UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 5, 2004
ENZON PharmaceuticalS, INC.
(Exact name of registrant as specified in its charter)
Delaware 0-12957 22-2372868
(State or other jurisdiction of (Commission (IRS Employer
incorporation) File Number) Identification)
685 Route 202/206, Bridgewater, New Jersey 08807
(Address of principal executive offices) (Zip Code)
(Registrant's telephone number, including area code: (908) 541-8600
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
Item 5. Other Events
Enzon Pharmaceuticals, Inc. (Nasdaq: ENZN) announced today its financial results
for the quarter ended March 31, 2004, the third quarter of Enzon's fiscal year
(FY) 2004. During the quarter, Enzon completed several corporate milestones
including:
o Establishing a commercialization partnership with Inex
Pharmaceuticals Corporation (TSX: IEX) for Inex's oncology drug,
Onco TCS. Inex completed a pivotal Phase 2/3 trial for Onco TCS in
2003 for patients with relapsed, aggressive non-Hodgkin's lymphoma
and several Phase 2 trials are also underway in various other
cancers.
o Initiating patient dosing in a clinical trial designed to evaluate
Pegamotecan as a single-agent, second-line therapy for the treatment
of gastric and gastroesophageal junction cancers. This study was
initiated based on the positive interim data yielded from the
Company's ongoing Phase 2 trial for the treatment of gastric and
gastroesophageal cancers.
o The filing of a New Drug Application (NDA) for Onco TCS and the
requesting of a Priority Review, as Onco TCS is a product intended
to address an unmet medical need. Applications that are granted
Priority Review status are targeted for action by the United States
Food and Drug Administration (FDA) within six months from the date
that the submission is complete.
o Launching a major new initiative in antifungal research with the
introduction of the Company's proprietary CLEAR II(TM) patient
registry. CLEAR II is a multi-center registry developed by and for
clinicians to share and exchange online, real-time data on the
clinical course of invasive fungal infections. Importantly, this
registry captures information on physician clinical experiences with
Enzon's ABELCET(R) (Amphotericin B Lipid Complex Injection), as well
as other antifungal agents and the Company anticipates it will
quickly become an important resource for physicians treating
invasive fungal infections.
Financial Results
The Company reported net income for the third quarter of FY 2004 of $5.1
million, or $0.12 cents per diluted share, compared with net income of $7.6
million or $0.17 cents per diluted share for the third quarter of FY 2003. The
Company's net income for the third quarter of FY 2004 includes a write-off of
acquired in-process research and development costs of $12.0 million related to
the acquisition of the North American commercialization rights to Onco TCS from
Inex in January 2004 and a net gain on investments of $11.0 million principally
related to the sale of approximately 50% of the Company's investment in Nektar
Therapeutics (Nasdaq: NKTR).
Combined product sales for the Company's four internally marketed products
(ABELCET(R), ONCASPAR(R), DEPOCYT(R), and ADAGEN(R)) increased by $6.1 million
or 28% to $28.0 million compared with $21.9 million for the prior year's
comparable quarter. This increase was primarily driven by an increase in sales
of ABELCET. For the third quarter of FY 2004 North American sales of ABELCET
were $17.6 million compared with $13.5 million for the third
quarter of FY 2003 and ahead of the Company's expectations for the quarter of
$16.5 million to $17.5 million.
Sales of ONCASPAR for the third quarter of FY 2004 increased by $2.1 million or
75% to $4.9 million compared with $2.8 for the third quarter of FY 2003. Sales
of DEPOCYT were $1.4 million for the third quarter of FY 2004, compared with
$1.2 million for the third quarter of FY 2003. In January 2003, the Company
in-licensed the North American rights to DEPOCYT from SkyePharma PLC. ADAGEN
sales for the third quarter of FY 2004 were $4.1 million versus $4.3 million in
the third quarter of FY 2003.
During the quarter, the Company also recorded $5.0 million in manufacturing
revenue related to the ABELCET business, which included approximately $1.7
million of revenue related to the settlement of certain disputed items.
Manufacturing revenue for the third quarter of FY 2003 was $4.8 million.
