Remedent, Inc. (OTCBB: REMI), an international company specializing
in research, development, and manufacturing of oral care and
cosmetic dentistry products, reported results for the second
quarter ended on September 30, 2010 (in US Dollars).
Net sales for the three months ended September 30, 2010
increased 74% to $3.1 million compared to $1.8 million for the same
year ago quarter. Net sales for the six months ended September 30,
2010, increased 67% to $6.5 million from $3.9 million for the same
year ago quarter. The increase in sales was mainly due to increased
sales in the Asian GlamSmile facilities in Beijing and Hong Kong.
Our sales also increased as a result of the launch of new, higher
margin, OTC products.
Profit for the three months ended September 30, 2010 prior to
outside shareholders' participation totaled approximately $359
thousand compared with losses of $1.2 million for the same year ago
quarter. Profit for the six months ended September 30, 2010 prior
to outside shareholders' participation totaled approximately $926
thousand compared with losses of $1.7 million for the same year ago
quarter.
Profits attributed to Remedent common stockholders for the three
months ended September 30, 2010 were $201 thousand compared to
losses of $839 thousand for the same year ago quarter. Profits
attributed to Remedent common stockholders for the six months ended
September 30, 2010 were $513 thousand compared to losses of $1.4
million for the same year ago quarter.
Cash and cash equivalents totaled $2.47 million at September 30,
2010 compared 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 and prior quarter we included our retail Asian
operations of approximately $1.3 million 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 Monday, November 15,
2010 at 12:00 p.m. Eastern Standard time (9.00 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: Monday, November 15, 2010
Time 12:00 p.m. Eastern time (9:00 a.m. Pacific time).
Dial in number: 800 732-8711
Passcode: 7930049
The replay of the call will be available through December 15,
2010. The dial in number for the replay is 888-203-1112 and the
replay pass code is 7930049
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.
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
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
For the three months For the six months
ended ended
September 30, September 30,
2010 2009 2010 2009
---------- ---------- ---------- -----------
Net sales $3,101,553 $1,780,301 $6,538,312 $ 3,941,104
Cost of sales 793,942 1,302,237 1,708,279 2,398,244
---------- ---------- ---------- -----------
Gross profit 2,307,611 478,064 4,830,033 1,542,860
---------- ---------- ---------- -----------
Operating Expenses
Research and
development 111,994 54,522 177,539 81,120
Sales and marketing 394,014 137,076 906,990 488,011
General and
administrative 1,255,597 1,102,634 2,408,309 2,145,398
Depreciation and
amortization 183,025 177,914 384,227 351,358
---------- ---------- ---------- -----------
TOTAL OPERATING EXPENSES 1,944,630 1,472,146 3,877,065 3,065,887
---------- ---------- ---------- -----------
INCOME (LOSS) FROM
OPERATIONS 362,981 (994,082) 952,968 (1,523,027)
---------- ---------- ---------- -----------
OTHER INCOME (EXPENSES)
Warrants issued -- (159,888) -- (159,888)
Interest expense (34,446) (39,207) (89,337) (63,853)
Interest income 72,987 25,160 111,847 91,158
---------- ---------- ---------- -----------
TOTAL OTHER INCOME
(EXPENSES) 38,541 (173,935) 22,510 (132,583)
---------- ---------- ---------- -----------
NET INCOME (LOSS) BEFORE
INCOME TAXES AND
NON-CONTROLLING INTEREST 401,522 (1,168,017) 975,478 (1,655,610)
PROVISION FOR INCOME TAXES (42,946) -- (49,175) --
---------- ---------- ---------- -----------
INCOME FROM CONTINUING
OPERATIONS BEFORE
NON-CONTROLLING INTEREST,
