-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MdvHe8YIDZd7ed4MyUhtG0Og+FQwBr1Z5DHMNHAFWkPfsROe3JPDJ2GIChqlluid oHFp0jCuecyHmbI8UYZKRA== 0000950162-00-000621.txt : 20000504 0000950162-00-000621.hdr.sgml : 20000504 ACCESSION NUMBER: 0000950162-00-000621 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20000430 FILED AS OF DATE: 20000503 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BIOVAIL CORPORATION INTERNATIONAL CENTRAL INDEX KEY: 0000885590 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: SEC FILE NUMBER: 001-14956 FILM NUMBER: 617704 BUSINESS ADDRESS: STREET 1: 2488 DUNWIN DR STREET 2: MISSISSIAUGA CITY: ONTARIO STATE: A6 BUSINESS PHONE: 4162856000 MAIL ADDRESS: STREET 1: 2488 DUNWIN DR STREET 2: MISSISSAUGA CITY: ONTARIO STATE: A6 6-K 1 FORM 6-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For the month of April, 2000 ------------------- 001-11145 (Commission File No.) BIOVAIL CORPORATION (Translation of registrant's name into English) 2488 Dunwin Drive, Mississauga, Ontario L5L 1J9, Canada (Address of principal executive offices and zip code) Registrant's Telephone Number, including area code: (416) 285-6000 Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. Form 20-F X Form 40-F --- --- Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes No X --- --- Exhibit 99(a) 2488 Dunwin Drive, Mississauga, Ontario, L5L 1J9, (416) 285-6000 CONTACT: Ken Howling Chief Financial Officer (416) 285-6000 FOR IMMEDIATE RELEASE: *BIOVAIL REPORTS RECORD 2000 FIRST QUARTER FINANCIAL RESULTS* TORONTO, Canada, April 27, 2000 - Biovail Corporation (NYSE, TSE:BVF) today reported record financial results under US GAAP for the period ended March 31, 2000. Revenue for the first quarter of 2000 increased 70% to $46.9 million, compared with $27.6 million reported for the first quarter of 1999. Operating income for the quarter increased to $14.2 million, a 32% improvement over the $10.8 million earned in the first quarter of 1999. Diluted earnings per share before extraordinary items increased 27% to $0.19 per share. The Company has historically reported its consolidated financial results in accordance with Canadian generally accepted accounting principles (GAAP). Beginning with the period ended March 31, 2000 the Company has begun to report its financial results in accordance with United States GAAP. Historical consolidated results have been restated to reflect this change. The decision to provide US GAAP financial results was driven by the Company's desire to make it easier for the majority of its shareholders to assess the Company's financial performance by using accounting rules that are more familiar to these shareholders. This presentation is also more consistent with the presentation of financial results of most of the Company's industry customers and competitors. Consolidated financial statements in accordance with Canadian GAAP (in US dollars) will be made available to all shareholders upon request and will be filed with the Canadian regulatory authorities. During the quarter, the Company repurchased all of its outstanding 10 7/8% Senior Notes at a premium resulting in an extraordinary charge of $20.0 million. Income before this extraordinary item for the three months ended March 31, 2000 was $13.1 million, or $0.19 per share on a diluted basis, an increase of 77% over income before extraordinary items of $7.4 million, or $0.15 per share on a diluted basis, in the comparable period of 1999. After deducting the extraordinary item, the net loss for the first quarter of 2000 was $6.9 million, or $0.10 per share on a diluted basis, compared to net income of $7.4 million, or $0.15 per share on a diluted basis, in 1999. Eugene Melnyk, Chairman of the Board, commented, "Biovail's 70% increase in total revenues is primarily due to the launch of several new products including generic versions of Voltaren XR and Adalat CC 30 mg and the first commercial launch of a product utilizing Biovail's flash dose technology. The success of Biovail's recent offerings allowed the Company to retire its 10 7/8% Senior Notes and leaves the Company well positioned to capitalize on strategic opportunities." -2- Biovail Corporation is an international full-service pharmaceutical company, engaged in the formulation, clinical testing, registration and manufacture of drug products utilizing advanced drug delivery technologies. "Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995. To the extent any statements made in this release contain information that is not historical, these statements are essentially forward looking and are subject to risks and uncertainties, including the difficulty of predicting FDA and TPD approvals, acceptance and demand for new pharmaceutical products, the impact of competitive products and pricing, new product development and launch, reliance on key strategic alliances, availability of raw materials, the regulatory environment, fluctuations in operating results and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission. BIOVAIL CORPORATION CONSOLIDATED BALANCE SHEETS In Accordance with United States Generally Accepted Accounting Principles (All dollar amounts are expressed in thousands of U.S. dollars) (Unaudited)
