Remedent, Inc. (OTCBB: REMI), an international company specializing
in the research, development, and manufacturing of oral care and
cosmetic dentistry products, reported results for the fiscal second
quarter ended September 30, 2009 (in U.S. dollars).
Net sales in the second quarter decreased 36% to $1.8 million
from $2.8 million in the same year-ago quarter.
Loss from operations in the second quarter was $994,000, as
compared to a loss from operations of $359,000 in the same year-ago
quarter, and was primarily attributable to the planned U.S.
reorganization.
Net loss for the second quarter totaled $839,000 or $(0.04) per
share (after minority interest and based on 20 million weighted
average basic shares outstanding), as compared to a net loss of
$4.7 million or $(0.25) per share (based on 19 million weighted
average basic shares outstanding) in the same year-ago quarter. The
net loss in the second fiscal quarter included a charge of $160,000
for warrants issued during the quarter, as compared the year-ago
quarterly loss which included a $4.3 million charge for warrants
issued.
Cash and cash equivalents totaled $1.7 million at September 30,
2009 as compared to $1.8 million at March 31, 2009.
Management Commentary "This quarter
followed a transitional quarter when we took more control over our
future by establishing a new worldwide production facility in
China," said Guy De Vreese, CEO of Remedent. "Our goal has been to
prepare for increasing demand and improve margins, but still
maintain or even improve the quality of our dental veneers. We
achieved this in the second quarter and are now able to deliver
veneers at exceptional thinness and durability, which are second to
none in the industry. We have brought this new facility up to speed
and are producing timely shipments with higher capacity.
"As I mentioned last quarter, we are beginning to emerge from a
pivotal stage in our development with a new operational structure
designed to leverage the proven potential of our unique veneer
technology, as well as our revolutionary, patent-pending
FirstFit(TM) system for crowns and bridges."
New Remedent Web Site On November 19,
Remedent will unveil a new corporate website at www.Remedent.com
featuring its latest dental technologies. This includes GlamStrip
for the single-motion application of dental veneers, and FirstFit,
a revolutionary solution for dental bridges and crowns. The highly
interactive website will feature new before and after images as
well as engaging videos.
The site will also provide coverage of the FirstFit presentation
at the Den-Mat Education Destination Seminar in Las Vegas, which
was held on November 7. The presentation was conducted by
Remedent's CEO, Guy De Vreese, with the Belgian inventor of
FirstFit, Dr. Evelyne Jacquemyns, presenting live via webcast from
one of Remedent's international GlamSmile locations in Dubai, UAE.
The event represented the first official presentation of the new
bridge and crown technology to dentists in the United States.
Teleconference Information Remedent will
host a conference call on Thursday, November 19, 2009 at 11:00 a.m.
Eastern 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 prior to the
start time, request the Remedent conference call and provide the
conference ID.
Date: Thursday, November 19, 2009 Time: 11:00 a.m. Eastern time
(8:00 a.m. Pacific time) Dial-In Number: 1-800-895-1241
International: 1-785-424-1056 Conference ID#: 7REMEDENT
A simultaneous webcast and replay of the call will be accessible
via this link: http://viavid.net/dce.aspx?sid=00006DEA.
Please call the conference telephone number 5-10 minutes prior
to the start time. An operator will register your name and
organization and ask you to wait until the call begins. If you have
any difficulty connecting with the conference call, please contact
the Liolios Group at 1-949-574-3860.
A telephone replay of the call will be available from 2:00 p.m.
Eastern time on the same day until December 19, 2009.
Toll-free replay number: 1-800-723-0394 International replay
number: 1-402-220-2649 (No passcode required)
About Remedent Remedent, Inc. specializes
in the research, development, manufacturing and marketing of oral
care and cosmetic dentistry products. The company serves
professional dental industry with breakthrough technology for
dental veneers, bridges and crowns that are recognized worldwide
for their technological superiority and ease-of-application. These
products are supported by a line of professional veneer whitening
and teeth sensitivity solutions. Headquartered in Belgium, Remedent
distributes its products to more than 35 countries worldwide. For
more information, go to www.remedent.com.
