FAIRFIELD, N.J., June 23 /PRNewswire-FirstCall/ -- BRADLEY PHARMACEUTICALS, INC. announced today that it has filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q for the Quarter Ended March 31, 2006.
In the Form 10-Q, Bradley reported Net Sales for the Quarter Ended March 31, 2006 reached approximately $34.8 million, an increase of approximately $1.6 million, or 5%, over the Quarter Ended March 31, 2005 Net Sales. Also reported was a net loss for the Quarter Ended March 31, 2006 amounting to ($352,642), or a loss of ($0.02) per share on a fully diluted basis, based upon approximately 16.4 million shares outstanding for the Quarter Ended March 31, 2006, as compared to earnings of $0.13 per share on a fully diluted basis, based upon approximately 18.2 million shares outstanding for the Quarter Ended March 31, 2005. This net loss includes a non-refundable payment, included in research and development expense, of $5.0 million ($2.9 million after tax or $0.18 per share) under the Collaboration and License Agreement with MediGene AG and a non-cash, share-based compensation charge of $927,000 ($824,000 after tax or $0.05 per share) related to the Company’s adoption, on January 1, 2006, of Statement of Financial Accounting Standards 123R, “Share-based Payments.”
For the three months ended March 31, 2006, Doak Dermatologics’ Net Sales, which includes Bioglan Pharmaceuticals, were $29,403,000, representing an increase of $1,929,000, or approximately 7%, from $27,473,000 for the three months ended March 31, 2005.
For the three months ended March 31, 2006, Kenwood Therapeutics’ Net Sales were $5,351,000, representing a decrease of $379,000, or approximately 7%, from $5,729,000 for the three months ended March 31, 2005.
For more detailed information, please see Bradley’s filings, including its recently filed Quarterly Report on Form 10-Q for the Quarter Ended March 31, 2006, by visiting www.bradpharm.com and clicking on the Investor Relations link, then on SEC Filings.
Bradley Pharmaceuticals, Inc. was founded in 1985 as a specialty pharmaceutical company and markets to niche physician specialties in the U.S. and 38 international markets. Bradley’s success is based on the strategy of Acquire, Enhance and Grow. Bradley Acquires non-strategic brands, Enhances these brands with line extensions and improved formulations and Grows the products through promotion, advertising and selling activities to optimize life cycle management. Bradley Pharmaceuticals is comprised of Doak Dermatologics, specializing in topical therapies for dermatology and podiatry; Kenwood Therapeutics, providing gastroenterology, respiratory and other internal medicine brands; and A. Aarons, which markets authorized generic versions of Doak and Kenwood therapies.
Important announcement:
July 26 - 30, 2006 - Doak Dermatologics will be exhibiting at the Summer Meeting of the American Academy of Dermatology, held in San Diego, CA.
August 7 - 10, 2006 - Doak Dermatologics will be exhibiting at the American Podiatric Medical Association, held in Las Vegas, NV.
Please visit Bradley Pharmaceuticals web site at: http://www.bradpharm.com
Bradley Pharmaceuticals common stock is listed on the NYSE under the symbol BDY.
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward- looking statements include statements that address activities, events or developments that Bradley expects, believes or anticipates will or may occur in the future, such as sales and earnings estimates, other predictions of financial performance, timing of payments on indebtedness, timing of our filings with the SEC, launches by Bradley of new products and market acceptance of Bradley’s products. Forward-looking statements are based on Bradley’s experience and perception of current conditions, trends, expected future developments and other factors it believes are appropriate under the circumstances and are subject to numerous risks and uncertainties, many of which are beyond Bradley’s control. These risks and uncertainties include Bradley’s ability to estimate sales; ability to comply with the restrictive covenants under its credit facility; ability to refinance its credit facility, if necessary; ability to access the capital markets on attractive terms or at all; ability to favorably resolve the pending SEC informal inquiry and file required financial statements with the SEC in a timely manner; remediate its material weaknesses in its internal controls; maintain sales of its products; successfully acquire, develop, integrate, or sell new products, including POLYPHENON(R) E Ointment when and if approved by the FDA; or effectively react to other risks and uncertainties described from time to time in Bradley’s SEC filings, such as fluctuation of quarterly financial results, estimation of product returns, chargebacks, rebates and allowances, concentration of customers, reliance on third party manufacturers and suppliers, litigation or other proceedings (including the pending class action, shareholder derivative lawsuits and controversies or proceedings arising out of proposed shareholder initiatives), government regulation and stock price volatility. Further, Bradley cannot accurately predict the impact on its business of the approval, introduction, or expansion by competitors of generic or therapeutically equivalent or comparable versions of Bradley’s products or of any other competing products. In addition, actual results may differ materially from those projected. Bradley undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
Bradley Pharmaceuticals, Inc.
CONTACT: Anthony Griffo, Investor Relations, Bradley Pharmaceuticals,Inc., +1-973-882-1505, ext. 313
Web site: http://www.bradpharm.com/
