Akela Pharma reports financial results for the year ended 2011
AUSTIN, TX, March 31, 2012 /PRNewswire/ - Akela Pharma, Inc. ("Akela"), (TSX: AKL), an industry leader in providing pharmaceutical contract dosage development and clinical and FDA commercial manufacturing, today announced its financial results for year ended December 31, 2011.
Total consolidated revenues for the year ended December 31, 2011 were $26.2 million, including $10.3 million in contract services, as compared to $13.3 million, including $10.2 million in contract services, for 2010.
Consolidated net income for the twelve months ended December 31, 2011 was $13.9 million or $0.43 per share, versus $1.4 million or $.05 per share, for the same respective period in 2010.
Excluding one-time items, Akela's consolidated net loss for the twelve months ended December 31, 2011 was ($0.5) million, versus a $2.1 million profit for the same period in 2010.
The Company had a cash balance of $0.1 million as of December 31, 2011 compared with $0.5 million as of December 31, 2010.
Further to the March 14, 2012 press release of Akela's CEO transition, Gregory McKee has resigned his position as member of the Board of Directors of Akela Pharma, Inc.
About Akela Pharma Inc.
Through PharmaForm, Akela's wholly owned subsidiary is a leading specialty contract service provider in the area of pharmaceutical dosage form development, preclinical, GMP clinical and FDA commercial manufacturing, specializing in controlled release and bioavailability enhancement technologies, such as hot melt extrusion, spray drying, and liquid filled capsules. Through its diverse offerings, PharmaForm solutions help pharmaceutical and biotechnology clients reach their development targets, reduce development costs and accelerate time-to-market.
Akela's common shares trade on The Toronto Stock Exchange ("TSX") under the symbol "AKL" with 32.4 million shares outstanding.
This press release contains statements which may constitute forward-looking information under applicable Canadian securities legislation. Such forward-looking statements or information may include financial and other projections as well as statements regarding the company's future plans, objectives, performance, revenues, growth, profits, operating expenses or the company's underlying assumptions.
The words "may", "would", "could", "will", "likely", "expect", anticipate", "intend", "plan", "forecast", "project", "estimate" and "believe" or other similar words and phrases may identify forward-looking statements or information. Persons reading this press release are cautioned that such statements or information are only expectations, and that the company's actual future results or performance may be materially different. Such forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause our actual results, and other factors as described in detailed in a complete in our filings with Canadian securities regulatory authorities, filed on SEDAR at http://www.sedar.com.
All forward-looking statements and information made herein are based on our current expectations as of the date hereof and we disclaim any intention or obligation to revise or update such forward-looking statements and information to reflect subsequent events or circumstances, except as required by law.
AKELA PHARMA INC.
Consolidated Statements of Financial Position
as at December 31, 2011, December 31, 2010 and January 1, 2010
(In thousands of US dollars, except share and per share data)
| As at December 31, 2011 |
As at December 31, 2010 |
As at January 1, 2010 |
||||||||
| Assets | ||||||||||
| Current assets: | ||||||||||
| Cash | $ | 57 | $ | 474 | $ | 107 | ||||
| Restricted cash | - | - | 938 | |||||||
| Accounts receivable | 1,432 | 1,590 | 1,679 | |||||||
| Prepaid expenses and other current assets | 279 | 302 | 417 | |||||||
| Total current assets: | 1,768 | 2,366 | 3,141 | |||||||
| Non-current assets: | ||||||||||
| Property and equipment (Note 8) | 2,249 | 3,085 | 4,165 | |||||||
| Intangible assets (Note 9) | 30 | 74 | 52 | |||||||
| Other non-current assets | 120 | 67 | 598 | |||||||
| Total non-current assets: | 2,399 | 3,226 | 4,815 | |||||||
| $ | 4,167 | $ | 5,592 | $ | 7,956 | |||||
| Liabilities and Shareholders' Deficiency | ||||||||||
| Current liabilities: | ||||||||||
| Accounts payable and accrued liabilities | $ | 6,250 | $ | 5,709 | $ | 7,961 | ||||
| Deferred revenue (Note 13) | 287 | 3,527 | 2,795 | |||||||
| Income tax payable (Note 14) | 154 | 266 | - | |||||||
| Embedded derivatives (Note 7) | - | - | 187 | |||||||
| Current portion of long-term debt (Note 11) | 2,513 | 1,037 | 1,015 | |||||||
| Total current liabilities | 9,204 | 10,539 | 11,958 | |||||||
| Non-current liabilites | ||||||||||
| Deferred revenue (Note 13) | - | 12,979 | 14,630 | |||||||
| Long-term debt (Note 11) | 5,322 | 6,443 | 6,615 | |||||||
| Deferred income tax liabilities (Note 14) | - | - | 799 | |||||||
| Total non-current liabilities | 5,322 | 19,422 | 22,044 | |||||||
| Shareholders' deficiency: | ||||||||||
| Common shares | 67,739 | 67,739 | 67,544 | |||||||
| Additional paid-in capital | 8,514 | 8,441 | 8,380 | |||||||
| Deficit | (86,612) | (100,549) | (101,970) | |||||||
| Total shareholders' deficiency | (10,359) | (24,369) | (26,046) | |||||||
| Commitments, contingencies and guarantees | ||||||||||
| $ | 4,167 | $ | 5,592 | $ | 7,956 | |||||
The accompanying notes are an integral part of these consolidated financial statements.
