GHENT, BELGIUM--(Marketwire - August 15, 2011) - Remedent, Inc. (OTCBB: REMI), an international company specializing in research, development, and manufacturing of oral care and cosmetic dentistry products, reported results for the first quarter ended June 30, 2011 (in US Dollars).
Net sales for the three months ended June 30, 2011 decreased 13% to $3 million compared to $3.4 million for the same year ago quarter. Net loss for the three months ended June 30, 2011 prior to taxes and non-controlling interests was $75k compared to net profit of $567k for the same year ago quarter.
Cash and cash equivalents totaled approximately $3 million at June 30, 2011 compared to $1.6 million reported at March 31, 2011.
Management Commentary:
“Our investment in our Chinese operations continues to exceed all our expectations. For the three months ended June 30, 2011, Glamsmile Asia generated $900k in revenues and approximately $400k in profits for the first quarter prior to taxes and outside shareholders interest. This is a 50% increase in revenue for the same year ago quarter. We anticipate further growth in China and a new fourth studio is expected to open in Wenzhou, China in September, 2011. We are certainly looking forward to getting Glamsmile Asia positioned as one of the leading luxury brands in China as well as the other emerging markets,” said Guy De Vreese, CEO of Remedent, Inc.
Conference Call Information
Remedent will host a conference call on Thursday, August 18, 2011 at 11:00 AM Eastern Standard Time (8:00 AM Pacific Standard Time) to discuss these results. A question and answer session will follow management’s presentation. To participate in the call, dial the appropriate number 5-10 minutes before the start time.
Date: Thursday, August 18, 2011
Time: 11:00 AM Eastern time (8:00 AM Pacific time)
Dial in number: 888-233-7975
Pass code: 8070349
A telephone replay of the call will be available until August 31, 2011
Toll Free Replay Number: 888-203-1112
Replay Password: 8070349
About Remedent
Remedent, Inc. specializes in the research, development and marketing of oral care and cosmetic dentistry products. The company serves the professional dental industry with breakthrough technology for dental veneers. These products are supported by a line of professional veneer whitening and tooth sensitivity solutions. Headquartered in Belgium, Remedent distributes its products to more than 35 countries worldwide. For more information, go to www.remedent.be
Forward-Looking Statements
Statements in this press release that are “forward-looking statements” are based on current expectations and assumptions that are subject to risks and uncertainties. Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause Remedent’s actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as “believes,” “belief,” “expects,” “expect,” “intends,” “intend,” “anticipate,” “anticipates,” “plans,” “plan,” “projects,” “project,” to be uncertain and forward-looking. Actual results could differ materially because of factors such as Remedent’s ability to achieve the synergies and value creation contemplated by the proposed transaction. For further information regarding risks and uncertainties associated with Remedent’s business, please refer to the risk factors described in Remedent’s filings with the Securities and Exchange Commission, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. We undertake no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this press release.
