PURE Bioscience (PURE, Financial) filed Quarterly Report for the period ended 2010-10-31.
Pure Bioscience has a market cap of $93.2 million; its shares were traded at around $2.64 with and P/S ratio of 65.8. Pure Bioscience had an annual average earning growth of 4.7% over the past 5 years.
Our net loss after income and taxes increased by $309,800, from a net loss of $1,711,200, or $0.05 per share, for the three months ended October 31, 2009 to a net loss of $2,021,000, or $0.06 per share, for the First Quarter.
At October 31, 2010, we had cash and cash equivalents of $3,679,500, an increase of $1,486,900 from July 31, 2010. Net cash used in operations, and for investments in both intangible and fixed assets, was $1,265,200 in the First Quarter, $5,853,518 in Fiscal 2010, and $6,107,400 for the fiscal year ended July 31, 2009 (“Fiscal 2009”). At October 31, 2010, we had no short-term investments and no long-term debt. Total current assets at October 31, 2010 were $5,073,000, an increase of $1,649,200 from July 31, 2010.
During the First Quarter, cash used in investing activities was $40,200, consisting entirely of investments in patents. At October 31, 2010, the net book value of our capitalized patents was $1,867,622, and the net book value of our property, plant and equipment was $625,300. In the three month period ended October 31, 2009, cash used in investing activities was $96,700, consisting of investments in patents of $59,000 and purchases of property, plant and equipment of $37,700.
Also during the First Quarter, we received $259,100 from the exercise of warrants to purchase 123,365 shares of our common stock, at an average exercise price of $2.10, and we received $126,000 from the exercise of 225,000 common stock options, at an average exercise price of $0.56.
At October 31, 2010, we had total liabilities of $1,132,700, an increase of $533,500 from July 31, 2010. Included in current liabilities is $344,900 of deferred revenue related to amounts billed for product shipped where payment on agreed terms was not reasonably assured at the time of shipment. We recognized this amount, less our costs associated with the shipment, as deferred revenue on the consolidated balance sheets at October 31, 2010. Accounts payable and accrued liabilities also increased from July 31, 2010,by $192,500, due primarily to the timing of accounts payable and accrued salaries and wages.
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Pure Bioscience has a market cap of $93.2 million; its shares were traded at around $2.64 with and P/S ratio of 65.8. Pure Bioscience had an annual average earning growth of 4.7% over the past 5 years.
Highlight of Business Operations:
General and administrative expense increased by $47,600, from $1,184,600 in the three month period ended October 31, 2009, to $1,232,200 in the First Quarter, primarily due to increased payroll and associated costs. Research and development costs during the First Quarter of $501,700, including in-house costs, patent amortization, outside legal costs for maintaining approved patents, and product registration expenditures, increased by $43,800, or 10%, compared with the comparable prior year period. This increase was primarily due to increased salary and related costs, which were partially offset by reduced third party testing costs. We do not currently expect our research and development expense to grow significantly in future periods; however, if opportunities arise, particularly in the development and testing of new formulations, we will evaluate the need for additional research expenditures based on potential market sizes and our estimation of the likelihood of our technology achieving successful results.Our net loss after income and taxes increased by $309,800, from a net loss of $1,711,200, or $0.05 per share, for the three months ended October 31, 2009 to a net loss of $2,021,000, or $0.06 per share, for the First Quarter.
At October 31, 2010, we had cash and cash equivalents of $3,679,500, an increase of $1,486,900 from July 31, 2010. Net cash used in operations, and for investments in both intangible and fixed assets, was $1,265,200 in the First Quarter, $5,853,518 in Fiscal 2010, and $6,107,400 for the fiscal year ended July 31, 2009 (“Fiscal 2009”). At October 31, 2010, we had no short-term investments and no long-term debt. Total current assets at October 31, 2010 were $5,073,000, an increase of $1,649,200 from July 31, 2010.
During the First Quarter, cash used in investing activities was $40,200, consisting entirely of investments in patents. At October 31, 2010, the net book value of our capitalized patents was $1,867,622, and the net book value of our property, plant and equipment was $625,300. In the three month period ended October 31, 2009, cash used in investing activities was $96,700, consisting of investments in patents of $59,000 and purchases of property, plant and equipment of $37,700.
Also during the First Quarter, we received $259,100 from the exercise of warrants to purchase 123,365 shares of our common stock, at an average exercise price of $2.10, and we received $126,000 from the exercise of 225,000 common stock options, at an average exercise price of $0.56.
At October 31, 2010, we had total liabilities of $1,132,700, an increase of $533,500 from July 31, 2010. Included in current liabilities is $344,900 of deferred revenue related to amounts billed for product shipped where payment on agreed terms was not reasonably assured at the time of shipment. We recognized this amount, less our costs associated with the shipment, as deferred revenue on the consolidated balance sheets at October 31, 2010. Accounts payable and accrued liabilities also increased from July 31, 2010,by $192,500, due primarily to the timing of accounts payable and accrued salaries and wages.
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