Approved by the Board:
| Robert Rieder (signed), Chairman of the Board | Gordon Busenbark, (signed), Chairman of the Audit Committee |
AKELA PHARMA INC.
Consolidated Statements of Income and Comprehensive Income
For the years ended December 31, 2011 and 2010
(In thousands of US dollars, except share and per share data)
| Year Ended | ||||||||
| December 31, | ||||||||
| 2011 | 2010 | |||||||
| Revenues (Note 13, 2(p)) | $ | 26,213 | $ | 13,302 | ||||
| Expenses: | ||||||||
| Direct costs | 5,575 | 5,446 | ||||||
| Selling, general and administrative | 5,191 | 4,953 | ||||||
| Research and development | 242 | 118 | ||||||
| Stock-based compensation (Note 12b) | 73 | 61 | ||||||
| Amortization of property and equipment (Note 8) | 883 | 1,437 | ||||||
| Amortization of intangible assets (Note 9) | 44 | 58 | ||||||
| Interest on long-term debt (Note 11) | 723 | 1,090 | ||||||
| Loss on securities held for trading | - | 78 | ||||||
| Foreign exchange gain | (298) | (466) | ||||||
| Decrease in fair value of embedded derivative liability | - | (187) | ||||||
| Total expenses | 12,433 | 12,588 | ||||||
| Income before income taxes | 13,780 | 714 | ||||||
| Income Tax Provision | (157) | 707 | ||||||
| Total Income and Comprehensive Income | 13,937 | 1,421 | ||||||
| Earnings per share | ||||||||
| Basic net income per share | 0.43 | 0.05 | ||||||
| Diluted net income per share | $ | 0.42 | $ | 0.04 | ||||
| Basic weighted average number of shares outstanding (Note 12d) | 32,390,338 | 31,535,338 | ||||||
| Diluted weighted average number of shares outstanding (Note 12e) | 33,108,453 | 31,589,088 | ||||||
The accompanying notes are an integral part of these consolidated financial statements.
AKELA PHARMA INC.
Consolidated Statements of Changes in Shareholders' Deficiency
For the years ended December 31, 2011 and 2010
(In thousands of US dollars, except share and per share data)
| Common Shares | Additional | |||||||||||||
| Number | Dollars | Paid in Capital | Deficit | Total | ||||||||||
| Balance, January 1, 2010 | 30,890,338 | $ | 67,544 | $ | 8,380 | $ | (101,970) | $ | (26,046) | |||||
| Contributions by and distribution to owners. | ||||||||||||||
| Stock-based compensation (Note 12b) | - | - | 61 | - | 61 | |||||||||
| Lease termination (Note 6) | 1,250,000 | 160 | - | - | 160 | |||||||||
| Ingalls & Snyder line of credit | 250,000 | 35 | - | - | 35 | |||||||||
| Total comprehensive income | - | - | - | 1,421 | 1,421 | |||||||||
| Balance, December 31, 2010 | 32,390,338 | $ | 67,739 | $ | 8,441 | $ | (100,549) | $ | (24,369) | |||||
| Transactions with owners, recorded directly in the equity. | ||||||||||||||
| Contributions by and distribution to owners. | ||||||||||||||
| Stock based compensation (Note 12b) | - | - | 73 | - | 73 | |||||||||
| Total comprehensive income | - | - | - | 13,937 | 13,937 | |||||||||
| Balance, December 31, 2011 | 32,390,338 | $ | 67,739 | $ | 8,514 | $ | (86,612) | $ | (10,359) | |||||
The accompanying notes are an integral part of these consolidated financial statements
SOURCE AKELA PHARMA INC.
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