Paladin Reports Third Quarter 2011 Financial Results Achieves Record Quarterly Revenues
(firmenpresse) - MONTREAL, CANADA -- (Marketwire) -- 11/03/11 -- Paladin Labs Inc. ("Paladin") (TSX: PLB), a leading Canadian specialty pharmaceutical company, today reported its third quarter 2011 financial results.
2011 Third Quarter Highlights
Subsequent to the quarter ended September 30, 2011:
"In the third quarter we continued our commitment to increasing shareholder value through disciplined deal-making. We entered into an agreement to acquire Labopharm which strengthens our top line and provides further opportunities to cultivate important international partnerships. We also tendered our shares of Afexa for a gain of $5.1 million after withdrawing our offer. With our strong, committed management team and our dedicated board of directors we continue to hold true to our values and progress towards our goal of becoming an international specialty pharmaceutical company," said Mark Beaudet, interim President and CEO of Paladin Labs.
Financial Results
Revenues increased $4.9 million or 15% to a record $36.7 million in the third quarter from $31.8 million for the same quarter last year. The increase in revenues for the third quarter of 2011 is attributable to the acquisition of Tempra® and the sales growth of certain significant promoted products, including Tridural®, Trelstar®, Testim®, Metadol®, Plan B® and Abstral® which combined increased by 11%.
Third quarter 2011 EBITDA(1) increased 14% to $18.1 million, compared to EBITDA1 of $15.8 million in the third quarter of 2010.
Net income for the quarter was $9.5 million or $0.46 per fully diluted share, compared to net income of $8.0 million or $0.41 per fully diluted share in the third quarter a year ago.
At September 30, 2011, Paladin's cash, cash equivalents and investments in marketable securities totalled $226.7 million.
Product Developments
During the quarter ended September 30, 2011, Paladin entered into a distribution agreement with Common Sense Limited, a privately-owned Israeli company, under which Paladin received the exclusive rights to market and sell AL-SENSE OTC and VS-SENSE OTC in Canada, Latin America and Sub-Saharan Africa. AL-SENSE OTC is a novel diagnostic product that will provide women with a reliable diagnostic test to detect amniotic fluid leakage during pregnancy from the comfort of their own home. If undetected, this condition may cause complications for both the pregnant woman and her fetus. VS-SENSE OTC is a diagnostic product for the detection of bacterial vaginosis or trichomonas infection for women of reproductive age that affords women the option to self-test for potential vaginal infections.
Corporate Developments
On August 18, 2011, the Company announced that its President and CEO, Mr. Jonathan Ross Goodman, was involved in an accident and was hospitalized with serious injuries. As Mr. Goodman was unable to perform his duties as President and CEO, the Board of Directors of Paladin asked Mr. Mark Beaudet, Co-Founder, Director and Vice President Marketing and Sales of Paladin, to assume such duties on an interim basis. Mr. Goodman is pursuing a recovery and rehabilitation program. As a result, Mr. Goodman will remain absent from the Company for an indeterminate period of time. The Company will provide further updates on Mr. Goodman's condition only when a change in circumstance warrants same.
In early August, Paladin made an offer to acquire any and all of the issued and outstanding shares of Afexa for $0.55 per share (the "Offer"). On August 30, 2011, Paladin was advised that Valeant, through a subsidiary, had made an offer to acquire the issued and outstanding common shares of Afexa. Following this offer, on September 26, 2011, the Company increased its Offer to $0.81 per share. On September 30, 2011 Valeant announced it increased its bid to $0.85 per share. Subsequent to the third quarter, the Company announced it would not take up any shares under its Offer to acquire any and all of the issued and outstanding common shares of Afexa due to the non-fulfillment of a condition to the Offer. The Company tendered its shares to Valeant and recorded a gain of over $5 million.
On August 17, 2011, the Company entered into a definitive agreement pursuant to which the Company would acquire all of the issued and outstanding common shares of Labopharm at a price of $0.2857 per share in cash, representing a 57.4% premium over the volume-weighted average price of Labopharm's shares of $0.1815 for the 30 trading days prior to the August 17, 2011 announcement. On October 7, 2011, following Labopharm shareholder and court approval, Paladin completed the acquisition of Labopharm.
Paladin received regulatory approval from the Toronto Stock Exchange to carry out a normal course issuer bid to purchase up to 935,367 of its common shares effective May 30, 2011. To date Paladin has purchased 16,704 shares under this normal course issuer bid.
(1)EBITDA - Non-IFRS Financial Measures
The term EBITDA (earnings before interest, taxes, depreciation and amortization) does not have any standardized meaning under International Financial Reporting Standards ("IFRS") and therefore may not be comparable to similar measures presented by other companies. The Company defines EBITDA as earnings before interest expense, other finance (income) expense, taxes, amortization, foreign exchange gains (losses), share of net income in an associate and unusual items; such as write-downs and gains (losses) on intellectual property and investments. EBITDA is calculated and presented consistently from period to period and agrees, on a consolidated basis, with the amount disclosed as "Earnings before under-noted items" on the consolidated statements of income. The Company believes EBITDA to be an important measurement that allows it to assess the operating performance of its ongoing business on a consistent basis without the impact of amortization expenses. The Company excludes amortization expenses because their level depends substantially on non-operating factors such as the historical cost of intangible assets. The Company's method for calculating EBITDA may differ from that used by other issuers and, accordingly, this measure may not be comparable to EBITDA used by other issuers.
Conference Call Notice
Paladin will host a conference call to discuss its third quarter results on Thursday, November 3, 2011, at 10:00 a.m. ET. The dial-in number for the conference call is 800-694-6012 or 416-641-6670. The call will be audio-cast live and archived for 30 days at .
About Paladin Labs
Paladin Labs Inc., headquartered in Montreal, Canada, is a specialty pharmaceutical company focused on acquiring or in-licensing innovative pharmaceutical products. With this strategy, a focused national sales team and proven marketing expertise, Paladin has evolved into one of Canada's leading specialty pharmaceutical companies. For more information, please visit the Company's web site at
This press release may contain forward-looking statements and predictions. These forward-looking statements, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. The Company considers the assumptions on which these forward-looking statements are based to be reasonable at the time they were prepared, but cautions that these assumptions regarding the future events, many of which are beyond the control of the Company and its subsidiaries, may ultimately prove to be incorrect. Factors and risks, which could cause actual results to differ materially from current expectations, are discussed in the annual report as well as in the Company's Annual Information Form for the year ended December 31, 2010. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information or future events and except as required by law. For additional information on risks and uncertainties relating to these forward-looking statements, investors should consult the Company's ongoing quarterly filings, annual report and Annual Information Form and other fillings found on SEDAR at .
Contacts:
Paladin Labs Inc.
Samira Sakhia, CA, MBA
Chief Financial Officer
514-669-5367
514-344-4675 (FAX)
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Datum: 03.11.2011 - 07:00 Uhr
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