EX-99.1 3 a03-2755_1ex99d1.htm EX-99.1

 

Exhibit 99.1

 

 

For Immediate Release

 

Contact:

 

Glen Sato

SVP, Chief Financial Officer

(510) 742-2816

jgsato@pdl.com

 

 

PROTEIN DESIGN LABS ANNOUNCES ADJUSTMENT IN

SECOND QUARTER 2003 FINANCIAL RESULTS

 

Adjustment results in $500,000 higher revenue in the second quarter

 

Fremont, Calif., August 14, 2003 — Protein Design Labs, Inc. (PDL) (Nasdaq: PDLI) today reported an increase in total revenues during the 2003 second quarter to $21.0 million compared to the previously reported $20.5 million.  The increase was due to the recognition of a $500,000 milestone payment that was not previously reported.  The higher income for the period resulted in a decrease in the previously reported net loss from $42.6 million to $42.1 million.  Net loss per share was reduced from $0.46 to $0.45 per basic and diluted share, for the three months ended June 30, 2003.

 

Total revenues during the first six months of 2003 were correspondingly adjusted to $43.7 million compared to the previously reported $43.2 million.  For the six-month period ended June 30, 2003, PDL reported a net loss of $38.1 million, and the net loss per share for the period of $0.42 per basic and diluted share did not change from the previously reported net loss per share.

 

Protein Design Labs is a leader in the development of humanized antibodies to prevent or treat various disease conditions.  PDL currently has antibodies under development for autoimmune and inflammatory conditions, asthma and cancer.  PDL holds fundamental patents for its antibody humanization technology.  Further information on PDL is available at www.pdl.com.

 

Protein Design Labs is a registered U.S. trademark and the PDL logo is a trademark of Protein Design Labs, Inc.

 

Financial table attached.

 

 

 

PROTEIN DESIGN LABS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

Three months ended June 30,

 

Six months ended June 30,

 

 

 

2003

 

2002

 

2003

 

2002

 

Revenues:

 

 

 

 

 

 

 

 

 

Royalties

 

$

17,905

 

$

13,491

 

$

35,050

 

$

27,167

 

License and other

 

3,096

 

1,300

 

8,698

 

1,951

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

21,001

 

14,791

 

43,748

 

29,118

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

Research and development

 

21,058

 

14,760

 

37,450

 

27,938

 

General and administrative

 

6,853

 

4,787

 

11,923

 

8,942

 

Acquired in-process research and development

 

37,834

 

—

 

37,834

 

—

 

Total costs and expenses

 

65,745

 

19,547

 

87,207

 

36,880

 

Operating loss

 

(44,744

)

(4,756

)

(43,459

)

(7,762

)

 

 

 

 

 

 

 

 

 

 

Interest income

 

4,188

 

6,455

 

8,861

 

13,593

 

Interest expense

 

(1,575

)

(2,242

)

(3,281

)

(4,482

)

Impairment loss on investment

 

—

 

—

 

(150

)

—

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income  taxes

 

(42,131

)

(543

)

(38,029

)

1,349

 

Provision for income taxes

 

18

 

16

 

49

 

27

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

(42,149

)

$

(559

)

$

(38,078

)

$

1,322

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share:

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.45

)

$

(0.01

)

$

(0.42

)

$

0.01

 

 

 

 

 

 

 

 

 

 

 

Diluted

 

$

(0.45

)

$

(0.01

)

$

(0.42

)

$

0.01

 

 

 

 

 

 

 

 

 

 

 

Shares used in computation of net income (loss) per share:

 

 

 

 

 

 

 

 

 

Basic

 

93,301

 

88,751

 

91,242

 

88,698

 

 

 

 

 

 

 

 

 

 

 

Diluted

 

93,301

 

88,751

 

91,242

 

91,382

 

 

 

CONSOLIDATED BALANCE SHEET DATA

(Unaudited)

 

 

 

June 30,

 

December 31,

 

 

 

2003

 

2002*

 

(In thousands)

 

(unaudited)

 

 

 

 

 

 

 

Cash, cash equivalents and marketable securities

 

$

579,484

 

$

606,410

 

Total assets

 

725,545

 

717,818

 

Total stockholders' equity

 

540,241

 

544,766

 

 

*Derived from the December 31, 2002 audited consolidated financial statements