Date: Wednesday, July 1, 2009 Time: 11:00 a.m. Eastern time (8:00 a.m. Pacific time) Dial-In Number: 1-800-894-5910 International: 1-785-424-1052 Conference ID#: 7REMEDENTA simultaneous webcast and replay of the call will be accessible via this link: http://viavid.net/dce.aspx?sid=0000666B. 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 2:00 p.m. Eastern time on the same day until August 1, 2009:
Toll-free replay number: 1-800-695-0395 International replay number: 1-402-220-1388 (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 the proposed transaction. 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
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
Three months ended Year ended
March 31, March 31,
2009 2008 2009 2008
------------ ------------ ------------ ------------
Net sales $ 3,390,355 $ 3,028,362 $ 14,639,541 $ 7,482,261
Cost of sales 1,650,315 1,352,271 6,614,723 3,975,777
------------ ------------ ------------ ------------
Gross profit 1,740,040 1,676,091 8,024,818 3,506,484
Operating Expenses
Research and
development 24,273 85,293 248,652 332,958
Sales and
marketing 370,042 889,452 2,793,970 1,886,389
General and
administrative 1,639,656 1,165,842 5,312,192 4,057,007
Depreciation and
amortization 173,903 85,319 615,674 301,260
------------ ------------ ------------ ------------
TOTAL
OPERATING
EXPENSES 2,207,874 2,225,906 8,970,488 6,577,614
------------ ------------ ------------ ------------
OPERATING LOSS (467,834) (549,815) (945,670) (3,071,130)
NON-OPERATING
(EXPENSE) INCOME
Warrants issued
pursuant to
Distribution
Agreement - - (4,323,207) -
Gain on
disposition of
OTC - - 2,830,953 -
IMDS provision (300,000) - (300,000) -
Interest
expense/other
deductions (166,972) (66,366) (417,147) (138,168)
Interest
income/other
income 1,884 20,367 348,997 -
Other income - - - 121,032
------------ ------------ ------------ ------------
TOTAL OTHER
INCOME
(EXPENSES) (465,088) (45,999) (1,860,404) (17,136)
------------ ------------ ------------ ------------
LOSS FROM
CONTINUING
OPERATIONS BEFORE
INCOME TAXES AND
MINORITY INTEREST (932,922) (595,814) (2,806,074) (3,088,266)
Income tax expense (32,633) (27,247) (32,633) (27,247)
------------ ------------ ------------ ------------
NET LOSS FROM
CONTINUING
OPERATIONS BEFORE
MINORITY INTEREST (965,555) (623,061) (2,838,707) (3,115,513)
MINORITY INTEREST (114,208) - (114,208) -
------------ ------------ ------------ ------------
NET LOSS FROM
CONTINUING
OPERATIONS $ (1,079,763) $ (623,061) $ (2,952,915) $ (3,115,513)
============ ============ ============ ============
LOSS PER SHARE
Basic and fully
diluted $ (0.05) $ (0.03) $ (0.15) $ (0.17)
============ ============ ============ ============
WEIGHTED AVERAGE
SHARES OUTSTANDING
Basic and fully
diluted 19,995,969 17,823,012 19,559,653 17,823,012
============ ============ ============ ============
OTHER COMPREHENSIVE
INCOME (LOSS):
Foreign currency
translation
adjustment (259,045) 50,608 (668,245) 60,953
------------ ------------ ------------ ------------
Comprehensive
income (loss) $ (1,338,808) $ (572,453) $ (3,621,160) $ (3,054,560)
============ ============ ============ ============
Comprehensive loss
per share $ (0.07) $ (0.03) $ (0.19) $ (0.17)
============ ============ ============ ============
REMEDENT, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
March 31, 2009 March 31, 2008
-------------- --------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 1,807,271 $ 1,728,281
Accounts receivable, net of allowance
for doubtful accounts of $33,966 at
March 31, 2009 and $32,181 at March 31,
2008 3,208,120 1,902,920
Inventories, net 1,937,946 1,360,709
Prepaid expense 1,310,900 970,173
-------------- --------------
Total current assets 8,264,237 5,962,083
-------------- --------------
PROPERTY AND EQUIPMENT, NET 1,024,999 692,609
OTHER ASSETS
Long term investments and advances 750,000 675,000
Patents, net 163,106 115,827
-------------- --------------
Total assets $ 10,202,342 $ 7,445,519
============== ==============
LIABILITIES AND STOCKHOLDERS’ EQUITY
(DEFICIT)
CURRENT LIABILITIES:
Current portion, long term debt $ 78,798 $ 58,583
Line of Credit 660,200 779,718
Accounts payable 1,398,420 2,002,439
Accrued liabilities 1,590,360 781,737
Income taxes payable 39,339 15,121
-------------- --------------
Total current liabilities 3,767,117 3,637,598
Long term debt less current portion 100,542 94,754
Minority interest 896,705 --
Total liabilities 4,764,364 3,732,352
-------------- --------------
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 March 31, 2009 and
18,637,803 shares issued and
outstanding at March 31, 2008) 19,996 18,638
Treasury stock, at cost; 723,000 and 0
shares at March 31, 2009 and March 31,
2008 respectively (831,450) --
--------------
Additional paid-in capital 24,106,055 17,929,992
Accumulated deficit (17,216,028) (14,263,113)
Accumulated other comprehensive income
(loss) (foreign currency translation
adjustment) (640,595) 27,650
-------------- --------------
Total stockholders’ equity 5,437,978 3,713,167
-------------- --------------
Total liabilities and stockholders’
equity $ 10,202,342 $ 7,445,519
============== ==============
Contact Information: Company Contacts: Stephen Ross Chief Financial Officer Remedent, Inc. Tel 310-922-5685 Investor Relations: Ron Both Scott Liolios Managing Director Liolios Group, Inc. Tel (949) 574-3860