Enzon Reports First Quarter 2012 Results
Summary of Financial Results
Royalty Revenue
Royalty revenue for the three months ended
Research and Development
The Company's pipeline research and development expenses were
General and Administrative
General and administrative expenses decreased approximately 28% to
Cash and Investments
Total cash reserves, which consist of cash, cash equivalents and marketable securities, were
About Enzon
Forward-Looking Statements
This press release contains, or may contain, forward-looking statements within the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release, other than statements that are purely historical, are forward-looking statements, which can be identified by the use of forward-looking terminology such as the words "believes," "expects," "may," "will," "should," "potential," "anticipates," "plans," or "intends" and similar expressions.
Such forward-looking statements are based upon management's present expectations, objectives, anticipation, plans, hopes, beliefs, intentions or strategies regarding the future and are subject to known and unknown risks and uncertainties that could cause actual results, events or developments to be materially different from those indicated in such forward-looking statements. A more detailed discussion of these and other factors that could affect results is contained in Enzon's filings with the
Enzon Pharmaceuticals, Inc. and Subsidiaries
Condensed Consolidated Statements of Comprehensive (Loss) Income
(Unaudited; In thousands, except per share amounts)
Three months ended
March 31,
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2012 2011
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Revenues:
Royalties $ 10,321 $ 11,762
Sale of in-process research and development - 5,000
Contract research and development 103 1,094
Miscellaneous income 177 166
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Total Revenues 10,601 18,022
Operating Expenses:
Research and development - pipeline 6,914 10,548
Research and development - specialty and
contracted services 85 647
General and administrative 3,675 5,086
General and administrative - contracted services - 58
Restructuring charges (37) 359
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Total Operating Expenses 10,637 16,698
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Operating (Loss) Income (36) 1,324
Other Income (Expense):
Investment income, net 478 459
Interest expense (1,417) (1,480)
Other, net (96) 128
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Total Other Expense (1,035) (893)
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Loss before income tax expense (1,071) 431
Income tax expense - -
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Net (Loss) Income $ (1,071) $ 431
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(Loss) earnings per common share - basic and
diluted $ (0.02) $ 0.01
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Weighted-average shares - basic 48,293 58,002
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Weighted-average shares - diluted 48,293 58,736
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Other Comprehensive Income (Loss):
Available-for-sale marketable securities:
Unrealized holding gains (losses) arising
during period $ 537 $ (125)
Reclassification adjustment for realized
losses (gains) on sales included in net
(loss) income 35 (22)
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Total Other Comprehensive Income (Loss) 572 (147)
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Comprehensive (Loss) Income $ (499) $ 284
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Enzon Pharmaceuticals, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited; In thousands)
March 31, December 31,
2012 2011
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Assets
Current assets:
Cash and cash equivalents $ 46,214 $ 104,324
Marketable securities 78,480 58,188
Other current assets 2,456 2,749
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Total current assets 127,150 165,261
Property and equipment, net 15,506 16,802
Marketable securities 194,038 160,779
Other assets 252 367
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Total Assets $ 336,946 $ 343,209
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Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 1,898 $ 1,572
Accrued expenses and other current liabilities 11,072 13,692
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Total current liabilities 12,970 15,264
Notes payable 125,749 129,499
Other liabilities 1,081 1,265
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Total Liabilities $ 139,800 $ 146,028
Total Stockholders' Equity $ 197,146 $ 197,181
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Total Liabilities and Stockholders' Equity $ 336,946 $ 343,209
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Investor Contact:Andrea Rabney Argot Partners 212.600.1902 Email Contact Media Contact:Meghan Feeks Argot Partners 212.600.1902 Email Contact
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