Press Releases Detail:
AVITAR, INC. reports Second Quarter Results for Fiscal Year 2000.
May 15, 2000
CANTON, MA, May 15, 2000 - Avitar, Inc. (AMEX: AVR) today reported that revenues for the second quarter ended March 31, 2000 were $812,545, compared with revenues of $481,419 in the previous year’s second quarter. The Company also reported a net loss of $1,789,108, or $0.08 per share, compared with the net loss of $487,505, or $0.03 per share for the previous year’s second quarter.
For the six months ended March 31, 2000, revenues were $1,620,209, compared to $965,516 for the six months ended March 31, 1999. Net loss for the six months ended March 31, 2000 was $2,999,456, or $0.13 per share. In the corresponding period last year, the Company reported a net loss of $954,900 or $0.06 per share.
In both the second quarter and the six months ended March 31, 2000, increases in revenues over prior year amounts were primarily due to sales of its ORALscreen™, the first rapid oral fluid screening device for substance abuse testing, sales of its wound dressing products, and the sales of USDTL’s services.
"During this past quarter, we continued our oral fluid, drugs of abuse, product development by introducing our oral fluid lab-based confirmation test which is sold in conjunction with our ORALscreen point-of-contact screening tests. Recently we introduced our ORALscreen 4 test, which tests for methamphetamine and MD/MA, also known as Ecstasy, in addition to the tests included in our ORALscreen 3 tests (marijuana, opiates and cocaine). Our ORALscreen 4 detects more than 96% of the drugs that are abused in the U.S. We also initiated our comprehensive oral fluid disease detection development program," said Peter P. Phildius, Chairman and Chief Executive Officer of Avitar. " In addition, we significantly expanded our sales and marketing capacity, and with the high level of interest we are currently experiencing in our oral fluid and hair testing products and services, we expect to realize a rapid growth in revenues that should significantly improve the Company’s financial performance beginning with the last half of this fiscal year."
Avitar, Inc. (AMEX: AVR) headquartered in Canton, Massachusetts, develops, manufactures and markets innovative medical devices based on core technologies in oral fluid diagnostics and customized polyurethane applications. The Company markets a unique portfolio of substance abuse testing products and services that include ORALscreenTM, the world’s first rapid point-of-contact oral fluid test for drugs of abuse, HAIRscreenTM, a laboratory-based test for long term drug abuse using hair, and several other specialized tests for drugs of abuse. Avitar also markets an oral fluid collection system for DNA testing as well as a proprietary line of polyurethane-based high tech medical devices. For more information, see Avitar’s website at avitarinc.com .
This release forward looking statements that are subject to risks and uncertainties, including the development and marketing of new applications and other risks that are detailed from time to time in the Company’s filings with the Securities and Exchange Commission.
Avitar, Inc.
Summary of Financial Results
(In thousands, except share amounts)
Quarter Ended March 31, Six Months Ended March 31,
|
2000
|
|
1999
|
|
2000
|
|
1999
|
|
|
|
|
|
|
|
|
Sales |
$ 812
|
|
$ 481
|
|
$ 1,620
|
|
$ 965
|
Operating Expenses: |
|
|
|
|
|
|
|
Cost of Sales |
720
|
|
365
|
|
1,345
|
|
833
|
Selling, General and Administrative |
1,492
|
|
428
|
|
2,484
|
|
769
|
Research and Development |
317
|
|
158
|
|
643
|
|
283
|
Amortization of Goodwill |
70
|
|
-
|
|
141
|
|
-
|
|
|
|
|
|
|
|
|
Total Operating Expenses |
2,599
|
|
951
|
|
4,613
|
|
1,885
|
Operating Loss |
(1,787)
|
|
(470)
|
|
(2,993)
|
|
(920)
|
Other Income (Expenses) |
(2)
|
|
(18)
|
|
(6)
|
|
(35)
|
|
|
|
|
|
|
|
|
Net Loss |
$ (1,789)
|
|
$ (488)
|
|
$ (2,999)
|
|
$ (955)
|
|
|
|
|
|
|
|
|
Basic and Diluted Income (Loss) Per Share |
$ (0.08)
|
|
$ (0.03) |
|
$ (0.13)
|
|
$ (0.06)
|
Weighted Average Number of Shares and Common Equivalent Shares Outstanding |
26,423,839
|
|
18,558,353
|
|
25,581,927
|
|
18,028,977
|
|