Total royalties for the third quarter of FY 2004 decreased by $5.1 million or
32% to $11.1 million compared with $16.2 million for the third quarter of FY
2003. Total royalties for the quarter were made up principally of royalties from
sales of PEG-INTRON marketed by Schering-Plough Corporation (NYSE: SGP). The
decrease was due to the ongoing competition in the pegylated alpha interferon
market. To strengthen its hepatitis C product line, in February 2004
Schering-Plough launched a new PEG-INTRON Redipen precision-dosing pen in the
U.S. market, where Schering-Plough has reported it is being well received.
The Company's investment in research and development increased by $5.6 million
or 110% to $10.8 million in the third quarter of FY 2004 compared with $5.1
million for the third quarter of FY 2003. The increase was primarily
attributable to the Company's shared product development costs with Inex for
Onco TCS, which included costs related to the filing of the NDA in March 2004,
as well as costs related to the Company's internal research and development
programs, namely, the initiation of a clinical trial for Pegamotecan as a
second-line therapy for the treatment of gastric and gastroesophageal junction
cancers, preparation for the commencement of a Phase 3 trial for ATG Fresenius
S, and the Company's earlier stage programs.
Selling, general, and administrative expenses increased by $3.0 million or 32%
to $12.5 million in the third quarter of FY 2004 versus $9.5 million for the
third quarter of FY 2003. This increase was primarily attributable to
expenditures related to ABELCET promotional activities, which included
publications, presentations, and expenditures related to the March 2004 launch
of the Company's CLEAR II registry at the Focus on Fungal Infections conference.
Net investment income increased to $11.6 million in the third quarter of FY
2004, compared with $632,000 for the corresponding period in FY 2003. The
increase is principally due to the sale of 880,075 shares of Nektar Therapeutics
common stock, which resulted in a net gain of approximately $11.0 million.
During the third quarter of FY 2004, the Company recorded a deferred tax benefit
of approximately $5.5 million that was primarily attributable to the reversal of
a deferred tax valuation allowance pertaining to the write down of the carrying
value of the Company's Nektar
Therapeutics shares that were sold during the quarter. The deferred tax benefit
was also attributable to a reduction in the Company's estimated taxable income
and effective tax rate due to the $12.0 million write-off of acquired in-process
research and development costs related to the acquisition of the North American
commercialization rights to Onco TCS.
The Company's cash and investments totaled $174.5 million as of March 31, 2004
compared with $153.3 million as of June 30, 2003. The increase in cash and
investments was primarily the result of cash proceeds of $17.4 million related
to the Company's sale of 880,075 shares of Nektar Therapeutics common stock and
positive cash flows provided by the Company's operations. These increases were
partially offset by the payment of $12.0 million to Inex for acquired in-process
research and development related to the acquisition of the North American
commercialization rights to Onco TCS.
The management of Enzon will be hosting a conference call today, May 5, 2004 at
4:30PM EST. All interested parties can access the live call using the following
information:
Domestic Dial-In Number: 888-428-4479
International Dial-In Number: 651-291-0900
Access Code: 727692
Enzon's conference call will also be webcast in a "listen only" mode via the
Internet at http://www.vcall.com. Additionally, for those parties unable to
listen at the time of Enzon's conference call, a rebroadcast will be available
following the call from Wednesday, May 5, 2004 at approximately 9:30 PM EST.
This rebroadcast will end on Wednesday, May 12, 2004 at midnight. The
rebroadcast may be accessed using the following information:
Domestic Dial-In Number: 800-475-6701
International Dial-In Number: 320-365-3844
Access Code 727692
Enzon Pharmaceuticals is a biopharmaceutical company dedicated to the discovery,
development and commercialization of therapeutics to treat life-threatening
diseases. The Company has developed or acquired a number of marketed products,
including PEG-INTRON(R), marketed by Schering-Plough, and ABELCET(R),
ONCASPAR(R), ADAGEN(R), and DEPOCYT(R), marketed in North America by Enzon's
specialized sales force. Enzon's science-focused strategy includes an extensive
drug development program that leverages the Company's macromolecular engineering
technology platforms, including PEG modification and single-chain antibody
(SCA(R)) technologies. Internal research and development efforts are
complemented by strategic transactions that provide access to additional
products and technologies. Enzon has several drug candidates in various stages
of development, independently and with partners, including Onco TCS, for which a
U.S. marketing application has been submitted for the treatment of relapsed,
aggressive non-Hodgkin's lymphoma. Further information about Enzon, this report,
and the conference call can be found on the Company's web site at www.enzon.com.
