Revenue of $1.1 million compared to $1.3 million
| NEWARK, N.J., June 11, 2018 /PRNewswire/ -- Rafael Holdings, Inc., (NYSE American: RFL), reported revenue of $1.1 million and a loss per share of $0.04 for the third quarter of its 2018 fiscal year. Financial Highlights
Remarks by Howard Jonas, Chairman and CEO of Rafael Holdings “With a successful spin-off in our rear-view mirror, we are focused on both of our operating segments to maximize value for our stockholders. “On the real estate side, we are working to optimize our property portfolio. In Newark, New Jersey, where we hold a 20-story commercial property and an associated garage property, we are seeking experienced real estate development partners to take full advantage of the buoyant local market. “On the pharma side of our business, we are encouraged by Rafael Pharmaceuticals’ recently reported results from its Phase II clinical trial of its lead drug, CPI-613 in Acute Myeloid leukemia (AML) and look forward to its planned launch of its global, randomized Phase III trials of CPI-613 for patients with Stage IV metastatic pancreatic cancer and relapsed/refractory AML.” “LipoMedix is making good progress on the development and study of its flagship prodrug, Promitil and was recently awarded a patent for the use of Promitil in conjunction with radiotherapy.” About Rafael Holdings, Inc.:
RAFAEL HOLDINGS, INC. CONSOLIDATED AND COMBINED BALANCE SHEETS April 30, July 31, 2018 2017 ---- ---- (Unaudited) (in thousands) Assets Current assets: Cash and cash equivalents $10,605 $11,756 Trade accounts receivable, net of allowance for 406 264 doubtful accounts of $82 at April 30, 2018 and July 31, 2017 Marketable securities 30,942 - Due from Rafael Pharmaceuticals 1,600 - Prepaid expenses and other current assets 645 147 --- --- Total current assets 44,198 12,167 Property and equipment, net 50,554 51,160 Investments - Rafael Pharmaceuticals 11,700 13,478 Investments - Other 5,949 - Deferred income tax assets, net 8 8,859 Patents 180 - In-process research and development 1,575 - Other assets 920 540 --- --- Total assets $115,084 $86,204 ======== ======= Liabilities and equity Current liabilities: Trade accounts payable $362 $115 Accrued expenses 296 213 Other current liabilities 27 35 --- --- Total current liabilities 685 363 (Due from) due to related parties (621) 23,693 Other liabilities 70 70 --- --- Total liabilities 134 24,126 Commitments and contingencies Equity: Rafael Holdings, Inc. stockholders'/members’ equity: Group equity - 50,427 Class A common stock, $0.01 par value; authorized shares 8 - - 50,000,000; 787,163 and nil shares issued and outstanding as of April 30, 2018 and July 31, 2017, respectively Class B common stock, $0.01 par value; authorized shares 118 - - 200,000,000; 11,754,835 and nil shares issued and outstanding as of April 30, 2018 and July 31, 2017, respectively Additional paid in capital 103,509 - Accumulated deficit (192) - Accumulated other comprehensive income 1,998 2,316 ----- ----- Total Rafael Holdings, Inc. stockholders'/members’ equity 105,441 52,743 Noncontrolling interests 9,509 9,335 ----- ----- Total equity 114,950 62,078 ------- ------ Total liabilities and equity $115,084 $86,204 ======== ======= See accompanying notes to consolidated and combined financial statements.
RAFAEL HOLDINGS, INC. CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended Nine Months Ended April 30, April 30, --------- --------- 2018 2017 2018 2017 ---- ---- ---- ---- (in thousands, except per share data) Revenues: Rental - Third Party $400 $219 $1,085 $661 Rental - Related Party 447 854 1,442 2,680 Parking 246 209 630 677 --- --- --- --- Total revenues 1,093 1,282 3,157 4,018 Costs and expenses: Selling, general and administrative 1,402 1,035 4,481 2,667 Depreciation and amortization 422 411 1,276 1,233 --- --- ----- ----- (Loss) income from operations (731) (164) (2,600) 118 Interest income (71) (1) (75) (8) Net losses (gains) resulting from foreign exchange transactions 28 (136) (90) (167) Net gains on sales of marketable securities (24) - (24) (167) Net loss on equity investments - - 104 - Gain on disposal of bonus shares - - (246) - --- --- ---- --- (Loss) income before income taxes (664) (27) (2,269) 293 (Benefit from) provision for income taxes (5) 38 8,438 68 --- --- ----- --- Net (loss) income (659) (65) (10,707) 225 Net loss attributable to noncontrolling interests 128 - 304 - --- --- --- --- Net (loss) income attributable to Rafael Holdings, Inc $(531) $(65) $(10,403) $225 ===== ==== ======== ==== (Loss) earnings per share attributable to Rafael Holdings, Inc. common stockholders: Basic $(0.04) $(0.01) $(0.83) $0.02 ------ ------ ------ ----- Diluted $(0.04) $(0.01) $(0.83) $0.02 ------ ------ ------ ----- Weighted average number of shares used in calculation of (loss) earnings per share: Basic 12,542 12,542 12,542 12,542 ------ ------ ------ ------ Diluted 12,542 12,542 12,542 12,542 ------ ------ ------ ------ See accompanying notes to consolidated and combined financial statements.
RAFAEL HOLDINGS, INC. CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS (Unaudited) Nine Months Ended April 30, 2018 2017 ---- ---- (in thousands) Operating activities Net (loss) income $(10,403) $225 Adjustments to reconcile net (loss) income to net cash used in operating activities: Depreciation and amortization 1,276 1,256 Deferred income taxes 8,851 (72) Realized gain on disposal of bonus shares (246) - Realized gain on marketable securities (24) - Non-cash compensation 616 - Interest in the equity of investments (80) - Change in assets and liabilities: Accounts and rents receivable (142) (40) Other current assets and prepaid expenses (392) (117) Other assets (355) (298) Accounts payable and accrued expenses 223 155 Other current liabilities (8) (7) Due from related parties (386) (1,758) Other liabilities - 178 --- --- Net cash used in operating activities (1,070) (478) Investing activities Purchases of property and equipment (572) (1,590) Proceeds from sale and maturity of marketable securities 436 - Purchase of investments - (8,300) --- ------ Net cash used in investing activities (136) (9,890) Financing activities Proceeds from sale of member interests in CS Pharma Holdings, LLC - 10,000 Cash advances from related parties, net of repayments - 9,767 --- ----- Net cash used in financing activities - 19,767 Effect of exchange rate changes on cash and cash equivalents 55 (9) --- --- Net (decrease) increase in cash and cash equivalents (1,151) 9,390 Cash and cash equivalents at beginning of period 11,756 2,339 ------ ----- Cash and cash equivalents at end of period $10,605 $11,729 ======= ======= Supplemental Schedule of Non-Cash Financing and Investing Activities Cash payments made for taxes $ - $ - ===================== ================== Cash payments made for interest $ - $ - ===================== ==================
View original content with multimedia:http://www.prnewswire.com/news-releases/rafael-holdings-reports-third-quarter-fiscal-year-2018-results-300663845.html SOURCE Rafael Holdings, Inc. | ||
Company Codes: AMEX:RFL |