NET OF TAX 358,576 (1,168,017) 926,303 (1,655,610)
LESS: NET INCOME (LOSS)
ATTRIBUTABLE TO
NON-CONTROLLING INTEREST 157,351 (329,234) 412,888 (267,396)
---------- ---------- ---------- -----------
NET INCOME (LOSS)
ATTRIBUTABLE TO REMEDENT,
INC. Common Stockholders $ 201,225 $ (838,783) $ 513,415 $(1,388,214)
========== ========== ========== ===========
INCOME (LOSS) PER SHARE
Basic $ 0.01 $ (0.04) $ 0.03 $ (0.07)
========== ========== ========== ===========
Fully diluted $ 0.01 $ (0.04) $ 0.02 $ (0.07)
========== ========== ========== ===========
WEIGHTED AVERAGE SHARES
OUTSTANDING
Basic 19,995,969 19,995,969 19,995,969 19,995,969
========== ========== ========== ===========
Fully diluted 33,595,142 33,999,738 33,989,738 33,999,738
========== ========== ========== ===========
REMEDENT, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
For the three months For the six months
ended ended
September 30, September 30,
------------------------- ------------------------
2010 2009 2010 2009
------------ ----------- ----------- -----------
Net Income (Loss)
Attributable to
Remedent Common
Stockholders $ 201,225 $ (838,783) $ 513,415 $(1,388,214)
OTHER COMPREHENSIVE
INCOME (LOSS):
Foreign currency
translation
adjustment 154,529 60,761 (23,119) 118,329
------------ ----------- ----------- -----------
Total Other
Comprehensive income
(loss) 355,754 (778,022) 490,296 (1,269,885)
LESS: COMPREHENSIVE
INCOME (LOSS)
ATTRIBUTABLE TO
NON-CONTROLLING
INTEREST 12,721 13,836 (3,143) 56,084
------------ ----------- ----------- -----------
COMPREHENSIVE INCOME
(LOSS) ATTRIBUTABLE TO
REMEDENT Common
Stockholders $ 343,033 $ (791,858) $ 493,459 $(1,325,969)
============ =========== =========== ===========
REMEDENT, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
September 30, March 31,
2010 2010
------------ ------------
(unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 2,471,552 $ 613,466
Accounts receivable, net of allowance for
doubtful accounts of $33,854 at September
30, 2010 and $65,845 at March 31, 2010 1,631,444 806,931
Inventories, net 2,141,487 2,161,692
Prepaid expenses 1,000,860 920,487
------------ ------------
Total current assets 7,245,343 4,502,576
------------ ------------
PROPERTY AND EQUIPMENT, NET 1,447,324 1,735,719
OTHER ASSETS
Long term investments and advances 750,000 750,000
Patents, net 243,355 246,992
Goodwill 699,635 699,635
------------ ------------
Total assets $ 10,385,657 $ 7,934,922
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion, long term debt $ 124,026 $ 215,489
Line of Credit 1,984,708 674,600
Accounts payable 1,720,255 1,932,684
Accrued liabilities 1,125,260 491,536
Due to related parties 265,857 268,484
------------ ------------
Total current liabilities 5,220,106 3,582,793
Long term debt less current portion 458,236 425,882
------------ ------------
Total liabilities 5,678,342 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 September 30,
2010 and March 31, 2010) 19,996 19,996
Treasury stock, at cost; 723,000 shares at
September 30, 2010 and March 31, 2010 (831,450) (831,450)
Additional paid-in capital 24,829,833 24,742,201
Accumulated deficit (19,052,527) (19,565,943)
Accumulated other comprehensive (loss) (foreign
currency translation adjustment) (671,819) (650,059)
Obligation to issue shares 97,500 97,500
------------ ------------
Total Remedent, Inc. stockholders' equity 4,391,533 3,812,245
Non-controlling interest 315,782 114,002
------------ ------------
Total stockholders' equity 4,707,315 3,926,247
------------ ------------
Total liabilities and equity $ 10,385,657 $ 7,934,922
============ ============
CONTACT: Stephen Ross 310 922 5685 docktor99@aol.com
Elysee Development (PK) (USOTC:ASXSF)
Historical Stock Chart
From Jun 2024 to Jul 2024
Elysee Development (PK) (USOTC:ASXSF)
Historical Stock Chart
From Jul 2023 to Jul 2024