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Advansource Biomaterials Corp (ASNB) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, March 31, 2010

Advansource Biomaterials Corp

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CIK: 1011060 Ticker: ASNB

 
 
 

EXHIBIT 99.1
ADVANSOURCE BIOMATERIALS ANNOUNCES THIRD QUARTER RESULTS FOR FISCAL 2010


Wilmington, MA. February 17, 2010…AdvanSource Biomaterials Corporation (NYSE Amex: ASB), a leading developer of advanced polymer materials for a broad range of medical devices, today announced financial results for its fiscal 2010 third quarter ended December 31, 2009.
 
Total revenues for the three months ended December 31, 2009 were $668,000 as compared with $688,000 for the comparable prior year period, a decrease of $20,000, or 2.9%.  Total revenues for the nine months ended December 31, 2009 were $1,636,000 as compared with $2,551,000 for the comparable prior year period, a decrease of $915,000, or 35.9%.
 
Product sales of our biomaterials for the three months ended December 31, 2009 were $455,000 as compared with $131,000 for the comparable prior year period, an increase of $324,000, or 247.3%.  Product sales of our biomaterials for the nine months ended December 31, 2009 were $1,010,000 as compared with $853,000 for the comparable prior year period, an increase of $157,000, or 18.4%.  The increase in product sales for the three and nine month periods ended December 31, 2009 was primarily due to an increase in the demand for biomaterials from our existing customer base and the addition of new customers.
 
License, royalty and development fees for the three months ended December 31, 2009 were $213,000 as compared with $557,000 for the comparable prior year period, a decrease of $344,000 or 61.8%.  License, royalty and development fees for the nine months ended December 31, 2009 were $626,000 as compared with $1,698,000 for the comparable prior year period, a decrease of $1,072,000 or 63.1%.  The decrease in license, royalty and development fees during the three and nine month periods ended December 31, 2009 is primarily a result of an amendment to an agreement with a major customer from whom we derive a majority of our license, royalty and development fee revenue.  The amendment to this agreement resulted in the reduction of royalty fees paid to us per unit of sale of our customer’s product.
 
Gross profit on total revenues for the three months ended December 31, 2009 was $291,000, or 43.6% of total revenues, compared with $344,000, or 50.0% of total revenues, for the comparable prior year period.  Gross profit on total revenues for the nine months ended December 31, 2009 was $629,000, or 38.5% of total revenues, compared with $1,480,000, or 58.0% of total revenues, for the comparable prior year period.  The decrease in gross profit dollars and gross profit as a percentage of total revenues is primarily due to the decrease of license, royalty and development fees.
 
Gross profit on product sales for the three months ended December 31, 2009 was $78,000, or 17.1% of product sales, compared with a loss of ($213,000), or (162.6%) of product sales, for the comparable prior year period.  Gross profit on product sales for the nine months ended December 31, 2009 was $3,000, or less than 1.0% of product sales, compared with a loss of $218,000, or 25.6% of product sales, for the comparable prior year period.  The improvement in gross profit dollars on product sales and gross profit as a percentage of product revenues is attributable to improved efficiencies in the production process and the increased absorption of fixed overhead costs by the increased product sales.
 

 
 
The following information was filed by Advansource Biomaterials Corp (ASNB) on Thursday, February 18, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Advansource Biomaterials Corp provided additional information to their SEC Filing as exhibits

Exhibit 23.1: 100331_Asb_Form 10K_Ex 23.1
Exhibit 31.1: 100331_Asb_Form 10K_Ex 31.1
Exhibit 31.2: 100331_Asb_Form 10K_Ex 31.2
Exhibit 32.1: 100331_Asb_Form 10K_Ex 32.1
Exhibit 32.2: 100331_Asb_Form 10K_Ex 32.2
Ticker: ASNB
CIK: 1011060
Form Type: 10-K Annual Report
Accession Number: 0001068874-10-000041
Submitted to the SEC: Thu Jul 01 2010 5:19:12 PM EST
Accepted by the SEC: Thu Jul 01 2010
Period: Wednesday, March 31, 2010
Industry: Surgical And Medical Instruments And Apparatus

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