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 June 30, 2011 (in US Dollars).
Net sales for the three months ended June 30, 2011 decreased 13%
to $3 million compared to $3.4 million for the same year ago
quarter. Net loss for the three months ended June 30, 2011 prior to
taxes and non-controlling interests was $75k compared to net profit
of $567k for the same year ago quarter.
Cash and cash equivalents totaled approximately $3 million at
June 30, 2011 compared to $1.6 million reported at March 31,
2011.
Management Commentary: "Our investment in
our Chinese operations continues to exceed all our expectations.
For the three months ended June 30, 2011, Glamsmile Asia generated
$900k in revenues and approximately $400k in profits for the first
quarter prior to taxes and outside shareholders interest. This is a
50% increase in revenue for the same year ago quarter. We
anticipate further growth in China and a new fourth studio is
expected to open in Wenzhou, China in September, 2011. We are
certainly looking forward to getting Glamsmile Asia positioned as
one of the leading luxury brands in China as well as the other
emerging markets," said Guy De Vreese, CEO of Remedent, Inc.
Conference Call Information Remedent will
host a conference call on Thursday, August 18, 2011 at 11:00 AM
Eastern Standard Time (8:00 AM Pacific Standard 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 before the start time.
Date: Thursday, August 18, 2011 Time: 11:00 AM Eastern time
(8:00 AM Pacific time) Dial in number: 888-233-7975 Pass code:
8070349
A telephone replay of the call will be available until August
31, 2011 Toll Free Replay Number: 888-203-1112 Replay Password:
8070349
About Remedent Remedent, Inc. specializes
in the research, development and marketing of oral care and
cosmetic dentistry products. The company serves the professional
dental industry with breakthrough technology for dental veneers.
These products are supported by a line of professional veneer
whitening and tooth sensitivity solutions. Headquartered in
Belgium, Remedent distributes its products to more than 35
countries worldwide. For more information, go to
www.remedent.be
Forward-Looking Statements
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.
We undertake no duty to revise or update any forward-looking
statements to reflect events or circumstances after the date of
this press release.
REMEDENT, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
For the three months ended
June 30,
2011 2010
-------------- --------------
Net sales $ 3,001,971 $ 3,436,759
Cost of sales 817,397 914,337
-------------- --------------
Gross profit 2,184,574 2,522,422
-------------- --------------
Operating Expenses
Research and development 116,496 65,545
Sales and marketing 665,978 512,976
General and administrative 1,152,007 1,152,712
Depreciation and amortization 178,870 201,202
-------------- --------------
TOTAL OPERATING EXPENSES 2,113,351 1,932,435
-------------- --------------
INCOME (LOSS) FROM OPERATIONS 71,223 589,987
-------------- --------------
OTHER (EXPENSES) INCOME
Interest expense (111,522) (54,891)
Other income 51,649 38,860
-------------- --------------
TOTAL OTHER (EXPENSES) INCOME (59,873) (16,031)
-------------- --------------
NET INCOME BEFORE TAXES AND NON-CONTROLLING
INTEREST 11,350 573,956
INCOME TAXES (86,393) (6,229)
-------------- --------------
NET (LOSS) INCOME BEFORE NON-CONTROLLING
INTEREST (75,043) 567,727
LESS: NET INCOME ATTRIBUTABLE TO THE NON-
CONTROLLING INTEREST 259,630 255,577
-------------- --------------
NET (LOSS) INCOME ATTRIBUTABLE TO REMEDENT,
INC. Common Stockholders $ (334,673) $ 312,150
============== ==============
(LOSS) INCOME PER SHARE
Basic $ (0.02) $ 0.02
============== ==============
Fully diluted $ (0.02) $ 0.01
============== ==============
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic 19,995,969 19,995,969
============== ==============
Fully diluted 19,995,969 21,160,969
============== ==============
REMEDENT, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
For the three months
ended June 30,
-----------------------------
2011 2010
-------------- --------------
Net Income(Loss) Attributable to Remedent
Common Stockholders $ (334,673) $ 312,150
OTHER COMPREHENSIVE
INCOME (LOSS):
Foreign currency translation adjustment 57,279 (177,648)
-------------- --------------
TOTAL OTHER COMPREHENSIVE (LOSS) INCOME (277,934) 134,502
LESS: COMPREHENSIVE LOSS ATTRIBUTABLE TO NON-
CONTROLLING INTEREST -- (15,865)
-------------- --------------
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO
REMEDENT Common Stockholders $ (277,934) $ 150,367
============== ==============
REMEDENT, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
June 30, 2011 March 31, 2011
-------------- --------------
ASSETS (unaudited)
CURRENT ASSETS:
Cash and cash equivalents $ 2,975,682 $ 1,662,520
Accounts receivable, net of allowance for
doubtful accounts of $29,719 at June 30,
2011 and $28,975 at March 31, 2011 2,092,397 2,764,651
Inventories, net 2,294,648 2,164,046
Prepaid expense 874,546 762,953
-------------- --------------
Total current assets 8,237,273 7,354,170
-------------- --------------
PROPERTY AND EQUIPMENT, NET 1,263,851 1,401,735
OTHER ASSETS
Patents, net 242,299 166,746
Goodwill 699,635 699,635
-------------- --------------
Total assets $ 10,443,058 $ 9,622,286
============== ==============
LIABILITIES AND STOCKHOLDERS' EQUITY
(DEFICIT)
CURRENT LIABILITIES:
Current portion, long term debt $ 137,841 $ 184,679
Line of Credit 2,304,115 2,160,674
Short term loan 441,702 400,000
Accounts payable 1,831,486 1,744,253
Accrued liabilities 951,472 1,256,148
Deferred revenue 475,250 475,250
Due to related parties -- 95,354
-------------- --------------
Total current liabilities 6,141,866 6,316,358
Long term debt less current portion 1,273,557 273,557
-------------- --------------
Total liabilities 7,415,423 6,589,915
-------------- --------------
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, 2011
and March 31, 2011 respectively) 19,996 19,996
Treasury stock, at cost; 723,000 shares
outstanding at June 30, 2011 and March 31,
2011 respectively (831,450) (831,450)
Additional paid-in capital 24,868,908 24,855,883
Accumulated deficit (21,447,788) (21,113,118)
Accumulated other comprehensive income (loss)
(foreign currency translation adjustment) (777,670) (834,949)
Obligation to issue shares 97,500 97,500
-------------- --------------
Total Remedent, Inc. stockholders' equity 1,929,496 2,193,862
-------------- --------------
Non-controlling interest 1,098,139 838,509
-------------- --------------
Total stockholders' equity 3,027,635 3,032,371
-------------- --------------
Total liabilities and equity $ 10,443,058 $ 9,622,286
============== ==============
CONTACT: Stephen Ross 310 922 5685 docktor99@aol.com
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