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Forum List » Business News and Headlines SEC Filings, Earing Reports, Press Releases  
AspenBio Pharma Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: August 7, 2012 06:28PM
AspenBio Pharma Inc. (APPY) filed Quarterly Report for the period ended 2012-06-30. Highlight of Business Operations:Cost of sales for the six months ended June 30, 2012 totaled $200 which is $15,400 or a 99% decrease as compared to the 2011 period. As a percentage of sales, gross profit was 100% in the 2012 period as compared to gross profit of 90% in the 2011 period.Sales of the Company s antigen products for the three months ended June 30, 2012 totaled $27,000, which is a $28,000 or 51% decrease from the 2011 period. The decrease in sales is primarily attributable to the Company s strategic decision to suspend antigen production in 2010 and focus available scientific resources on the appendicitis and single-chain animal product developments. Net cash consumed by operating activities was $3,065,000 during the six months ended June 30, 2012. Cash was consumed by the loss of $4,248,000, less non-cash expenses of $451,000 for stock-based compensation and $269,000 for depreciation and amortization, impairment and other non-cash items. For the six months ended June 30, 2012, decreases in accounts receivable generated cash of $10,000. Decreases in prepaid and other current assets of $169,000 provided cash, primarily related to routine changes in operating activities. Cash used in operations included an $80,000 increase in accounts payable and accrued expenses in 2012 and cash provided by an increase of $204,000 in deferred revenue, upon the execution of an option agreement for the Company s animal health assets. Net cash consumed by operating activities was $4,347,000 during the six months ended June 30, 2011. Cash was consumed by the loss of $5,593,000, less non-cash expenses of $675,000 for stock-based compensation and $277,000 for depreciation, amortization and impairment charges. For the six months ended June 30, 2011, decreases in inventories and accounts receivable generated cash of $67,000. A decrease in prepaid and other current assets of $183,000 provided cash, primarily related to routine changes in operating activities. Cash was generated due to a $718,000 increase in accounts payable and accrued expenses in the six months ended June 30, 2011 and offset by a decrease of $675,000 in the deferred revenue, primarily due to the reclassification of the deferred revenue under the Novartis License Agreement. Net cash inflows from investing activities generated $1,770,000 during the six months ended June 30, 2011. Marketable securities investments acquired totaled approximately $313,000 and sales of marketable securities totaled approximately $2,293,000. A $210,000 use of cash was attributable to additional costs incurred from patent filings and equipment additions.
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