The contract revenue seems in line with projections while royalty payments came in higher than expected...
The big run up to 36/37 might now be explained in hindsight as the addittion to the Russell 2000!!! I wish that AMRI would have anounced that previously on the AP.....
All in all a good move... I would expect the brokerages to move y/e estimates up towards .95 eps... but that's just one opinion.... Good luck to the AMRI longs.... Let's just hope we don't get caught up in the market meltdown..
Albany Molecular Research, Inc. Reports Record Net Revenue for Second Quarter
ALBANY, N.Y.,--(BUSINESS WIRE)--Aug. 4, 1999--Albany Molecular Research, Inc. (NASDAQ: AMRI - news) today announced operating results for the quarter ended June 30, 1999. Net contract revenue increased by 61% to $5.0 million over net contract revenue of $3.1 million in the comparable period of 1998. Recurring royalties for the second quarter of 1999 were $5.9 million, a 78% increase over recurring royalties of $3.3 million in the second quarter of 1998. The Company had also received a $1.0 million non-recurring milestone payment in the second quarter of 1998. Royalty revenue is earned from worldwide sales of the non-sedating antihistamine Allegra(tm), resulting from a 1995 licensing agreement the Company entered into with Hoechst Marion Roussel, the manufacturer of Allegra(tm).
Net income for the second quarter of 1999 grew by 45% to $4.0 million, or $0.28 per share on a diluted basis. Net income for the second quarter of 1998 was $2.8 million, or $0.23 per share on a diluted basis. Excluding the non-recurring milestone payment of $1.0 million, net income for the second quarter of 1998 was $2.1 million, or $0.17 per share on a diluted basis.
Net contract revenue for the six months ended June 30, 1999 increased 57% to $9.4 million, compared to net contract revenue of $6.0 million in the same period of 1998. For the six-month period ended June 30, 1999, recurring royalties increased by 100% to $10.0 million, compared to $5.0 million during the same period in 1998. During the six months ended June 30, 1998, the Company had also received $7.4 million in non-recurring milestone payments and royalties attributable to prior periods.
Net income for the six months ended June 30, 1999 was $6.8 million, or $0.50 per share on a diluted basis. Net income for the comparable period of 1998, excluding the non-recurring milestones and royalties of $7.4 million, was $3.1 million, or $0.25 on a diluted basis. Net income for the six months ended June 30, 1998 including all recurring and non-recurring items was $7.3 million, or $0.60 per share on a diluted basis.
``We are pleased with the continued strong growth of our core business,'' said Thomas E. D'Ambra, Ph.D., Chairman and Chief Executive Officer of Albany Molecular Research, Inc. ``Since the beginning of this year we have added six new customers as well as increased our existing relationships with several key customers. We have supported the increased business with the addition of 21 scientists through the end of the second quarter.''
``Strong worldwide sales of Allegra(tm) also resulted in better- than-expected royalty revenue during the second quarter. The growth of our contract revenue coupled with the increased royalty revenue resulted in the achievement of record net revenue for the second quarter. We also directed additional funding towards our business development and marketing programs during the quarter. These investments into our business are strategically focused to enhance our long-term growth.''
``We are also pleased that Albany Molecular Research's stock was recently added to the Russell 2000(r) Index. The inclusion in the Russell 2000(r) Index provides additional exposure for the Company to the investment community.'' The Russell 2000(r) Index is comprised of stocks included in the Russell 3000(r) Index, which measures the performance of the 3,000 largest US companies based on total market capitalization. The Frank Russell Company publicizes the current average market capitalization of the Russell 2000(r) Index as approximately $526 million.