Exhibit 99.1
FOR IMMEDIATE RELEASE
Contact:
Investor Relations: Tony Schor/Paul Arndt | Media Relations: Will Anderson | |
Investor Awareness, Inc. | Obidicut LLC | |
847-945-2222 | 503-452-7621 | |
info@investorawareness.com | will@obidicut.net |
OXIS INTERNATIONAL THIRD QUARTER RESULTS SHOW
GROWTH IN RESEARCH ASSAYS REVENUES
PORTLAND, Oregon November 19, 2003 OXIS International, Inc. (OTCBB: OXIS) (Noveau Marché: OXIS) today announced a 23 percent increase in revenues for the quarter ended September 30, 2003, as compared to the same quarter in 2002. This contributed to a net loss of $144,000, or $0.01 per share for the third of 2003, down from $298,000, or $0.03 per share for the same period in 2002. The company cited an increase in sales from its Health Products Division involving the Companys oxidative stress assays as the primary reason for the increased revenues.
Total revenues for the third quarter of 2003 were $560,000, as compared to $426,000 for the third quarter of 2002. Total revenues for the first nine months of 2003 were $1,770,000, as compared to $1,575,000 for the first nine months of 2002. The company reported an increase in gross profit of $305,000 for the quarter, as compared $185,000 in gross profit reported for the same period in 2002. For the first nine months, gross profit was $837,000, up from $659,000 reported for the first nine months of 2002.
Operating expenses dropped from $481,000 in the third quarter of 2002 to $445,000 for the third quarter of 2003. Operating expenses for the first nine months of 2003 were $1,406,000, as compared to $1,369,000 for the first nine months in 2002.
The Companys oxidative stress assays continue to drive our growth in revenue, stated Ray R. Rogers, president and CEO of OXIS. Two studies published in the October 23rd issue of the New England Journal of Medicine have focused more attention among the research community on the use of oxidative stress assays to predict the potential for cardiovascular disease in humans. In addition, our oxidative stress screening tests for the profiling of cattles susceptibility to disease continue to move forward in trials at major commercial feedlots.
OXIS International, headquartered in Portland, Oregon, focuses on developing technologies and products to research, diagnose, treat and prevent diseases associated with damage from free radical and reactive oxygen species diseases of oxidative stress. The company holds the rights to three therapeutic classes of compounds in the area of oxidative stress and, through its Health Products division, develops, manufactures and markets products and technologies to diagnose and treat diseases caused by oxidative stress.
Statements in this release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including, without limitation, any statements regarding beliefs, plans, estimates, projections, expectations, goals or intentions regarding the future. Forward-looking statements in this release include statements regarding the Companys oxidative stress assays continuing to drive the companys growth in revenues, the use of oxidative stress assays to predict the potential for cardiovascular disease in humans and the companys oxidative stress screening tests for the profiling of cattles susceptibility to disease continuing to move forward in trials at major commercial feedlots. Factors that could cause actual results to differ materially from the forward-looking statements include risks and uncertainties such as unforeseen difficulties related to the companys oxidative stress and other diagnostic products; decreases in the rate of spending by the companys customers; results from further studies or tests concerning the correlation of GPx to the likelihood of a cardiovascular events; the development by the companys competitors of new competing products; and other risks indicated in the companys filings with the Securities and Exchange Commission. It is important to note that actual outcomes could differ materially from those in such forward-looking statements. Readers should also refer to the documents filed by the company with the Securities and Exchange Commission, specifically the annual report on Form 10-KSB for the year ended December 31, 2002, filed with the Securities and Exchange Commission on March 31, 2003 and the companys quarterly reports on Form 10-Q filed thereafter.
OXIS INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands of dollars, except earnings per share data)
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
2003 |
2002 |
2003 |
2002 |
|||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||
Revenues |
$ | 560 | $ | 426 | $ | 1,770 | $ | 1,575 | ||||||||
Cost of revenue |
255 | 241 | 933 | 916 | ||||||||||||
Gross profit |
305 | 185 | 837 | 659 | ||||||||||||
Operating expenses: |
||||||||||||||||
Research and development |
86 | 154 | 262 | 350 | ||||||||||||
Selling, general and administrative |
359 | 327 | 1,144 | 1,019 | ||||||||||||
Total operating expenses |
445 | 481 | 1,406 | 1,369 | ||||||||||||
Operating loss |
(140 | ) | (296 | ) | (569 | ) | (710 | ) | ||||||||
Other income and expenses: |
||||||||||||||||
Other income |
| | 8 | 62 | ||||||||||||
Interest income |
| 2 | 1 | 6 | ||||||||||||
Interest expense |
(4 | ) | (4 | ) | (11 | ) | (15 | ) | ||||||||
Total other income and expenses |
(4 | ) | (2 | ) | (2 | ) | 53 | |||||||||
Loss before income taxes |
(144 | ) | (298 | ) | (571 | ) | (657 | ) | ||||||||
Income taxes |
| | | | ||||||||||||
Net loss |
(144 | ) | (298 | ) | (571 | ) | (657 | ) | ||||||||
Other comprehensive income (loss) |
||||||||||||||||
Foreign currency translation adjustment |
(45 | ) | (8 | ) | 23 | (14 | ) | |||||||||
Comprehensive loss |
$ | (189 | ) | $ | (306 | ) | $ | (548 | ) | $ | (671 | ) | ||||
Net loss per share basic and diluted |
$ | (.01 | ) | $ | (.03 | ) | $ | (.04 | ) | $ | (.07 | ) | ||||
Weighted average number of shares used in computation basic and diluted |
25,941,132 | 9,795,841 | 15,465,095 | 9,741,378 | ||||||||||||
CONSOLIDATED BALANCE SHEET INFORMATION
(In thousands of dollars)
9/30/03 |
12/31/03 | |||||
Current assets |
$ | 1,024 | $ | 1,051 | ||
Total assets |
1,938 | 1,985 | ||||
Current liabilities |
1,035 | 767 | ||||
Total equity |
903 | 1,218 |
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