Remedent, Inc. (OTC BB: REMI) a leader in the research and
development, manufacturing and marketing of oral care and cosmetic
dentistry products, announced today its year-end results for the
year ended March 31, 2006. Remedent announced that net sales for
the year ended March 31, 2006 increased 4.5% to $7.4 million from
$7.1 million for the year ended March 31, 2005. The increase in
sales is attributed to continuing sales efforts and the initial
market acceptance of the iWhite(R) and MetaTray(R) products. Gross
profit declined 12% to $3.6 million for the year ended March 31,
2006, compared to $4.1 million. The decline was due to the rise of
cost of goods and the reduced margins on the Remecure products,
resulting from a 28% reduction in average selling price of Remecure
products to meet competitive demands. The company experienced
delays in the in-house manufacturing of foam strips and regulatory
approvals in certain countries. These issues have been resolved and
will not affect the future business. Net loss for the year was $3.9
million, or $0.35 per fully diluted share, in the year ended March
31, 2006 compared to a loss of $104,000 in the preceding year, or
$0.05 per fully diluted share. The company was also impacted by the
cost associated with the start-up of new Singapore and US sales
offices, which accounted for approximately $1.0 million of the $3.9
million of net loss. In addition, the company purchased the royalty
agreement of its top product, along with expenses related to the
offering and options to the investment banker, which combined for
$2.0 million of the net loss. Guy De Vreese, Chairman of Remedent,
stated, "We are pleased in the top-line growth of Remedent. All of
revenues last year came from European markets, which highlights the
strength of our brand recognition in Europe, which we are also
building in Asia. As we continue to strengthen our global
footprint, our efforts will be selective in the US markets to
maintain acceptable cost levels. Our goal is to ensure that we have
a strong market presence in the US." He added, "We are excited at
the potential of the brand recognition and believe that Remedent
will have a global presence. Our partners in Europe have given us
the assurance of their commitment to selling the Remedent products,
and we want to be their customers' first choice product." Remedent,
Inc. (OTC Bulletin Board: REMI) strives to be a world leader in the
research and development, manufacturing and marketing of oral care
and cosmetic dentistry products. Remedent products are renowned for
their technological superiority and ease-of-use. Based in Deurle,
Belgium and El Segundo, CA, Remedent has successfully researched,
developed and manufactured all of its own products. These products
are now distributed in more than 35 countries worldwide. Remedent
consists of two divisions: one that serves the dental community and
one that is focused on the over-the-counter consumer market. Visit
www.Metatray.com/usa for further information. -0- *T REMEDENT, INC.
AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS March 31, March 31,
2006 2005 ----------- ----------- ASSETS CURRENT ASSETS: Cash and
cash equivalents $332,145 $40,442 Cash, restricted 70,762 -
Accounts receivable, net of allowance for doubtful accounts of
$74,133 at March 31, 2006 and $80,194 at March 31, 2005 2,370,846
1,488,296 Due from related party - 156,099 Inventories, net
1,470,553 558,335 Prepaid expense 335,111 192,306 Other current
assets - 129,650 ----------- ----------- Total current assets
4,579,417 2,565,128 ----------- ----------- PROPERTY AND EQUIPMENT,
NET 317,361 85,737 OTHER ASSETS Deferred offering costs - Patents,
net 166,166 61,750 ----------- ----------- 166,166 61,750
----------- ----------- TOTAL ASSETS $5,062,944 $2,712,615
=========== =========== LIABILITIES AND STOCKHOLDERS' DEFICIT
CURRENT LIABILITIES: Current portion, long term debt $12,641 $-
Line of Credit 605,200 - Notes payable 31,282 294,322 Accounts
payable 1,632,449 889,668 Accrued liabilities 601,042 367,854 Due
to related parties 58,958 58,958 Deferred revenue - 18,864 Income
taxes payable 103,001 178,269 ----------- ----------- Total current
liabilities 3,044,573 1,807,935 ----------- ----------- LONG TERM
DEBT 60,998 - MINORITY INTEREST IN REMEDENT N.V. - 1,178,592
STOCKHOLDERS' DEFICIT: 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, 12,764,112 shares
issued and outstanding at March 31, 2006 and 2,176,225 shares
issued and outstanding at March 31, 2005) 12,764 2,176 Additional
paid-in capital 11,624,234 5,427,289 Accumulated deficit
(9,651,551) (5,764,249) Common stock subscribed, not issued 200 -
Accumulated other comprehensive income (loss) (foreign currency
translation adjustment) (28,274) 60,874 ----------- -----------
Total stockholders' equity (deficit) 1,957,373 (273,910)
----------- ----------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
(DEFICIT) $5,062,944 $2,712,615 =========== =========== The
accompanying notes are an integral part of these consolidated
financial statements. REMEDENT, INC. AND SUBSIDIARIES CONSOLIDATED
STATEMENTS OF OPERATIONS For the years ended March 31, 2006 2005
------------ ----------- Net sales $7,393,948 $7,072,300 Cost of
sales 3,812,463 2,982,315 ------------ ----------- Gross profit
3,581,485 4,089,985 Operating Expenses Research and development
1,153,897 263,137 Sales and marketing 1,202,145 325,175 General and
administrative 4,235,292 2,578,274 Non cash restructuring expense
764,151 - Depreciation and amortization 107,222 35,636 ------------
----------- TOTAL OPERATING EXPENSES 7,462,707 3,202,222
------------ ----------- INCOME (LOSS) FROM OPERATIONS (3,881,222)
887,763 OTHER INCOME (EXPENSES) Interest expense (24,195) (66,390)
Non cash interest expense (100,000) - Other income 49,427 25,544
------------ ----------- TOTAL OTHER INCOME (EXPENSES) (74,768)
(40,846) ------------ ----------- INCOME (LOSS) BEFORE INCOME TAXES
AND MINORITY INTEREST (3,955,990) 846,917 Income tax (expense)
benefit 68,688 (363,072) MINORITY INTEREST IN REMEDENT N.V. -
(587,273) ------------ ----------- NET LOSS $(3,887,302) $(103,428)
========================== LOSS PER SHARE Basic and fully diluted
$(0.35) $(0.05) ========================== WEIGHTED AVERAGE SHARES
OUTSTANDING Basic and fully diluted 11,122,754 2,047,470
========================== *T Certain matters discussed in this
press release are "forward-looking statements" intended to qualify
for the safe harbors from liability established by the Private
Securities Litigation Reform Act of 1995. In particular, the
Company's statements regarding trends in the marketplace and
potential future results are examples of such forward-looking
statements. The forward-looking statements include risks and
uncertainties, including, but not limited to, the consummation and
the successful integration of proposed acquisitions, the timing of
projects due to the variability in size, scope and duration of
projects, estimates made by management with respect to the
Company's financial results, backlog, critical accounting policies,
regulatory delays, clinical study results which lead to reductions
or cancellations of projects, and other factors, including general
economic conditions and regulatory developments, not within the
Company's control. The factors discussed herein and expressed from
time to time in the Company's filings with the Securities and
Exchange Commission could cause actual results and developments to
be materially different from those expressed in or implied by such
statements. The forward-looking statements are made only as of the
date of this press release and the Company undertakes no obligation
to publicly update such forward-looking statements to reflect
subsequent events or circumstance.
Elysee Development (PK) (USOTC:ASXSF)
Historical Stock Chart
From Sep 2024 to Oct 2024
Elysee Development (PK) (USOTC:ASXSF)
Historical Stock Chart
From Oct 2023 to Oct 2024