There are forward-looking statements contained herein that are not based on
historical fact, including without limitation statements containing the words
"believes," "may," "plans,"
"will," "estimates," "continue," "anticipates," "intends," "expects," and
similar expressions. Such forward- looking statements involve known and unknown
risks, uncertainties and other factors that may cause actual results, events or
developments to be materially different from the future results, events or
developments discussed above. Such factors include the risks that the NDA for
Onco TCS may not be granted Priority Review status by the FDA and that Onco TCS
may not receive regulatory approval from the FDA, as well as those described in
Enzon's Form 10-K and Forms 10-Q on file with the SEC, such as Enzon's ability
to successfully launch and market Onco TCS, Enzon's ability to sustain
profitability, and positive cash flow; risks in obtaining and maintaining
regulatory approval for indications and expanded indications for Enzon's
products; market acceptance of and continuing demand for Enzon's products;
timing and results of clinical trials, including, without limitation, the
ongoing clinical trials of Pegamotecan for the treatment of gastric and
gastroesophageal cancers; the risk that the FDA may not deem Pegamotecan
eligible for accelerated approval under Subpart H of the Food and Drug Act; and
the impact of competitive products and pricing. These factors should be
considered carefully and readers are cautioned not to place undue reliance on
such forward-looking statements. All information in this press release is as of
May 5, 2004 and the Company undertakes no duty to update this information.
Item 12. Results of Operations and Financial Condition
On May 5, 2004, Enzon Pharmaceuticals, Inc. issued a press release to report its
results of operations and financial condition for the completed fiscal quarter
ended March 31, 2004. A copy of this press release is included as Exhibit 99.1
to this Form 8-K and incorporated into this Item 12 by reference.
The information in this Item 12, including Exhibit 99.1, is being furnished and
shall not be deemed to be "filed" for purposes of Section 18 of the Securities
Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liability
of that Section, nor shall such information be deemed to be incorporated by
reference in any registration statement or other document filed under the
Securities Act of 1933 or the Exchange Act, except as otherwise stated in such
filing.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: May 5, 2004
By: /s/ Kenneth J. Zuerblis
---------------------------
Kenneth J. Zuerblis
Vice President, Finance and
Chief Financial Officer
Exhibit 99.1
[LETTERHEAD OF ENZON PHARMACEUTICALS]
For Immediate Release
================================================================================
PRESS RELEASE
Contact: Kenneth J. Zuerblis
VP Finance & CFO
908-541-8717
Euro RSCG Life NRP
Mark R. Vincent, Media Relations
212-845-4239
ENZON REPORTS THIRD QUARTER FINANCIAL RESULTS
- Product Sales Increase by 28% -
BRIDGEWATER, NJ - May 5, 2004 - Enzon Pharmaceuticals, Inc. (Nasdaq: ENZN)
announced today its financial results for the quarter ended March 31, 2004, the
third quarter of Enzon's fiscal year (FY) 2004. During the quarter, Enzon
completed several corporate milestones including:
o Establishing a commercialization partnership with Inex
Pharmaceuticals Corporation (TSX: IEX) for Inex's oncology drug,
Onco TCS. Inex completed a pivotal Phase 2/3 trial for Onco TCS in
2003 for patients with relapsed, aggressive non-Hodgkin's lymphoma
and several Phase 2 trials are also underway in various other
cancers.
o Initiating patient dosing in a clinical trial designed to evaluate
Pegamotecan as a single-agent, second-line therapy for the treatment
of gastric and gastroesophageal junction cancers. This study was
initiated based on the positive interim data yielded from the
Company's ongoing Phase 2 trial for the treatment of gastric and
gastroesophageal cancers.
o The filing of a New Drug Application (NDA) for Onco TCS and the
requesting of a Priority Review, as Onco TCS is a product intended
to address an unmet medical need. Applications that are granted
Priority Review status are targeted for action by the United States
Food and Drug Administration (FDA) within six months from the date
that the submission is complete.
o Launching a major new initiative in antifungal research with the
introduction of the Company's proprietary CLEAR II(TM) patient
registry. CLEAR II is a multi-center registry developed by and for
clinicians to share and exchange online, real-time data on the
clinical course of invasive fungal infections. Importantly, this
registry captures information on physician clinical experiences with
Enzon's ABELCET(R) (Amphotericin B Lipid Complex Injection), as well
as other antifungal agents and the Company anticipates it will
quickly become an important resource for physicians treating
invasive fungal infections.
