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 third
quarter ended December 31, 2009 (in U.S. dollars).
Net sales in the third quarter decreased 62% to $1.8 million
from $4.8 million in the same year-ago quarter. The decrease in
sales was primarily due to the non-recurrence of license fees
received from Denmat, specifically $2,500,000 during the three
months ended December 31, 2008.
Loss from operations in the third quarter was $964,000, as
compared to a loss from operations of $467,000 in the same year-ago
quarter, which was attributable to non-recurring license fees as
discussed above, the planned U.S. reorganization, and an agreed
settlement with an OTC customer.
Net loss for the third quarter totaled $836,000 or $(0.04) per
share (after minority interest and based on 20 million weighted
average basic shares outstanding), as compared to net income of
$2.5 million or $0.13 per share (based on 19 million weighted
average basic shares outstanding) in the same year-ago quarter. The
net loss in the third fiscal quarter included a charge of $8,000
for warrants issued during the quarter, as compared to the year-ago
quarterly loss which included a $4.3 million charge for warrants
issued.
Cash and cash equivalents totaled $1.4 million at December 31,
2009 as compared to $1.8 million at March 31, 2009.
Management Commentary
"We have now established a new worldwide production facility in
China," said Guy De Vreese, CEO of Remedent. "Our goal has been to
prepare for increasing demand and improved margins, while
maintaining the quality of our dental veneers. We achieved this in
the second quarter and in the third quarter have been delivering
veneers with exceptional thinness and durability. Our new
manufacturing facility has enabled us to increase both capacity and
timeliness of shipments, while reducing costs."
New Remedent Web Site
On November 19, 2009, Remedent unveiled new corporate website at
www.Remedent.com featuring its latest dental technologies. This
includes GlamStrip(TM) for the single-motion application of dental
veneers, and FirstFit, a revolutionary solution for dental bridges
and crowns. The highly interactive website features new before and
after images as well as engaging videos.
The site also provides coverage of the FirstFit presentation at
the Den-Mat Education Destination Seminar in Las Vegas, which was
held on November 7, 2009. 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 February 18th, 2010, at
11 am Eastern time (8:00 am Pacific 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.
Participant Dial-In Numbers: Date: February 18, 2010 Time: 11:00
am Eastern time (8:00 am Pacific time) Dial-In Number:
1-800-894-5910 International: 1-785-424-1052 Conference ID#:
7REMEDENT
A simultaneous webcast and replay of the call will be
accessible.
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. A telephone
replay of the call will be available from 2:00 p.m. Eastern time on
the same day until March 17, 2010. 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 may differ materially
because of such risks and uncertainties and the reported results
should not be considered as an indication of future performance.
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
December 31,
2009 March 31,
(unaudited) 2009
------------- -------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 1,386,231 $ 1,807,271
Accounts receivable, net of allowance
for doubtful accounts of $36,982
at December 31, 2009 and $33,966
at March 31, 2009 1,146,859 3,208,120
Inventories, net 2,415,977 1,937,946
Prepaid expenses 1,512,581 1,310,900
------------- -------------
Total current assets 6,461,648 8,264,237
------------- -------------
PROPERTY AND EQUIPMENT, NET 1,320,352 1,024,999
OTHER ASSETS
Long term investments and advances 750,000 750,000
Patents, net 200,304 163,106
------------- -------------
Total assets $ 8,732,304 $ 10,202,342
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion, long term debt $ 39,797 $ 78,798
Line of Credit 1,186,103 660,200
Accounts payable 2,204,277 1,398,420
Accrued liabilities 721,087 1,590,360
Income taxes payable 37,466 39,339
------------- -------------
Total current liabilities 4,188,730 3,767,117
Long term debt less current portion 303,173 100,542
------------- -------------
Total liabilities 4,491,903 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 December 31, 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 24,578,643 24,106,055
Accumulated deficit (19,440,363) (17,216,028)
Accumulated other comprehensive (loss)
(foreign currency translation adjustment) (547,110) (640,595)
------------- -------------
Total Remedent, Inc. stockholders'
equity 3,779,716 5,437,978
Non-controlling interest 460,685 896,705
------------- -------------
Total stockholders' equity 4,240,401 6,334,683
------------- -------------
Total liabilities and equity $ 8,732,304 $ 10,202,342
============= =============
REMEDENT, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
For the three months ended
December 31,
2009 2008
------------- -------------
Net sales $ 1,834,021 $ 4,842,648
Cost of sales 972,247 2,909,531
------------- -------------
Gross profit 861,774 1,933,097
------------- -------------
Operating Expenses
Research and development 150,225 56,006
Sales and marketing 403,171 912,422
General and administrative 1,065,114 1,268,500
Depreciation and amortization 206,923 167,399
------------- -------------
TOTAL OPERATING EXPENSES 1,825,433 2,400,327
------------- -------------
INCOME (LOSS) FROM OPERATIONS (963,659) (467,230)
------------- -------------
OTHER INCOME (EXPENSES)
Warrants issued (8,350) --
Gain on disposition of OTC -- 2,830,953
Interest expense (56,915) (168,659)
Interest income 24,179 289,646
------------- -------------
TOTAL OTHER INCOME (EXPENSES) (41,086) 2,951,940
------------- -------------
NET LOSS (Income) (1,004,745) 2,484,710
LESS: NET LOSS ATTRIBUTABLE TO
NON-CONTROLLING INTEREST (168,624) --
------------- -------------
NET LOSS (Income) ATTRIBUTABLE
TO REMEDENT, INC. Common Stockholders $ (836,121) $ 2,484,710
============= =============
LOSS PER SHARE
Basic $ (0.04) $ 0.13
============= =============
Fully diluted $ (0.04) $ 0.08
============= =============
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic 19,995,969 19,332,760
============= =============
Fully diluted 33,789,738 31,371,629
============= =============
Company Contact: Stephen Ross Chief Financial Officer Remedent,
Inc. Tel 310-922-5685 docktor99@aol.com
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