Tribute Pharmaceuticals Announces Second Quarter 2015 Results
Revenue Up 59%, Gross Profit Up 101% over Comparative Period
(firmenpresse) - MILTON, ONTARIO -- (Marketwired) -- 08/17/15 -- Tribute Pharmaceuticals Canada Inc. (TSX VENTURE: TRX)(OTCQX: TBUFF) ("Tribute" or the "Company"), a specialty pharmaceutical company with a primary focus on the acquisition, licensing, development and promotion of healthcare products in Canada and the U.S., today announced its operational and financial results for the second quarter ended June 30, 2015. Unless otherwise indicated, all dollar amounts included herein are stated in Canadian dollars.
The Company''s financial statements and management report are available at , and at .
Financial Results Highlights
"During the second quarter, we continued to report strong growth with a 59.1% increase in total revenues and 101% in gross profit as compared to the same period in 2014. The second quarter was also very active from a business development perspective. In May we announced the acquisition of the US rights to Fibricor® (fenofibric acid) and related authorized generic and the launch of our US business. Subsequent to the Fibricor acquisition Tribute entered into a transformative merger agreement with Pozen, Inc. ("Pozen"), which upon satisfaction of certain conditions, is expected to be completed in the fourth quarter of 2015, will lead to the creation of Aralez Pharmaceuticals plc ("Aralez"), a premier specialty pharma company to be listed on the TSX in Canada and NASDAQ in the US," said Rob Harris, President and Chief Executive Officer of Tribute. "Rounding out the second quarter, Tribute completed the acquisition of Medical Futures Inc., a private Canadian specialty pharmaceutical company for CAD$25 million dollars or approximately 2.5 times sales multiple said Mr. Harris." "We continue to focus on increasing shareholder value through strong organic growth and business development initiatives and are pleased with our performance so far this year," added Mr. Harris.
Highlights of the Second Quarter 2015 and Subsequent to Quarter End:
To view the graph "Cambia Quarterly TRx from Launch":
SECOND QUARTHER FINANCIAL RESULTS:
Three and Six Month Period Ended June 30, 2015
Total revenues for the three month period ended June 30, 2015 increased by 59.1% to $6,429,500 compared to $4,041,300 in 2014. The increase in revenue was attributable to an increase in other domestic product sales of $2,170,800 or 177.9% and international product sales of $613,600 or 171.5%.
For the six month period ended June 30, 2015 total revenues increased by 59.6% to $12,021,800 compared to $7,534,800 for the same period in 2014. The increase in revenue was attributable to an increase in other domestic product sales of $4,037,600 or 206.5% and an increase in international product sales of $619,200 or 75.3%.
The net loss before taxes for the three month period ended June 30, 2015 was $8,819,600 compared to a loss of $4,400,800 for the same period in the prior year. Contributing factors include:
Excluding non-operating expenses of $7,898,700 for the three month period ended June 30, 2015 (2014 - $3,735,000 loss), the loss from operations was $920,900 compared to the prior period of $665,800. Loss from operations excluding amortization for the three month period ended June 30, 2015 was $32,300 compared to a loss in the same period in the prior year of $369,200, which represents a decrease of $336,900 or 91.3%.
The net loss before taxes for the six month period ended June 30, 2015 was $14,001,100 compared to a loss of $7,689,000 for the same period in the prior year. Contributing factors include:
Excluding non-operating expenses of $12,697,600 for the six month period ended June 30, 2015 (2014 - $5,244,800 loss), the loss from operations was $1,303,500 compared to the prior period of $2,444,200. Income from operations excluding amortization for the six month period ended June 30, 2015 was $206,800 compared to a loss in the same period in the prior year of $1,857,300, which represents an improvement of $2,064,000 or 111.1%.
The Company''s cash and cash equivalents position amounted to $17,600,421 at June 30, 2015 compared to $3,505,791 at December 31, 2014.
As at August 12, 2015, there were 125,991,203 common shares issued and outstanding, as well as 8,436,791 stock options outstanding, 24,426,065 common share purchase warrants and 1,154,281 compensation options outstanding.
About Tribute Pharmaceuticals Canada Inc.
Tribute is a specialty pharmaceutical company with a primary focus on the acquisition, licensing, development and promotion of healthcare products in Canada and the U.S. markets.
Tribute markets Cambia® (diclofenac potassium for oral solution), Bezalip® SR (bezafibrate), Soriatane® (acitretin), NeoVisc® (1.0% sodium hyaluronate solution) Uracyst® (sodium chondroitin sulfate solution 2%), Fiorinal®, Fiorinal® C, Visken®, Viskazide® and Collatamp® G in the Canadian market. Additionally, NeoVisc® and Uracyst® are commercially available and are sold globally through various international partnerships Tribute also markets Fibricor® (fenofibric acid) in the U.S., Tribute also has the exclusive U.S. rights to develop and commercialize Bezalip® SR in the U.S. and has the exclusive right to sell bilastine, a product licensed from Faes Farma for the treatment of allergic rhinitis and chronic idiopathic urticaria (hives), in Canada. The exclusive license is inclusive of prescription and non-prescription rights for bilastine, as well as adult and pediatric presentations in Canada. This product is subject to receiving Canadian regulatory approval. Under the MFI acquisition, the Company also markets Proferrin®, Durela®, Resultz®, Iberogast®, Balanse®, Balanse® Kids, Balanse® Diaflor™, Mutaflor®, Movi-prep®, Normacol®, Pegalax®, Purfem® Onypen® in Canada and has recently obtained Health Canada approval for ibSium® and also has the Canadian rights to market Octasa® and BedBugz® upon regulatory approval in Canada.
