LAKE OSWEGO, Ore., May 16 /PRNewswire-FirstCall/ -- Calypte Biomedical Corporation today announced its financial results for the quarter ended March 31, 2006.
For the quarter ended March 31, 2006, Calypte recorded revenues of $91,000, compared with revenue of $39,000 in the first quarter in 2005. The net loss for the first quarter of 2006 was approximately $3.4 million or $0.018 per common share compared with a net loss of $3.3 million or $0.019 per common share for the three months ended March 31, 2005. Net loss for the quarter includes non-cash interest expense of $1.7 million in 2006 and $0.2 million in 2005.
Calypte’s urine EIA, serum Western Blot and urine Western Blot HIV-1 in vitro diagnostic test business (the “Legacy Business”) has been treated as a “discontinued operation” for financial reporting purposes. The 2005 revenues reported above exclude the sales from the Legacy Business. The 2005 net loss reported above, however, includes losses of $0.9 million attributable to the Legacy Business. There were no revenues or costs associated with the Legacy Business in 2006.
Roger I. Gale, Chairman and newly-appointed Chief Executive Officer, and Calypte’s management will host a conference call on Thursday, May 18, 2006 at 4:30 PM Eastern Time to discuss the Company’s first quarter financial results and current operations.
The call can be accessed in the U.S. by dialing 800-599-9816 and outside of the U.S. by dialing 617-847-8705. The participant pass code is 35249624. The conference call will also be Web cast live at http://www.calypte.com. An audio replay of the call will be available for 30 days, beginning approximately 1 hour after the conference call ends, by dialing 888-286-8010 in the U.S., or 617-801-6888 from outside of the U.S. The account code for the playback is 60707345. The Web cast will also be available for replay on the company’s website.
About Calypte Biomedical:
Calypte Biomedical Corporation is a U.S.-based healthcare company focused on the development and commercialization of diagnostic testing products for the detection of sexually transmitted diseases such as the HIV-1 BED Incidence EIA and new diagnostic test products for the rapid detection of HIV and other sexually transmitted diseases, several of which do not require blood samples. Calypte believes there is a significant need for rapid detection of such diseases globally to control their proliferation, particularly in developing countries, which lack the medical infrastructure to support laboratory-based testing. Calypte believes that testing for HIV and other sexually transmitted infectious diseases may make important contributions to public health, and could increase the likelihood of treating those with undetected HIV and other sexually transmitted diseases.
Statements in this press release that are not historical facts are forward-looking statements within the meaning of the Securities Act of 1933, as amended. Those statements include statements regarding the intent, belief or current expectations of the Company and its management. Such statements reflect management’s current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to, the Company’s ability to obtain additional financing, if and as needed, and access funds from its existing financing arrangements that will allow it to continue its current and future operations and whether demand for its test products in domestic and international markets will generate sufficient revenues to achieve positive cash flow and profitability. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the Company’s expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Factors that may impact the Company’s success are more fully disclosed in the Company’s most recent public filings with the U.S. Securities and Exchange Commission (“SEC”), including its annual report on Form 10-KSB for the year ended December 31, 2005 and its subsequent filings with the SEC.
CALYPTE BIOMEDICAL CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) Unaudited Three Months Ended March 31, 2006 2005 Revenues: Product sales $91 $39 Other - - Total revenues 91 39 Cost of product sales 60 10 Gross Margin on product sales 31 29 Other operating expenses: Research and development costs 523 762 Selling, general and administrative costs (non-cash of $288 and $540 in 2006 and 2005, respectively) 1,290 1,414 Total other operating expenses 1,813 2,176 Loss from operations (1,782) (2,147) Interest expense, net (non-cash of $1,733 and $220 in 2006 and 2005, respectively) (1,796) (260) Other income (expense) 20 (27) Minority interest in losses of consolidated joint ventures 153 - Loss from continuing operations before income taxes (3,405) (2,434) Income taxes (2) - Net loss from continuing operations (3,407) (2,434) Discontinued operations Loss from discontinued operations, net of income taxes - (884) Net Loss $(3,407) $(3,318) Net loss per share from continuing operations (basic and diluted) $(0.018) $(0.014) Net loss per share (basic and diluted) $(0.018) $(0.019) Weighted average shares used to compute net loss per share (basic and diluted) 184,073 171,102 CALYPTE BIOMEDICAL CORPORATION AND SUBSIDIARY CONSOLIDATED BALANCE SHEET DATA (in thousands) Unaudited March 31, December 31, 2006 2005 Cash and cash equivalents $239 $492 Working capital (4,894) (3,034) Total Assets 8,231 5,590 Convertible debentures, net of discount - current portion 60 60 Long term liabilities, including mandatorily redeemable Series A preferred stock 9,830 8,157 Total stockholders’ deficit (7,551) (7,151) Company Contact: Theodore R Gwin, Chief Financial Officer (971) 204-0282 email: tgwin@calypte.com Investor Relations Contact: Tim Clemensen, Rubenstein Investor Relations Phone: (212) 843-9337 email: tclemensen@rubensteinir.com
Calypte Biomedical Corporation
CONTACT: Theodore R Gwin, Chief Financial Officer of Calypte BiomedicalCorporation, +1-971-204-0282, tgwin@calypte.com; or Investor Relations: TimClemensen of Rubenstein Investor Relations, +1-212-843-9337,tclemensen@rubensteinir.com
Web site: http://www.calypte.com/