-more-
Q3 FY04/page 2
"This quarter is highlighted by several notable achievements, with the most
significant being adding Onco TCS to our product pipeline and soon thereafter
submitting an NDA for this important product," said Arthur J. Higgins, Enzon's
chairman and chief executive officer. "With a strengthened pipeline, continued
strong performance from our marketed products, and the potential for a product
approval and launch in the near term, Enzon is well positioned for continued
growth."
Financial Results
The Company reported net income for the third quarter of FY 2004 of $5.1
million, or $0.12 cents per diluted share, compared with net income of $7.6
million or $0.17 cents per diluted share for the third quarter of FY 2003. The
Company's net income for the third quarter of FY 2004 includes a write-off of
acquired in-process research and development costs of $12.0 million related to
the acquisition of the North American commercialization rights to Onco TCS from
Inex in January 2004 and a net gain on investments of $11.0 million principally
related to the sale of approximately 50% of the Company's investment in Nektar
Therapeutics (Nasdaq: NKTR).
Combined product sales for the Company's four internally marketed products
(ABELCET(R), ONCASPAR(R), DEPOCYT(R), and ADAGEN(R)) increased by $6.1 million
or 28% to $28.0 million compared with $21.9 million for the prior year's
comparable quarter. This increase was primarily driven by an increase in sales
of ABELCET. For the third quarter of FY 2004 North American sales of ABELCET
were $17.6 million compared with $13.5 million for the third quarter of FY 2003
and ahead of the Company's expectations for the quarter of $16.5 million to
$17.5 million.
Sales of ONCASPAR for the third quarter of FY 2004 increased by $2.1 million or
75% to $4.9 million compared with $2.8 for the third quarter of FY 2003. Sales
of DEPOCYT were $1.4 million for the third quarter of FY 2004, compared with
$1.2 million for the third quarter of FY 2003. In January 2003, the Company
in-licensed the North American rights to DEPOCYT from SkyePharma PLC. ADAGEN
sales for the third quarter of FY 2004 were $4.1 million versus $4.3 million in
the third quarter of FY 2003.
During the quarter, the Company also recorded $5.0 million in manufacturing
revenue related to the ABELCET business, which included approximately $1.7
million of revenue related to the settlement of certain disputed items.
Manufacturing revenue for the third quarter of FY 2003 was $4.8 million.
Total royalties for the third quarter of FY 2004 decreased by $5.1 million or
32% to $11.1 million compared with $16.2 million for the third quarter of FY
2003. Total royalties for the quarter were made up principally of royalties from
sales of PEG-INTRON marketed by Schering-Plough Corporation (NYSE: SGP). The
decrease was due to the ongoing competition in the pegylated alpha interferon
market. To strengthen its hepatitis C product line, in February 2004
-more-
Q3 FY04/page 3
Schering-Plough launched a new PEG-INTRON Redipen precision-dosing pen in the
U.S. market, where Schering-Plough has reported it is being well received.
The Company's investment in research and development increased by $5.6 million
or 110% to $10.8 million in the third quarter of FY 2004 compared with $5.1
million for the third quarter of FY 2003. The increase was primarily
attributable to the Company's shared product development costs with Inex for
Onco TCS, which included costs related to the filing of the NDA in March 2004,
as well as costs related to the Company's internal research and development
programs, namely, the initiation of a clinical trial for Pegamotecan as a
second-line therapy for the treatment of gastric and gastroesophageal junction
cancers, preparation for the commencement of a Phase 3 trial for ATG Fresenius
S, and the Company's earlier stage programs.
Selling, general, and administrative expenses increased by $3.0 million or 32%
to $12.5 million in the third quarter of FY 2004 versus $9.5 million for the
third quarter of FY 2003. This increase was primarily attributable to
expenditures related to ABELCET promotional activities, which included
publications, presentations, and expenditures related to the March 2004 launch
of the Company's CLEAR II registry at the Focus on Fungal Infections conference.
Net investment income increased to $11.6 million in the third quarter of FY
2004, compared with $632,000 for the corresponding period in FY 2003. The
increase is principally due to the sale of 880,075 shares of Nektar Therapeutics
common stock, which resulted in a net gain of approximately $11.0 million.
