in this first quarter report.
"This change synchronizes the Company's annual and quarterly filings with calendar quarters, thereby providing shareholders with more practical reporting and improving the efficiency of the Company's operational reconciliations. This is part of our continued maturation as a public company and our commitment to increase transparency and strengthen the Company's financial reporting," stated Mr. Oakes.
Stellar Biotechnologies anticipates filing its Form 10-Q for the period ending December 31, 2014 with the Securities and Exchange Commission ("SEC") on Monday, February 9, 2015. To view the Company's filings under Form 20-F, Form 10-K, 10-Q and 8-K, please visit the U.S. SEC website (www.sec.gov). To view the Company's filings with the Canadian Securities Administrators ("CSA"), including the Management Discussion and Analysis and related consolidated financial statements, please visit the CSA's SEDAR website (www.sedar.com).
About Stellar Biotechnologies, Inc.
Stellar Biotechnologies, Inc. (
Visit www.stellarbiotech.com and the KLH knowledge base www.klhsite.org.
Forward Looking Statements
This press release may contain 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. Forward-looking statements may be identified by the use of words such as "anticipate," "believe," "plan," "estimate," "expect," "intend," "may," "will," "would," "could," "should," "might," "potential," or "continue" and variations or similar expressions. Readers should not unduly rely on these forward-looking statements, which are not a guarantee of future performance. There can be no assurance that forward-looking statements will prove to be accurate, as all such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results or future events to differ materially from the forward-looking statements. Such risks include, but may not be limited to: general economic and business conditions; technology changes; competition; changes in strategy or development plans; governmental regulations and the ability or failure to comply with governmental regulations; the timing of anticipated results; and other factors referenced in the Company's filings with securities regulators. For a discussion of further risks and uncertainties related to the Company's business, please refer to the Company's public company reports filed with the TSX Venture Exchange and the U.S. Securities and Exchange Commission. All forward-looking statements are made as of the date hereof and are subject to change. Except as required by law, the Company assumes no obligation to update such statements. This press release does not constitute an offer or solicitation of an offer for sale of any securities in any jurisdiction, including the United States. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the information contained in this press release.
Condensed Interim Consolidated Balance Sheets | |||||||||||
(Expressed in U.S. Dollars) | |||||||||||
December 31, | September 30, | August 31, | |||||||||
2014 | 2014 | 2014 | |||||||||
Assets: | |||||||||||
Cash and cash equivalents | $ | 12,763,533 | $ | 13,769,953 | $ | 13,427,404 | |||||
Other current assets | 256,706 | 653,522 | 643,266 | ||||||||
Noncurrent assets | 405,554 | 404,240 | 403,292 | ||||||||
Total Assets | $ | 13,425,793 | $ | 14,827,715 | $ | 14,473,962 | |||||
Liabilities and Shareholders' Equity | |||||||||||
Accounts payable, accrued liabilities and deferred revenue | $ | 637,241 | $ | 671,714 | $ | 541,626 | |||||
Warrant liability, including current portion | 3,551,710 | 3,691,266 | 6,231,703 | ||||||||
Shareholders' equity | 9,236,842 | 10,464,735 | 7,700,633 | ||||||||
Total Liabilities and Shareholders' Equity | $ | 13,425,793 | $ | 14,827,715 | $ | 14,473,962 | |||||
Condensed Interim Consolidated Statements of Operations | ||||||||||||||
(Expressed in U.S. Dollars) | ||||||||||||||
Three Months Ended | One Month Ended | |||||||||||||
December 31, | December 31, | September 30, | ||||||||||||
2014 | 2013 | 2014 | ||||||||||||
Revenues: | ||||||||||||||
Contract services revenue | $ | 60,000 | $ | 15,000 | $ | 20,000 | ||||||||
Product sales | 152,661 | 16,085 | 32,786 | |||||||||||
Grant revenue | - | 27,740 | - | |||||||||||
Total Revenues | 212,661 | 58,825 | 52,786 | |||||||||||
Expenses: | ||||||||||||||
Costs of revenues | 177,101 | 185,077 | 33,699 | |||||||||||
Research and development | 418,821 | 548,225 | 178,280 | |||||||||||
General and administration | 942,153 | 1,021,130 | 293,130 | |||||||||||
Total Expenses | 1,538,075 | 1,754,432 | 505,109 | |||||||||||
Other Income (Loss): | ||||||||||||||
Foreign exchange gain (loss) | (161,112 | ) | (16,508 | ) | (97,866 | ) | ||||||||
Increase (decrease) in fair value of warrant liability | 139,556 | (3,880,195 | ) | 1,680,040 | ||||||||||
Other income | 13,293 | 15,920 | 1,853 | |||||||||||
Income tax expense | 9,800 | 800 | 3,800 | |||||||||||
Net Income (Loss) | $ | (1,343,477 | ) | $ | (5,577,190 | ) | $ | 1,127,904 | ||||||
Income (loss) per common share - basic | $ | (0.02 | ) | $ | (0.08 | ) | $ | 0.01 | ||||||
Income (loss) per common share - diluted | $ | (0.02 | ) | $ | (0.08 | ) | $ | 0.01 | ||||||
Weighted average number of common shares outstanding - basic | 79,461,013 | 73,978,736 | 78,675,750 | |||||||||||
Weighted average number of common shares outstanding - diluted | 79,461,013 | 73,978,736 | 87,140,449 | |||||||||||
Condensed Interim Consolidated Statements of Cash Flows | ||||||||||||||
(Expressed in U.S. Dollars) | ||||||||||||||
Three Months Ended | One Month Ended | |||||||||||||
December 31, | December 31, | September 30, | ||||||||||||
2014 | 2013 | 2014 | ||||||||||||
Cash Flows Used In Operating Activities: | ||||||||||||||
Net loss | $ | (1,343,477 | ) | $ | (5,577,190 | ) | $ | 1,127,904 | ||||||
Items not affecting cash: | ||||||||||||||
Depreciation and amortization | 37,535 | 31,811 | 12,529 | |||||||||||
Share-based payments | 86,865 | 468,717 | 36,509 | |||||||||||
Foreign exchange (gain) loss | 161,112 | 16,508 | 97,866 | |||||||||||
Change in fair value of warrant liability | (139,556 | ) | 3,880,195 | (1,680,040 | ) | |||||||||
Changes in working capital items | (88,023 | ) | 93,071 | 108,540 | ||||||||||
Net cash used in operating activities | (1,285,544 | ) | (1,086,888 | ) | (296,692 | ) | ||||||||
Net cash provided by (used in) investing activities | 404,062 | (209,129 | ) | (15,968 | ) | |||||||||
Net cash provided by financing activities | 28,719 | 2,557,714 | 739,292 | |||||||||||
Effect of exchange rate changes on cash and cash equivalents | (153,657 | ) | (14,165 | ) | (84,083 | ) | ||||||||
Net change in cash and cash equivalents | (1,006,420 | ) | 1,247,532 | 342,549 | ||||||||||
Cash and cash equivalents - beginning of period | 13,769,953 | 15,478,038 | 13,427,404 | |||||||||||
Cash and cash equivalents - end of period | $ | 12,763,533 | $ | 16,725,570 | $ | 13,769,953 | ||||||||