Over-the-counter products provider BMP Sunstone Corp. (BJGP) Monday reported a narrower first quarter loss, as revenues surged from a year ago, helped by increased demand for manufactured and licensed products. On an adjusted basis, the company reported a profit from a loss last year.
For the first quarter, net loss for BMP Sunstone was $1.99 million or $0.05 per share, compared to a net loss of $2.80 million or $0.08 per share in the prior-year quarter.
Results for the quarter include a net non-cash loss of approximately $2.9 million, reflecting a loss on the early extinguishments of debt, partially offset by a gain on the embedded derivative value on convertible notes. First quarter financial results also include non-cash items related to the company's convertible notes.
On a non-GAAP basis, net profit of BMP Sunstone was $2.96 million or $0.07 per share, compared to a loss of $0.11 million or $0.00 per share in the year-earlier quarter.
Revenues for the quarter surged to $39.26 million from $18.09 million in the same quarter a year ago, reflecting increased demand for manufactured and licensed products, including $24.5 million of revenue from Sunstone, acquired in February of 2008.
Gross margin was 52.6%, compared to a gross margin of 42.7% recorded in the corresponding quarter a year ago.
Operating income was $3.2 million, compared to $1.4 million in the first quarter of 2008, reflecting continued cost control and cost synergies.
Total operating expenses increased to $16.11 million from $8.07 million in the comparable quarter last year.
For the fiscal year 2009, the company said it still expects revenue to increase at least 35% year over year to reach $150 to $160 million.
BJGP closed Monday's regular trading at $4.80, up $0.23 or 5.03%, on a volume of 0.13 million shares. In after-hours, the stock further gained $0.10 or 2.08%, to trade at $4.90.
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