Time: 9:00 a.m. Eastern time (6:00 a.m. Pacific time)
Dial-In Number: 1-800-862-9098
International: 1-785-424-1051
Conference ID#: 7REMEDENT A simultaneous webcast and replay of the call will be accessible via this link: http://viavid.net/dce.aspx?sid=000068A3. Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization and ask you to wait until the call begins. If you have any difficulty connecting with the conference call, please contact the Liolios Group at 1-949-574-3860. A telephone replay of the call will be available from 12:00 p.m. Eastern time on the same day until September 14, 2009. Toll-free replay number: 1-800-727-6189
International replay number: 1-402-220-2671
(No passcode required) About Remedent Remedent, Inc. specializes in the research, development, manufacturing and marketing of oral care and cosmetic dentistry products. The company serves professional dental industry with breakthrough technology for dental veneers, bridges and crowns that are recognized worldwide for their technological superiority and ease-of-application. These products are supported by a line of professional veneer whitening and teeth sensitivity solutions. Headquartered in Belgium, Remedent distributes its products to more than 35 countries worldwide. For more information, go to www.remedent.com. Statement under the Private Securities Litigation Reform Act of 1995 Statements in this press release that are "forward-looking statements" are based on current expectations and assumptions that are subject to risks and uncertainties. Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause Remedent's actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as "believes," "belief," "expects," "expect," "intends," "intend," "anticipate," "anticipates," "plans," "plan," "projects," "project," to be uncertain and forward-looking. Actual results could differ materially because of factors such as Remedent's ability to achieve the synergies and value creation contemplated by our distribution and licensing agreements. For further information regarding risks and uncertainties associated with Remedent's business, please refer to the risk factors described in Remedent's filings with the Securities and Exchange Commission, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q.
REMEDENT, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
June 30, March 31,
2009 2009
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ASSETS (unaudited)
CURRENT ASSETS:
Cash and cash equivalents $ 1,598,294 $ 1,807,271
Accounts receivable, net of allowance for
doubtful accounts of $36,188 at June 30, 2009
and $33,966 at March 31, 2009 3,373,343 3,208,120
Inventories, net 2,056,141 1,937,946
Prepaid expense 1,321,700 1,310,900
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Total current assets 8,349,478 8,264,237
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PROPERTY AND EQUIPMENT, NET 1,001,394 1,024,999
OTHER ASSETS
Long term investments and advances 750,000 750,000
Patents, net 75,092 163,106
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Total assets $ 10,175,964 $ 10,202,342
============ ============
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
CURRENT LIABILITIES:
Current portion, long term debt $ 59,414 $ 78,798
Line of Credit 1,477,140 660,200
Accounts payable 1,508,368 1,398,420
Accrued liabilities 987,286 1,590,360
Income taxes payable 37,107 39,339
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Total current liabilities 4,069,315 3,767,117
Long term debt less current portion 100,542 100,542
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Total liabilities 4,169,857 3,867,659
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EQUITY:
REMEDENT, INC. STOCKHOLDERS’ EQUITY
Preferred Stock $0.001 par value (10,000,000
shares authorized, none issued and
outstanding) -- --
Common stock, $0.001 par value; (50,000,000
shares authorized, 19,995,969 shares issued
and outstanding at June 30, 2009 and March
31, 2009) 19,996 19,996
Treasury stock, at cost;
723,000 at June 30, 2009 and March 31,
2009 (831,450) (831,450)
Additional paid-in capital 24,207,505 24,106,055
Accumulated deficit (17,765,460) (17,216,028)
Accumulated other comprehensive income (loss)
(foreign currency translation adjustment) (583,027) (640,595)
------------ ------------
Total Remedent, Inc. stockholders’ equity 5,047,564 5,437,978
Non-controlling interest 958,543 896,705
------------ ------------
Total stockholders’ equity 6,006,107 6,334,683
------------ ------------
Total liabilities and equity $ 10,175,964 $ 10,202,342
============ ============
REMEDENT, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
For the three months ended
June 30,
2009 2008
----------- -----------
Net sales $ 2,160,803 $ 3,635,479
Cost of sales 1,096,007 1,269,424
----------- -----------
Gross profit 1,064,796 2,366,055
----------- -----------
Operating Expenses
Research and development 26,598 124,948
Sales and marketing 350,935 671,299
General and administrative 1,042,764 1,130,313
Depreciation and amortization 173,444 91,261
----------- -----------
TOTAL OPERATING EXPENSES 1,593,741 2,017,831
----------- -----------
INCOME (LOSS) FROM OPERATIONS (528,945) 348,224
----------- -----------
OTHER INCOME (EXPENSES)
Interest expense (24,647) (35,343)
Other income 65,998 17,621
----------- -----------
TOTAL OTHER INCOME (EXPENSES) 41,351 (17,723)
----------- -----------
NET (LOSS) INCOME (487,594) 330,501
LESS: NET INCOME ATTRIBUTABLE TO THE
NON-CONTROLLING INTEREST 61,838 --
----------- -----------
NET (LOSS) INCOME ATTRIBUTABLE TO
REMEDENT, INC. Common Stockholders $ (549,432) $ 330,501
=========== ===========
INCOME (LOSS) PER SHARE
Basic $ (0.03) $ 0.02
=========== ===========
Fully diluted $ (0.03) $ 0.01
=========== ===========
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic 19,995,969 18,637,803
=========== ===========
Fully diluted 32,702,274 27,000,995
=========== ===========
NET (LOSS) INCOME $ (487,594) $ 330,501
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment 57,568 27,592
----------- -----------
TOTAL OTHER COMPREHENSIVE (LOSS) INCOME (491,864) 358,093
LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO
NON-CONTROLLING INTEREST 42,248 --
=========== ===========
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO
REMEDENT INC., Common Stockholders $ (534,112) $ 358,093
=========== ===========
Contact Information: Company Contacts: Stephen Ross Chief Financial Officer Remedent, Inc. Tel 310-922-5685 Investor Relations: Scott Liolios Ron Both Managing Director Liolios Group, Inc. Tel 949-574-3860