LAKE OSWEGO, Ore., April 4 /PRNewswire-FirstCall/ -- Calypte Biomedical Corporation , medical diagnostic tests manufacturer for the rapid detection of antibodies to the human immunodeficiency virus (HIV) announced today announces its financial results for the fourth quarter and year ended December 31, 2006.
For the fourth quarter ended December 31, 2006, Calypte recorded revenues of $339,000, compared with $133,000 in the fourth quarter of 2005. The net loss for the quarter was approximately $2.4 million, or $0.01 per common share, in 2006 compared with a net loss of $754,000, or $0.004 per common share in 2005. Net loss for the quarter includes non-cash interest expense of $1.1 million in 2006 and non-cash interest income of $1.2 million and expense of discontinued operations of $0.8 million in 2005.
For the year ended December 31, 2006, Calypte reported revenues of $547,000, compared with $427,000 in 2005. The net loss for 2006 was $13.8 million, or $0.07 per common share, compared with a net loss of $8.8 million, or $0.05 per common share, for 2005. The net loss for 2006 includes non-cash interest expense of $8.2 million and for 2005 non-cash interest income of $2.0 million and $3.1 million expense from discontinued operations of 2005.
As noted in the Company’s March 29, 2007 announcement regarding its completion of a $5.2 million PIPE transaction, Calypte management will host a conference call tomorrow, Thursday, April 5, 2007, at 4:30 PM Eastern Time to discuss the Company’s fourth quarter and year end financial results as well as provide an operations update.
The call can be accessed in the U.S. by dialing 866-383-8009 and outside of the U.S. by dialing 617-597-5342. The participant pass code is 30686533. The conference call will also be Web cast live at www.calypte.com. An audio replay of the call will be available through April 30, 2007, 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 pass code for the playback is 78389377. The web cast will also be available for replay on the company’s website.
About Calypte Biomedical:
Calypte Biomedical Corporation (www.calypte.com) is a U.S.-based healthcare company focused on the development and commercialization of rapid testing products for sexually transmitted diseases such as the Aware(TM) HIV- 1/2 OMT test that are suitable for use at the point of care and at home. 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, 2006 and its subsequent filings with the SEC.
Company Contact: Richard Brounstein, Executive Vice President (971) 204-0282 email: rbrounstein@calypte.com Investor Relations Contact: Tim Clemensen, Rubenstein Investor Relations Phone: (212) 843-9337 email: tclemensen@rubensteinir.com CALYPTE BIOMEDICAL CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) Quarter Ended Year Ended December 31, December 31, 2006 2005 2006 2005 Revenues: Product sales $339 $133 $547 $427 Operating costs and expenses: Cost of product sales 198 38 395 133 Research and development expenses 448 334 1,700 2,211 Selling, general and administrative expenses (non-cash of $96 and $606 for the three months and twelve months ended December 31, 2006, respectively, and non-cash of $86 and $473 for the three months and twelve months ended December 31, 2005, respectively) 1,129 808 4,322 5,363 Total operating expenses 1,775 1,180 6,417 7,707 Loss from operations (1,436) (1,047) (5,870) (7,280) Interest income (expense), net (non-cash expense of $(1,074) and $(8,219) for the three months and twelve months ended December 31, 2006, respectively, and non-cash income of $1,223 and $2,036 for the three months and twelve months ended December 30, 2005, respectively) (1,136) 1,201 (8,500) 1,952 Minority interest in losses of consolidated joint ventures 186 - 517 - Other income (expense), net 20 (128) 105 (335) Income (loss) from continuing operations before income taxes (2,366) 26 (13,748) (5,663) Income taxes - - (2) (2) Net income (loss) from continuing operations (2,366) 26 (13,750) (5,665) Discontinued operations Loss from operations of legacy business, net of income taxes - (780) - (3,098) Net Loss $(2,366) $(754) $(13,750) $(8,763) Net income (loss) per share from continuing operations (basic and diluted) $(0.01) $0.00 $(0.07) $(0.03) Net loss per share (basic and diluted) $(0.01) $(0.00) $(0.07) $(0.05) Weighted average shares used to compute net loss per share (basic and diluted) 221,046 181,010 202,783 175,842 CALYPTE BIOMEDICAL CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET DATA (in thousands) December 31, 2006 2005 Cash and cash equivalents $372 $492 Working Capital (4,828) (3,034) Total Assets 8,018 5,590 Long-term liabilities, including mandatorily redeemable Series A preferred stock 11,618 8,157 Total stockholders’ deficit (9,398) (7,151)
Calypte Biomedical Corporation
CONTACT: Richard Brounstein, Executive Vice President of CalypteBiomedical Corporation, +1-971-204-0282, or rbrounstein@calypte.com, orInvestors, Tim Clemensen, of Rubenstein Investor Relations,+1-212-843-9337, or tclemensen@rubensteinir.com
Web site: http://www.calypte.com//
