Date: February 18, 2010
Time: 11:00 am Eastern time (8:00 am Pacific time)
Dial-In Number: 1-800-894-5910
International: 1-785-424-1052
Conference ID#: 7REMEDENT A simultaneous webcast and replay of the call will be accessible. 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. A telephone replay of the call will be available from 2:00 p.m. Eastern time on the same day until March 17, 2010.
Toll-free replay number: 1-800-723-0394
International replay number: 1-402-220-2649
(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 may differ materially because of such risks and uncertainties and the reported results should not be considered as an indication of future performance. 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
December 31,
2009 March 31,
(unaudited) 2009
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ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 1,386,231 $ 1,807,271
Accounts receivable, net of allowance
for doubtful accounts of $36,982
at December 31, 2009 and $33,966
at March 31, 2009 1,146,859 3,208,120
Inventories, net 2,415,977 1,937,946
Prepaid expenses 1,512,581 1,310,900
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Total current assets 6,461,648 8,264,237
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PROPERTY AND EQUIPMENT, NET 1,320,352 1,024,999
OTHER ASSETS
Long term investments and advances 750,000 750,000
Patents, net 200,304 163,106
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Total assets $ 8,732,304 $ 10,202,342
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LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion, long term debt $ 39,797 $ 78,798
Line of Credit 1,186,103 660,200
Accounts payable 2,204,277 1,398,420
Accrued liabilities 721,087 1,590,360
Income taxes payable 37,466 39,339
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Total current liabilities 4,188,730 3,767,117
Long term debt less current portion 303,173 100,542
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Total liabilities 4,491,903 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 December 31, 2009
and March 31, 2009) 19,996 19,996
Treasury stock, at cost; 723,000 shares
at September 30, 2009 and March 31, 2009 (831,450) (831,450)
Additional paid-in capital 24,578,643 24,106,055
Accumulated deficit (19,440,363) (17,216,028)
Accumulated other comprehensive (loss)
(foreign currency translation adjustment) (547,110) (640,595)
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Total Remedent, Inc. stockholders'
equity 3,779,716 5,437,978
Non-controlling interest 460,685 896,705
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Total stockholders' equity 4,240,401 6,334,683
------------- -------------
Total liabilities and equity $ 8,732,304 $ 10,202,342
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REMEDENT, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
For the three months ended
December 31,
2009 2008
------------- -------------
Net sales $ 1,834,021 $ 4,842,648
Cost of sales 972,247 2,909,531
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Gross profit 861,774 1,933,097
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Operating Expenses
Research and development 150,225 56,006
Sales and marketing 403,171 912,422
General and administrative 1,065,114 1,268,500
Depreciation and amortization 206,923 167,399
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TOTAL OPERATING EXPENSES 1,825,433 2,400,327
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INCOME (LOSS) FROM OPERATIONS (963,659) (467,230)
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OTHER INCOME (EXPENSES)
Warrants issued (8,350) --
Gain on disposition of OTC -- 2,830,953
Interest expense (56,915) (168,659)
Interest income 24,179 289,646
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TOTAL OTHER INCOME (EXPENSES) (41,086) 2,951,940
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NET LOSS (Income) (1,004,745) 2,484,710
LESS: NET LOSS ATTRIBUTABLE TO
NON-CONTROLLING INTEREST (168,624) --
------------- -------------
NET LOSS (Income) ATTRIBUTABLE
TO REMEDENT, INC. Common Stockholders $ (836,121) $ 2,484,710
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LOSS PER SHARE
Basic $ (0.04) $ 0.13
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Fully diluted $ (0.04) $ 0.08
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WEIGHTED AVERAGE SHARES OUTSTANDING
Basic 19,995,969 19,332,760
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Fully diluted 33,789,738 31,371,629
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Contact Information: Company Contact: Stephen Ross Chief Financial Officer Remedent, Inc. Tel 310-922-5685 docktor99@aol.com