BOCA RATON, Fla., March 15 /PRNewswire-FirstCall/ -- Nabi Biopharmaceuticals announced the filing of its Annual Report on Form 10-K for the fiscal year ended December 30, 2006 and re-released its 2006 fourth quarter and full-year financial results, correcting errors which appeared in its March 12, 2006 release originally announcing those results. These errors, which are corrected in the attached financial tables, primarily involved the allocation of the income tax provision for the fourth quarter of 2005 between continuing and discontinued operations, a correction to the fourth quarter 2006 basic and diluted loss per share from $0.07 to $0.06 with a corresponding correction to increase the income from discontinued operations from $0.06 to $0.07 per basic and diluted share, and certain other reclassifications. These corrections and reclassifications had no effect on the previously published full-year 2006 or 2005 results.
About Nabi Biopharmaceuticals
Nabi Biopharmaceuticals leverages its experience and knowledge in powering the immune system to develop and market products that fight serious medical conditions. The company has two products on the market today: Nabi-HB(R) [Hepatitis B Immune Globulin (Human)], and Aloprim(TM) (allopurinol sodium) for Injection. Nabi Biopharmaceuticals is focused on developing products that address unmet medical needs and offer commercial opportunities in our core business areas: Hepatitis and transplant, Gram-positive bacterial infections and nicotine addiction. For a complete list of pipeline products, please go to: http://www.nabi.com/pipeline/index.php. The company is headquartered in Boca Raton, Florida. For additional information about Nabi Biopharmaceuticals, please visit our website: http://www.nabi.com.
Nabi Biopharmaceuticals CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, amounts in thousands, except per share data) For the For the Three Months Ended Twelve Months Ended December 30, December 31, December 30, December 31, 2006 2005 2006 2005 Revenues $30,343 $26,770 $89,868 $94,149 Costs and expenses: Costs of products sold, excluding amortization of intangible assets 18,096 22,099 61,177 63,642 Royalty expense 510 484 1,535 3,623 Gross margin, excluding amortization of intangible assets 11,737 4,187 27,156 26,884 Selling, general and administrative expense 10,108 11,824 43,076 51,693 Research and development expense 9,671 13,234 37,572 60,906 Amortization of intangible assets 69 131 273 676 Other operating expense, principally freight 98 76 495 348 Impairment of vaccine manufacturing facility - 19,842 - 19,842 Write-off of manufacturing right - 2,684 - 2,684 Operating loss (8,209) (43,604) (54,260) (109,265) Interest income 1,232 1,350 4,148 4,094 Interest expense (928) (1,043) (3,724) (2,523) Other expense, net (367) (372) (38) (483) Loss from continuing operations before benefit (provision) for income taxes (8,272) (43,669) (53,874) (108,177) Benefit (provision) for income taxes 10 (15,725) 162 2,610 Loss from continuing operations (8,262) (59,394) (53,712) (105,567) Discontinued operations Income (loss) from discontinued operations 4,283 (11,824) (4,991) (21,180) Provision for income taxes (10) (4,361) - (1,702) Income (loss) from discontinued operations 4,273 (16,185) (4,991) (22,882) Net loss $(3,989) $(75,579) $(58,703) $(128,449) Basic and diluted loss per share Continuing operations $(0.13) $ (0.99) $ (0.88) $(1.76) Discontinued operations 0.07 (0.26) (0.08) (0.39) Basic and diluted loss per share $(0.06) $ (1.25) $ (0.96) $(2.15) Basic and diluted weighted average shares outstanding 61,473 60,231 60,936 59,862 SUPPLEMENTAL INFORMATION: Sales by Operating Segment Biopharmaceutical Products $16,644 $11,367 $40,093 $48,231 Antibody Products: Specialty antibodies 7,019 8,815 26,945 22,936 Non-specific antibodies 6,680 6,588 22,830 22,982 Total antibodies 13,699 15,403 49,775 45,918 Total $30,343 $26,770 $89,868 $94,149 Nabi Biopharmaceuticals CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited, amounts in thousands) December 30, December 31, 2006 2005 Cash and cash equivalents $86,227 $101,762 Marketable securities 32,500 5,172 Restricted cash 805 816 Trade accounts receivable, net 20,377 19,688 Inventories, net 19,260 20,500 Prepaid expenses and other current assets 2,654 3,449 Current assets of discontinued operations 13,341 81,215 Property, plant and equipment, net 88,329 93,865 Intangible assets, net 1,683 1,955 Other assets, net 701 914 Total assets $265,877 $329,336 Trade accounts payable and accrued expenses $24,384 $30,075 Current liabilities of discontinued operations 20,554 16,966 2.875% convertible senior notes, net 109,313 109,145 Non-current liabilities of discontinued operations - 10,707 Other liabilities 238 616 Stockholders’ equity 111,388 161,827 Total liabilities and stockholders’ equity $265,877 $329,336
Capital expenditures were $2.6 million and $8.5 million for the years ended December 30, 2006 and December 31, 2005, respectively.
Depreciation and amortization expenses from continuing operations were $7.9 million and $10.7 million for years ended December 30, 2006 and December 31, 2005, respectively.
The condensed consolidated balance sheets have been derived from the audited balance sheets. Certain items in the 2005 condensed consolidated financial statements have been reclassified to conform to the current year’s presentation.
Nabi Biopharmaceuticals
CONTACT: Thomas E. Rathjen, Vice President, Investor Relations of NabiBiopharmaceuticals, +1-561-989-5800
Web site: http://www.nabi.com/