REMEDENT, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) For the three months ended June 30, 2011 2010 -------------- -------------- Net sales $ 3,001,971 $ 3,436,759 Cost of sales 817,397 914,337 -------------- -------------- Gross profit 2,184,574 2,522,422 -------------- -------------- Operating Expenses Research and development 116,496 65,545 Sales and marketing 665,978 512,976 General and administrative 1,152,007 1,152,712 Depreciation and amortization 178,870 201,202 -------------- -------------- TOTAL OPERATING EXPENSES 2,113,351 1,932,435 -------------- -------------- INCOME (LOSS) FROM OPERATIONS 71,223 589,987 -------------- -------------- OTHER (EXPENSES) INCOME Interest expense (111,522) (54,891) Other income 51,649 38,860 -------------- -------------- TOTAL OTHER (EXPENSES) INCOME (59,873) (16,031) -------------- -------------- NET INCOME BEFORE TAXES AND NON-CONTROLLING INTEREST 11,350 573,956 INCOME TAXES (86,393) (6,229) -------------- -------------- NET (LOSS) INCOME BEFORE NON-CONTROLLING INTEREST (75,043) 567,727 LESS: NET INCOME ATTRIBUTABLE TO THE NON- CONTROLLING INTEREST 259,630 255,577 -------------- -------------- NET (LOSS) INCOME ATTRIBUTABLE TO REMEDENT, INC. Common Stockholders $ (334,673) $ 312,150 ============== ============== (LOSS) INCOME PER SHARE Basic $ (0.02) $ 0.02 ============== ============== Fully diluted $ (0.02) $ 0.01 ============== ============== WEIGHTED AVERAGE SHARES OUTSTANDING Basic 19,995,969 19,995,969 ============== ============== Fully diluted 19,995,969 21,160,969 ============== ============== REMEDENT, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) For the three months ended June 30, ----------------------------- 2011 2010 -------------- -------------- Net Income(Loss) Attributable to Remedent Common Stockholders $ (334,673) $ 312,150 OTHER COMPREHENSIVE INCOME (LOSS): Foreign currency translation adjustment 57,279 (177,648) -------------- -------------- TOTAL OTHER COMPREHENSIVE (LOSS) INCOME (277,934) 134,502 LESS: COMPREHENSIVE LOSS ATTRIBUTABLE TO NON- CONTROLLING INTEREST -- (15,865) -------------- -------------- COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO REMEDENT Common Stockholders $ (277,934) $ 150,367 ============== ============== REMEDENT, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS June 30, 2011 March 31, 2011 -------------- -------------- ASSETS (unaudited) CURRENT ASSETS: Cash and cash equivalents $ 2,975,682 $ 1,662,520 Accounts receivable, net of allowance for doubtful accounts of $29,719 at June 30, 2011 and $28,975 at March 31, 2011 2,092,397 2,764,651 Inventories, net 2,294,648 2,164,046 Prepaid expense 874,546 762,953 -------------- -------------- Total current assets 8,237,273 7,354,170 -------------- -------------- PROPERTY AND EQUIPMENT, NET 1,263,851 1,401,735 OTHER ASSETS Patents, net 242,299 166,746 Goodwill 699,635 699,635 -------------- -------------- Total assets $ 10,443,058 $ 9,622,286 ============== ============== LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) CURRENT LIABILITIES: Current portion, long term debt $ 137,841 $ 184,679 Line of Credit 2,304,115 2,160,674 Short term loan 441,702 400,000 Accounts payable 1,831,486 1,744,253 Accrued liabilities 951,472 1,256,148 Deferred revenue 475,250 475,250 Due to related parties -- 95,354 -------------- -------------- Total current liabilities 6,141,866 6,316,358 Long term debt less current portion 1,273,557 273,557 -------------- -------------- Total liabilities 7,415,423 6,589,915 -------------- -------------- EQUITY: Preferred Stock $0.001 par value (10,000,000 shares authorized, none issued and outstanding) -- -- Common stock, $0.001 par value; (50,000,000 shares authorized, 19,995,969 shares issued and outstanding at June 30, 2011 and March 31, 2011 respectively) 19,996 19,996 Treasury stock, at cost; 723,000 shares outstanding at June 30, 2011 and March 31, 2011 respectively (831,450) (831,450) Additional paid-in capital 24,868,908 24,855,883 Accumulated deficit (21,447,788) (21,113,118) Accumulated other comprehensive income (loss) (foreign currency translation adjustment) (777,670) (834,949) Obligation to issue shares 97,500 97,500 -------------- -------------- Total Remedent, Inc. stockholders’ equity 1,929,496 2,193,862 -------------- -------------- Non-controlling interest 1,098,139 838,509 -------------- -------------- Total stockholders’ equity 3,027,635 3,032,371 -------------- -------------- Total liabilities and equity $ 10,443,058 $ 9,622,286 ============== ==============
CONTACT:
Stephen Ross
310 922 5685
docktor99@aol.com
