TORONTO, ONTARIO--(Marketwire -03/15/12)- Merus Labs International Inc. ("Merus" or the "Company") (TSX: MSL.TO - News)(NASDAQ: MSLI - News) is pleased to announce its financial results for the first quarter of fiscal 2012. The results illustrate the strength of the specialty pharma business of Merus.
On a proforma basis, including the acquired entity's results for the entire quarter ending December 31, 2011 in which the amalgamation occurred, Merus net income was $1,317,699 or $0.05 per share. Also, on a proforma basis, revenue from net product sales for the three months ended December 31, 2011 were $2.8 million, representing an approximate 43% increase over sales reported by the product's previous owner, for the same period in 2010. These results do not include any revenues from the recently acquired Factive product acquisition which has enhanced and diversified the Company's product portfolio. The management and board of directors are pleased with the growth and performance of the business over the last year.
The Company completed its amalgamation on December 19, 2011 and consequently, the reported results for the current period include the revenue and operating expenses of the acquired entity for the eleven days from December 20 through December 31, 2011.
For the quarter ended December 31, 2011, Merus reported a net loss of ($264,780) or ($0.03) per fully diluted share compared with net income of $759,829 or $0.09 per fully diluted share for the same quarter last year. The per-share calculations are based on fully diluted, weighted average shares outstanding of approximately 10.1 million for the current period, 8.0 million in the prior year, and 23.9 million shares on a pro-forma basis.
About Merus Labs International Inc.
Merus is a specialty pharmaceutical company engaged in the acquisition and licensing of pharmaceutical products. The Company utilizes its expertise in the North American pharmaceutical markets and its access to capital to acquire and license niche branded products in Canada and United States. Merus further enhances the sale and distribution of these products by introduction of a focused marketing and promotion plan.
Certain statements contained in this press release may constitute "forward-looking statements" within the meaning of Section 21E (i) (1) of the United States Securities Exchange Act of 1934. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Merus' actual results to be materially different from any future results expressed or implied by these statements. Such factors include the following: general economic and business conditions, changes in demand for Merus' products, changes in competition, the ability of Merus to integrate acquisitions or complete future acquisitions, interest rate fluctuations, currency exchange rate fluctuations, dependence upon and availability of qualified personnel and changes in government regulation. In light of these and other uncertainties, the forward-looking statements included in this press release should not be regarded as a representation by Merus that Merus' plans and objectives will be achieved. These forward-looking statements speak only as of the date of this press release, and we undertake no obligation to update or revise the statements.