Non-GAAP Financial Measures
In this news release, Tribute has used the term earnings before interest, taxes, depreciation and amortization ("EBITDA"), which is a non-GAAP financial measure. For the purposes of calculating EBITDA, the Company has excluded the effect of foreign currency on the Company''s debt. Management believes that EBITDA provides useful information to investors as it is an important indicator of the issuer''s ability to generate liquidity through cash flow from operating activities, and is also used by investors and analysts for assessing financial performance and for the purpose of valuing an issuer, including calculating financial and leverage ratios. EBITDA does not have any standardized meaning under United States generally accepted accounting principles ("GAAP") and should not, therefore, be considered in isolation or used in substitute for measures of performance prepared in accordance with GAAP. Other issuers may calculate this non-GAAP measure differently. Investors should be cautioned that this measure should not be construed as an alternative to net earnings, cash flow from operating activities or other measures of financial results determined in accordance with GAAP as an indicator of Tribute''s performance. The measure calculated in accordance with GAAP that is most directly comparable to EBITDA is Income from Operations less Amortization. For the 12 months ended December 31, 2014 the Income from Operations was ($2,531,800) and the Amortization was $1,511,021 with Income from Operations less Amortization amounting to ($1,020,779).
Additional Information and Where to Find It
In connection with the proposed transaction set forth in the merger agreement, Aralez, Pozen and Tribute has filed and will be filing additional documents with the SEC, including a Registration Statement on Form S-4 filed by Aralez that includes the proxy statement/prospectus relating to the proposed transaction. After the registration statement has been declared effective by the SEC, a definitive proxy statement/prospectus will be mailed to Pozen stockholders in connection with the proposed transaction. It is expected that shares of Aralez to be issued by Aralez to Tribute shareholders will be issued in reliance upon the exemption from the registration requirements of the Securities Act of 1933, as amended, provided by Section 3(a) (10) thereof. Upon receipt of an interim court order in respect of the plan of arrangement, Tribute will be mailing an Information Circular to its shareholders in connection with the proposed transaction. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT ON FORM S-4 AND THE RELATED PRELIMINARY AND DEFINITIVE PROXY/PROSPECTUS AS WELL AS THE INFORMATION CIRCULAR WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT ARALEZ, POZEN, TRIBUTE AND THE PROPOSED TRANSACTION. Investors and security holders may obtain free copies of these documents (when they are available) and other related documents filed with the SEC at the SEC''s website at . Investors and security holders will be able to obtain free copies of the Information Circular and other documents filed by Tribute on the System for Electronic Document Analysis Retrieval ("SEDAR") website maintained by the Canadian Securities Administrators atwww.sedar.com. Investors and security holders may obtain free copies of the documents filed by Pozen with the SEC on Pozen''s website at under the heading "Investors" and then under the heading "SEC Filings" and free copies of the documents filed by Tribute with the SEC on Tribute''s website at under the heading "Investors" and then under the heading "SEC Filings."
Participants in the Solicitation
Pozen and Tribute and their respective directors and executive officers may be deemed participants in the solicitation of proxies from the stockholders of Pozen and shareholders of Tribute in connection with the proposed transaction. Information regarding the special interests, if any, of these directors and executive officers in the proposed transaction will be included in the proxy statement/prospectus and Information Circular described above. Additional information regarding the directors and executive officers of Pozen and Tribute is contained in their respective Annual Reports on Form 10-K for the year ended December 31, 2014 filed with the SEC.
No Offer or Solicitation
This communication does not constitute an offer to sell, or the solicitation of an offer to sell, or the solicitation of an offer to subscribe for or buy, any securities nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Forward-Looking Statements
This press release contains certain forward-looking statements about Tribute as defined under applicable securities law, which statements can be identified by the use of forward-looking terminology, such as "may", "will", "expect", "intend", "anticipate", "estimate", "predict", "plan" or "continue" or the negative thereof or other variations thereon or comparable terminology referring to future events or results. Such statements include, but are not limited to, the anticipated closing of the transaction with Pozen, the expected strong organic growth from existing products and the expected continued improved results for Tribute''s business development efforts . Forward- looking statements, by their nature, are subject to risks and uncertainties. Tribute''s actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous factors, any of which could cause actual results to vary materially from current results or anticipated future results, including but not limited to, those risks and uncertainties disclosed under the heading "Risk Factors" of the Company''s annual report on Form 10-K for the fiscal year ended December 31, 2014 and its other filings filed with the United States Securities and Exchange Commission and Canadian securities regulatory authorities which are available online at and at , respectively. Accordingly, readers should not place undue reliance on forward-looking statements Tribute assumes no obligation to update any forward- looking statements.
Bezalip® SR and Soriatane® are registered trademarks and under license from Actavis Group PTC ehf. Cambia® is a registered trademark and under license from Depomed, Inc. Collatamp® G is a registered trademark and under license EUSA Pharma (Europe) Limited. Visken® and Viskazide® are registered trademarks under license with Novartis AG.
For further information on Tribute visit the Company''s website:
See accompanying notes to the condensed interim consolidated financial statements.
See accompanying notes to the condensed interim consolidated financial statements.
See accompanying notes to the condensed interim consolidated financial statements.
Contacts:
Tribute Pharmaceuticals Canada Inc.
Scott Langille
CFO
905-876-3166
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Datum: 17.08.2015 - 06:30 Uhr
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