During the third quarter of FY 2004, the Company recorded a deferred tax benefit
of approximately $5.5 million that was primarily attributable to the reversal of
a deferred tax valuation allowance pertaining to the write down of the carrying
value of the Company's Nektar Therapeutics shares that were sold during the
quarter. The deferred tax benefit was also attributable to a reduction in the
Company's estimated taxable income and effective tax rate due to the $12.0
million write-off of acquired in-process research and development costs related
to the acquisition of the North American commercialization rights to Onco TCS.
The Company's cash and investments totaled $174.5 million as of March 31, 2004
compared with $153.3 million as of June 30, 2003. The increase in cash and
investments was primarily the result of cash proceeds of $17.4 million related
to the Company's sale of 880,075 shares of Nektar Therapeutics common stock and
positive cash flows provided by the Company's operations. These increases were
partially offset by the payment of $12.0 million to Inex for acquired in-process
research and development related to the acquisition of the North American
commercialization rights to Onco TCS.
-more-
Q3 FY04/page 4
The management of Enzon will be hosting a conference call today, May 5, 2004 at
4:30PM EDT. All interested parties can access the live call using the following
information:
Domestic Dial-In Number: 888-428-4479
International Dial-In Number: 651-291-0900
Access Code: 727692
Enzon's conference call will also be webcast in a "listen only" mode via the
Internet at http://www.vcall.com. Additionally, for those parties unable to
listen at the time of Enzon's conference call, a rebroadcast will be available
following the call from Wednesday, May 5, 2004 at approximately 9:30 PM EDT.
This rebroadcast will end on Wednesday, May 12, 2004 at midnight. The
rebroadcast may be accessed using the following information:
Domestic Dial-In Number: 800-475-6701
International Dial-In Number: 320-365-3844
Access Code 727692
Enzon Pharmaceuticals is a biopharmaceutical company dedicated to the discovery,
development and commercialization of therapeutics to treat life-threatening
diseases. The Company has developed or acquired a number of marketed products,
including PEG-INTRON(R), marketed by Schering-Plough, and ABELCET(R),
ONCASPAR(R), ADAGEN(R), and DEPOCYT(R), marketed in North America by Enzon's
specialized sales force. Enzon's science-focused strategy includes an extensive
drug development program that leverages the Company's macromolecular engineering
technology platforms, including PEG modification and single-chain antibody
(SCA(R)) technologies. Internal research and development efforts are
complemented by strategic transactions that provide access to additional
products and technologies. Enzon has several drug candidates in various stages
of development, independently and with partners, including Onco TCS, for which a
U.S. marketing application has been submitted for the treatment of relapsed,
aggressive non-Hodgkin's lymphoma. Further information about Enzon, this press
release, and the conference call can be found on the Company's web site at
www.enzon.com.
There are forward-looking statements contained herein that are not based on
historical fact, including without limitation statements containing the words
"believes," "may," "plans," "will," "estimates," "continue," "anticipates,"
"intends," "expects," and similar expressions. Such forward- looking statements
involve known and unknown risks, uncertainties and other factors that may cause
actual results, events or developments to be materially different from the
future results, events or developments discussed above. Such factors include the
risks that the NDA for Onco TCS may not be granted Priority Review status by the
FDA and that Onco TCS may not receive regulatory approval from the FDA, as well
as those described in Enzon's Form 10-K and Forms 10-Q on file with the SEC,
such as Enzon's ability to successfully launch and market Onco TCS, Enzon's
ability to sustain profitability, and positive cash flow; risks in obtaining and
maintaining regulatory approval for indications and expanded indications for
-more-
Q3 FY04/page 5
Enzon's products; market acceptance of and continuing demand for Enzon's
products; timing and results of clinical trials, including, without limitation,
the ongoing clinical trials of Pegamotecan for the treatment of gastric and
gastroesophageal cancers; the risk that the FDA may not deem Pegamotecan
eligible for accelerated approval under Subpart H of the Food and Drug Act; and
the impact of competitive products and pricing. These factors should be
considered carefully and readers are cautioned not to place undue reliance on
such forward-looking statements. All information in this press release is as of
May 5, 2004 and the Company undertakes no duty to update this information.
