Remedent, Inc. (OTCBB: REMI), an international company specializing
in research, development, and manufacturing of oral care and
cosmetic dentistry products, reported results for the first quarter
ended on June 30, 2010 (in US Dollars).
Net sales for three months ended June 30, 2010 increased 62% to
$3.4 million compared to $2.1 million for the same year ago
quarter. The increase in sales was due to the inclusion of our
Asian retail operations as well as the sale of First Fit.
Profit for the three months ended June 30, 2010 prior to outside
shareholders participation totaled approximately $568 thousand
compared with losses of $488 thousand for the same year ago
quarter. Profits attributed to Remedent common stockholders for
three months ended June 30, 2010 was $312 thousand compared to
losses of $549 thousand for the same year ago quarter.
Cash and cash equivalents totaled $1.2 million at June 30, 2010
as opposed to $613 thousand as reported at March 31, 2010.
Management Commentary
"The shifting of our business model from wholesale (B2B) model
via a distributor to a direct retail model is beginning to bear
fruit as previously mentioned during prior conference calls. During
the current quarter we included our retail Asian operations of
approximately $600 thousand in gross revenues as we are continuing
to open new Spa locations in both Europe and Asia during the next
quarter and in the remainder of our financial year. Sales in all
our Spa locations continue to exceed our expectations as sales
continue to climb," said Guy De Vreese the CEO of Remedent.
Conference Call Information
Remedent will host a conference call on Wednesday, August 18,
2010 at 11:00 a.m. Eastern Standard time (8:00 a.m. Pacific time)
to discuss these results and its strategic plans for the future. 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.
Date: Wednesday, August 18, 2010 Time 11:00 a.m. Eastern time
(8:00 a.m. Pacific time). Dial in number: 888-765-5547 Passcode:
4258061
The replay of the call will be available through September 15,
2010. The dial in number for the replay is 888-203-1112 and the
replay pass code is 4258061
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. 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 the proposed transaction. 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 STATEMENTS OF OPERATIONS
(unaudited)
For the three months
ended June 30,
2010 2009
----------- -----------
Net sales $ 3,436,759 $ 2,160,803
Cost of sales 914,337 1,096,007
----------- -----------
Gross profit 2,522,422 1,064,796
----------- -----------
Operating Expenses
Research and development 65,545 26,598
Sales and marketing 512,976 350,935
General and administrative 1,152,712 1,042,764
Depreciation and amortization 201,202 173,444
----------- -----------
TOTAL OPERATING EXPENSES 1,932,435 1,593,741
----------- -----------
INCOME (LOSS) FROM OPERATIONS 589,987 (528,945)
----------- -----------
OTHER (EXPENSES) INCOME
Interest expense (54,891) (24,647)
Other income 38,860 65,998
----------- -----------
TOTAL OTHER (EXPENSES) INCOME (16,031) 41,351
----------- -----------
NET INCOME (LOSS) BEFORE TAXES AND NON-CONTROLLING
INTEREST 573,956 (487,594)
INCOME TAXES (6,229) --
----------- -----------
NET INCOME (LOSS) BEFORE NON-CONTROLLING INTEREST 567,727 (487,594)
LESS: NET INCOME ATTRIBUTABLE TO THE NON-
CONTROLLING INTEREST 255,577 61,838
----------- -----------
NET (LOSS) INCOME ATTRIBUTABLE TO REMEDENT, INC.
Common Stockholders $ 312,150 $ (549,432)
=========== ===========
INCOME (LOSS) PER SHARE
Basic $ 0.02 $ (0.03)
=========== ===========
Fully diluted $ 0.01 $ (0.03)
=========== ===========
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic 19,995,969 19,995,969
=========== ===========
Fully diluted 33,595,242 32,702,274
=========== ===========
Net Income (Loss) Attributable to Remedent Common
Stockholders $ 312,150 $ (549,432)
OTHER COMPREHENSIVE INCOME (LOSS):
Foreign currency translation adjustment (177,648) 57,568
----------- -----------
TOTAL OTHER COMPREHENSIVE (LOSS) INCOME 134,502 (491,864)
LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NON-
CONTROLLING INTEREST (15,865) 42,248
----------- -----------
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO
REMEDENT Common Stockholders $ 150,367 $ (534,112)
=========== ===========
REMEDENT, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
June 30, 2010 March 31, 2010
------------- -------------
(unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 1,196,888 $ 613,466
Accounts receivable, net of allowance for
doubtful accounts of $59,608 at June 30,
2010 and $65,845 at March 31, 2010 1,982,826 806,931
Inventories, net 1,850,892 2,161,692
Prepaid expenses 938,396 920,487
------------- -------------
Total current assets 5,969,002 4,502,576
------------- -------------
PROPERTY AND EQUIPMENT, NET 1,553,783 1,735,719
OTHER ASSETS
Long term investments and advances 750,000 750,000
Patents, net 220,314 246,992
Goodwill 699,635 699,635
------------- -------------
Total assets $ 9,192,734 $ 7,934,922
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion, long term debt $ 163,784 $ 215,489
Line of Credit 1,887,063 674,600
Accounts payable 1,724,827 1,932,684
Accrued liabilities 486,298 491,536
Due to related parties 265,857 268,484
------------- -------------
Total current liabilities 4,527,829 3,582,793
Long term debt less current portion 458,236 425,882
------------- -------------
Total liabilities 4,986,065 4,008,675
------------- -------------
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 June 30, 2010 and March
31, 2010) 19,996 19,996
Treasury stock, at cost; 723,000 shares at
June 30, 2010 and March 31, 2010 (831,450) (831,450)
Additional paid-in capital 24,843,651 24,742,201
Accumulated deficit (19,253,792) (19,565,943)
Accumulated other comprehensive (loss)
(foreign currency translation adjustment) (827,707) (650,059)
Obligation to issue shares 97,500 97,500
------------- -------------
Total Remedent, Inc. stockholders' equity 4,048,198 3,812,245
Non-controlling interest 158,471 114,002
------------- -------------
Total stockholders' equity 4,206,669 3,926,247
------------- -------------
Total liabilities and equity $ 9,192,734 $ 7,934,922
============= =============
Stephen Ross 310 922 5685 docktor99@aol.com
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