Statement under the Private Securities
Litigation Reform Act of 1995 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 our distribution and licensing agreements. 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.
REMEDENT, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
September 30,
2009 March 31,
(unaudited) 2009
------------- -------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 1,686,372 $ 1,807,271
Accounts receivable, net of allowance
for doubtful accounts of $37,474
at September 30, 2009 and $33,966
at March 31, 2009 880,956 3,208,120
Inventories, net 2,081,658 1,937,946
Prepaid expenses 1,387,059 1,310,900
------------- -------------
Total current assets 6,036,045 8,264,237
------------- -------------
PROPERTY AND EQUIPMENT, NET 1,246,287 1,024,999
OTHER ASSETS
Long term investments and advances 750,000 750,000
Patents, net 129,447 163,106
------------- -------------
Total assets $ 8,161,779 $ 10,202,342
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion, long term debt $ 73,109 $ 78,798
Line of Credit 728,400 660,200
Accounts payable 1,091,131 1,398,420
Accrued liabilities 754,450 1,590,360
Income taxes payable 37,964 39,339
------------- -------------
Total current liabilities 2,685,054 3,767,117
Long term debt less current portion 316,535 100,542
------------- -------------
Total liabilities 3,001,589 3,867,659
------------- -------------
EQUITY:
REMEDENT, INC. STOCKHOLDERS' 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 September 30, 2009
and March 31, 2009) 19,996 19,996
Treasury stock, at cost; 723,000 shares
at September 30, 2009 and March 31, 2009 (831,450) (831,450)
Additional paid-in capital 24,468,843 24,106,055
Accumulated deficit (18,604,242) (17,216,028)
Accumulated other comprehensive (loss)
(foreign currency translation adjustment) (522,266) (640,595)
------------- -------------
Total Remedent, Inc. stockholders'
equity 4,530,881 5,437,978
Non-controlling interest 629,309 896,705
------------- -------------
Total stockholders' equity 5,160,190 6,334,683
------------- -------------
Total liabilities and equity $ 8,161,779 $ 10,202,342
============= =============
REMEDENT, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
For the three months ended
September 30,
2009 2008
------------- -------------
Net sales $ 1,780,301 $ 2,771,079
Cost of sales 1,302,237 785,453
------------- -------------
Gross profit 478,064 1,985,626
------------- -------------
Operating Expenses
Research and development 54,522 47,415
Sales and marketing 137,076 840,207
General and administrative 1,102,634 1,273,723
Depreciation and amortization 177,914 183,111
------------- -------------
TOTAL OPERATING EXPENSES 1,472,146 2,344,456
------------- -------------
INCOME (LOSS) FROM OPERATIONS (994,082) (358,830)
------------- -------------
OTHER INCOME (EXPENSES)
Warrants issued (159,888) (4,323,207)
Interest expense (39,207) (44,836)
Interest income 25,160 39,845
------------- -------------
TOTAL OTHER INCOME (EXPENSES) (173,935) (4,328,198)
------------- -------------
NET LOSS (1,168,017) (4,687,028)
LESS: NET LOSS ATTRIBUTABLE TO
NON-CONTROLLING INTEREST (329,234) -
------------- -------------
NET LOSS ATTRIBUTABLE TO REMEDENT, INC.
Common Stockholders $ (838,783) $ (4,687,028)
============= =============
LOSS PER SHARE
Basic and fully diluted $ (0.04) $ (0.25)
============= =============
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic and fully diluted 19,995,969 18,968,717
============= =============
Company Contacts: Stephen Ross Chief Financial Officer Remedent,
Inc. Tel 310-922-5685 Email Contact Investor Relations: Ron Both
Managing Director Liolios Group, Inc. Tel 949-574-3860 Email
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