(Financial statements to follow)
# # #
ENZON PHARMACEUTICALS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months ended March 31, 2004 and 2003
(In thousands, except per share data)
(Unaudited)
March 31, March 31,
2004 2003
--------- ---------
Revenues:
Net sales $ 27,993 $ 21,875
Manufacturing revenue 5,035 4,762
Royalties 11,103 16,242
Contract revenue 248 284
-------- --------
Total revenues 44,379 43,163
-------- --------
Costs and expenses:
Cost of sales and manufacturing revenues 12,458 11,080
Research and development expenses 10,772 5,132
Acquired in-process research and development 12,000 --
Selling, general and administrative expenses 12,500 9,481
Merger expenses -- 1,398
Amortization of acquired intangibles 3,358 3,960
-------- --------
Total costs and expenses 51,088 31,051
-------- --------
Operating income (loss) (6,709) 12,112
-------- --------
Other income (expense):
Investment income, net 11,564 632
Interest expense (4,957) (4,957)
Other income (expense) (337) 3
-------- --------
6,270 (4,322)
-------- --------
Income before taxes (439) 7,790
Tax provision (benefit) (5,505) 156
-------- --------
Net income $ 5,066 $ 7,634
======== ========
Basic earnings per common share 0.12 0.18
======== ========
Diluted earnings per common share 0.12 0.17
======== ========
Weighted average number of common shares
issued and outstanding - basic 43,368 43,192
======== ========
Weighted average number of common shares issued
and outstanding and dilutive potential common
shares outstanding 43,817 43,634
======== ========
ENZON PHARMACEUTICALS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Nine Months ended March 31, 2004 and 2003
(In thousands, except per share data)
(Unaudited)
March 31, March 31,
2004 2003
---------- ----------
Revenues:
Net sales $ 80,665 $ 36,250
Manufacturing revenue 8,826 5,496
Royalties 36,461 57,565
Contract revenue 769 417
---------- ----------
Total revenues 126,721 99,728
---------- ----------
Costs and expenses:
Cost of sales and manufacturing revenues 35,195 17,859
Research and development expenses 24,711 14,886
Acquired in-process research and development 12,000 --
Selling, general and administrative expenses 35,187 20,786
Merger expenses -- 1,398
Amortization of acquired intangibles 10,074 5,288
Write-down of carrying value of investments -- 27,237
---------- ----------
Total costs and expenses 117,167 87,454
---------- ----------
Operating income 9,554 12,274
---------- ----------
Other income (expense):
Investment income, net 12,744 8,430
Interest expense (14,871) (14,871)
Other income 71 3
---------- ----------
(2,056) (6,438)
---------- ----------
Income before taxes 7,498 5,836
Tax provision (benefit) (2,691) 662
---------- ----------
Net income 10,189 $ 5,174
========== ==========
Basic earnings per common share 0.24 $ 0.12
========== ==========
Diluted earnings per common share 0.23 $ 0.12
========== ==========
Weighted average number of common
shares issued and outstanding - basic 43,322 43,061
========== ==========
Weighted average number of common shares
issued and outstanding and dilutive potential
common shares outstanding 43,657 43,611
========== ==========
ENZON PHARMACEUTICALS, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
March 31, 2004 and June 30, 2003
(In thousands, except share data)
(Unaudited)
March 31, June 30,
2004 2003
---------- ----------
Assets
Current assets:
Cash and cash equivalents $ 83,370 $ 66,752
Short-term investments 9,741 25,047
Accounts receivable, net 29,623 33,173
Inventories 10,586 11,786
Deferred tax and other current assets 20,798 16,089
---------- ----------
Total current assets 154,118 152,847
Property and equipment, net 34,178 32,593
---------- ----------
Other assets:
Marketable securities 81,358 61,452
Investments in equity securities and convertible note 65,274 56,364
Amortizable intangible assets, net 198,544 211,975
Goodwill 150,985 150,985
Deferred tax and other assets 53,132 62,350
---------- ----------
549,293 543,126
---------- ----------
Total assets $ 737,589 $ 728,566
========== ==========
Liabilities and Stockholders' Equity
Current liabilities 26,517 $ 34,345
Notes payable 400,000 400,000
Other liabilities 6,671 2,637
Stockholders' equity 304,401 291,584
---------- ----------
Total liabilities and stockholders' equity $ 737,589 $ 728,566
========== ==========
Common stock shares outstanding 43,841 43,518
###