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Forum List » Business News and Headlines SEC Filings, Earing Reports, Press Releases  
Regeneration Technologies Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: August 5, 2011 12:44PM
Regeneration Technologies Inc. (RTIX) filed Quarterly Report for the period ended 2011-06-30. Highlight of Business Operations:Marketing, General and Administrative Expenses. Marketing, general and administrative expenses decreased by $777,000, or 5.2%, to $14.2 million for the three months ended June 30, 2011 from $15.0 million for the three months ended June 30, 2010. Marketing, general and administrative expenses decreased as a percentage of revenues from 36.3% for the three months ended June 30, 2010 to 32.6% for the three months ended June 30, 2011. The decrease was primarily due to a decrease in distributor commissions of $2.4 million primarily attributable to the new distribution agreement with our dental distributor effective September 30, 2010, partially offset by increases in compensation of $316,000, marketing programs and demonstration products of $193,000, amortization expense related to license agreements of $110,000, and legal expenses of $133,000. In addition, expenses related to our foreign operations increased $443,000 for the three months ended June 30, 2011 compared to the prior period, of which $296,000 is due to a 12.7% decrease in the value of the U.S. dollar versus the Euro, as compared to the prior year period. Net Other Expense. Net other expense was $55,000 for the three months ended June 30, 2011 compared to $88,000 for the three months ended June 30, 2010. Interest expense decreased for the three months ended June 30, 2011 to $56,000 from $141,000 for the three months ended June 30, 2010 due to a reduction of interest bearing long-term obligations. Interest income for the three months ended June 30, 2011 increased to $43,000 compared to $27,000 for the three months ended June 30, 2010 due to higher average balances of cash and cash equivalents. Foreign exchange loss was $42,000 for the three months ended June 30, 2011 compared to a foreign exchange gain of $26,000 for the three months ended June 30, 2010 due to changes in the value of the U.S. dollar versus the Euro and the timing of payments on foreign currency liabilities. Marketing, General and Administrative Expenses. Marketing, general and administrative expenses decreased by $1.2 million, or 4.1%, to $28.1 million for the six months ended June 30, 2011 from $29.3 million for the six months ended June 30, 2010. Marketing, general and administrative expenses decreased as a percentage of revenues from 37.1% for the six months ended June 30, 2010 to 33.4% for the six months ended June 30, 2011. The decrease was due primarily to a decrease in distributor commissions of $4.8 million primarily attributable to the new distribution agreement with our dental distributor effective September 30, 2010, partially offset by an increase in compensation of $1.2 million, marketing programs and demonstration products of $603,000, amortization expense of $221,000 relating to license agreements, and legal expenses of $484,000. In addition, expenses related to our foreign operations increased $541,000 for the six months ended June 30, 2011 compared to the prior period, of which $273,000 is due to a 5.4% decrease in the value of the U.S. dollar versus the Euro, as compared to the prior year period. Research and Development Expenses. Research and development expenses decreased by $37,000, or 0.7%, to $4.9 million for the six months ended June 30, 2011 from $4.9 million for the six months ended June 30, 2010. As a percentage of revenues, research and development expenses decreased from 6.2% for the six months ended June 30, 2010 to 5.8% for the six months ended June 30, 2011. The decrease was primarily due to lower research supplies of $315,000 partially offset by higher studies expense of $252,000. In addition, increases in expenses of our foreign operations for the six months ended June 30, 2011 relating to a 5.4% decrease in the value of the U.S. dollar versus the Euro, as compared to the prior year period, were negligible. Net Other Expense. Net other expense was $139,000 for the six months ended June 30, 2011 compared to $196,000 for the six months ended June 30, 2010. Interest expense decreased for the six months ended June 30, 2011 to $112,000 from $307,000 for the six months ended June 30, 2010 due to a reduction on interest bearing long-term obligations. Interest income for the six months ended June 30, 2011 increased to $85,000 compared to $63,000 for the six months ended June 30, 2010 due to higher average balances of cash and cash equivalents. Foreign exchange loss was $112,000 for the six months ended June 30, 2011 compared to a foreign exchange gain of $48,000 for the six months ended June 30, 2010 due to changes in the value of the U.S. dollar versus the Euro and the timing of payments on foreign currency liabilities. Our long term obligations at June 30, 2011 decreased $2.0 million to $1.0 million from $3.0 million at December 31, 2010. The decrease in long term obligations was primarily due to our paying down $1.9 million of our term loans. At June 30, 2011, we have $15.0 million of borrowing capacity available under our revolving credit facilities.
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