This isthe story that appeared in late December 1999. It clearly states the 4th quarter will be a loss. Total earnings for year around 26 cents a share. Already earned about 29. Therefore a loss of a few cents in the cards for the 4th quarter.
ISELIN, N.J.--(BUSINESS WIRE)--Dec. 29, 1999--Bio-Technology General Corp. (NASDAQ:BTGC - news) today commented that it anticipates full year 1999 revenues of approximately $84 million compared to $77 million in 1998. Despite the growth in revenues, earnings for the year are expected to be between $0.08 and $0.11 lower than the 1998 EPS of $0.36. The Company's revenue growth and EPS were adversely impacted by the previously announced reduction of Oxandrin� inventory, amounting to more than $15 million, by the Company's distributor for the product, Olsten Health Services, Inc. Additional contract revenues from new strategic alliances anticipated to be concluded by the end of the fourth quarter were expected to cover much of the Oxandrin inventory-related shortfall. While not yet concluded, the Company is continuing to pursue these new relationships.
In commenting on the anticipated results, Sim Fass, Chairman and CEO of Bio-Technology General Corp., stated: ``The 1999 results essentially reflect the impact of what we believe to be a temporary inventory adjustment situation. With Oxandrin prescriptions up by 28% in the first eleven months of 1999 compared to the first eleven months of 1998, and end user sales for the full year 1999 expected to be up by 24%, our Oxandrin business continues to demonstrate robust growth. This should translate into a significant increase in Oxandrin sales to our distributor in 2000 as both the absorption of the excess inventory is completed, and sales to Olsten fully reflect the growing end user sales. Moreover, we anticipate further development of the commercial potential for Oxandrin, to be accomplished by an increase in the size of the Company's sales force and expansion of sales activity into the wound care sector.''
Dr. Fass added: ``Several new key strategic alliances, some of which were expected to generate contract revenues in the fourth quarter of 1999, are in the process of advanced negotiations. We look forward to their consummation in 2000, and we remain very confident that 2000 will be a record year for BTG in terms of revenues, product sales, and earnings. We have every expectation that, with the inventory reduction completed and the current growth rate of our product sales, we will be able to deliver on our commitment of accelerated growth in 2000.''
Bio-Technology General Corp., a leading biopharmaceutical company, develops, manufactures and markets genetically engineered and other products for human health care. The Company's products are marketed in over thirty countries worldwide.
Statements in this news release concerning the Company's business outlook or future economic performance, anticipated profitability, revenues, expenses or other financial items; and statements concerning assumptions made or expectations as to any future events, conditions, performance or other matters, are ``forward-looking statements'' as that term is defined under the Federal Securities Laws. Forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from those stated in such statements. Such risks, uncertainties and factors include, but are not limited to, changes and delays in product development plans and schedules, customer acceptance of new products, changes in pricing or other actions by competitors, patents owned by the Company and its competitors, and general economic conditions, as well as other risks detailed in the Company's filings with the Securities and Exchange Commission.
I recall that announcement too. I'm just waiting for earning release to get over with and beyond so we can go forward again. Possibly sell if this piece of s----t stock that's held me captive at 16 1/4 for 3 years ever climbs even a dollar over that. I want out. What a waste of 3 years opportunity elsewhere!