March 31, December 31, 2000 1999 ---- ---- ASSETS CURRENT Cash and cash equivalents $ 475,670 $ 178,086 Short-term investments 19,547 65,893 Accounts receivable 75,577 60,571 Inventories 18,130 12,701 Assets held for disposal -- 20,000 Deposits and prepaid expenses 1,984 3,172 ----------- ----------- 590,908 340,423 LONG-TERM INVESTMENTS 3,190 12 PROPERTY, PLANT AND EQUIPMENT, net 47,193 45,300 OTHER ASSETS, net 89,878 86,478 ----------- ----------- $ 731,169 $ 472,213 =========== =========== LIABILITIES CURRENT Accounts payable $ 26,521 $ 22,685 Accrued liabilities 26,813 31,107 Income taxes payable 3,412 3,585 Customer prepayments 4,473 4,962 Deferred tax liability 336 336 Current portion of long-term debt 1,318 12,016 ----------- ----------- 62,873 74,691 DEFERRED TAX LIABILITY 4,614 4,698 CONVERTIBLE SUBORDINATED PREFERRED EQUIVALENT DEBENTURES 300,000 -- LONG-TERM DEBT -- 125,488 ----------- ----------- 367,487 204,877 ----------- ----------- SHAREHOLDERS' EQUITY Share capital 475,470 373,962 Warrants 8,244 8,244 Warrant subscription receivable (1,005) (2,287) Deficit (120,741) (113,843) Accumulated other comprehensive income 1,714 1,260 ----------- ----------- 363,682 267,336 ----------- ----------- $ 731,169 $ 472,213 =========== ===========
BIOVAIL CORPORATION CONSOLIDATED STATEMENTS OF INCOME (LOSS) In Accordance with United States Generally Accepted Accounting Principles (All dollar amounts except per share data are expressed in thousands of U.S. dollars) (Unaudited)
Three Months Ended March 31, --------- 2000 1999 ---- ---- REVENUE Product sales $ 33,631 $ 12,562 Research and development 10,501 6,077 Royalty and licensing 2,728 8,952 ----------- ----------- 46,860 27,591 ----------- ----------- EXPENSES Cost of goods sold 11,035 5,039 Research and development 11,766 5,324 Selling, general and administrative 9,839 6,468 ----------- ----------- 32,640 16,831 ----------- ----------- OPERATING INCOME 14,220 10,760 INTEREST EXPENSE, net (266) (2,792) ----------- ----------- INCOME BEFORE INCOME TAXES 13,954 7,968 PROVISION FOR INCOME TAXES 813 533 ----------- ----------- INCOME BEFORE EXTRAORDINARY ITEM 13,141 7,435 EXTRAORDINARY ITEM - Premium paid on early extinguishment of U.S. Dollar Senior Notes (20,039) -- ----------- ----------- NET INCOME (LOSS) $ (6,898) $ 7,435 =========== =========== EARNINGS (LOSS) PER SHARE - Basic Income before extraordinary item $ 0.21 $ 0.15 Extraordinary item (0.32) -- ----------- ----------- Net income (loss) ($0.11) $ 0.15 =========== =========== EARNINGS (LOSS) PER SHARE - Diluted Income before extraordinary item $ 0.19 $ 0.15 Extraordinary item (0.29) -- ----------- ----------- Net income (loss) $ (0.10) $ 0.15 =========== =========== WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING Basic 62,792,000 49,207,000 =========== =========== Diluted 70,261,000 50,388,000 =========== ===========
BIOVAIL CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS In Accordance with United States Generally Accepted Accounting Principles (All dollar amounts are expressed in thousands of U.S. dollars) (Unaudited)
Three Months Ended March 31, --------- 2000 1999 ---- ---- NET INFLOW (OUTFLOW) OF CASH RELATED TO THE FOLLOWING ACTIVITIES OPERATING Net income (loss) $ (6,898) $ 7,435 Depreciation and amortization 5,540 1,489 Deferred income tax provision (84) -- Extraordinary item - Premium paid on early extinguishment of U.S. Dollar Senior Notes 20,039 -- Compensation cost for employee stock options -- 281 ------------ ------------ 18,597 9,205 Change in non-cash operating items (20,609) 7,152 ------------ ------------ (2,012) 16,357 ------------ ------------ INVESTING Additions to property, plant and equipment, net (3,929) (1,611) Sale of short-term investments, net 46,346 -- Acquisition of long-term investments (2,285) -- Proceeds from assets held for disposal 17,000 -- Decrease in other assets 261 -- Advance of executive stock purchase plan loans -- (52) ------------ ------------ 57,393 (1,663) ------------ ------------ FINANCING Issuance of share capital 102,298 1,424 Repurchase of share capital -- (14,933) Issuance of convertible subordinated preferred equivalent debentures, net of financing costs 290,312 -- Repurchase of U.S. Dollar Senior Notes (141,017) -- Reduction in other long-term debt (10,651) (300) Collection of warrant subscription receivable 1,282 640 ------------ ------------ 242,224 (13,169) ------------ ------------ EFFECT OF EXCHANGE RATE CHANGES ON CASH (21) (548) ------------ ------------ INCREASE IN CASH AND CASH EQUIVALENTS 297,584 977 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 178,086 78,279 ------------ ------------ CASH AND CASH EQUIVALENTS, END OF PERIOD $ 475,670 $ 79,256 ============ ============
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. BIOVAIL CORPORATION By /s/ John R. Miszuk ------------------ Name: John R. Miszuk Title: Vice President, Controller DATE: May 2, 2000 -----END PRIVACY-ENHANCED MESSAGE-----