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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) September 25, 1998
APPLIED ANALYTICAL INDUSTRIES, INC.
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(Exact Name of Registrant as Specified in its Charter)
Delaware 0-21185 04-2687849
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(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
5051 New Centre Drive
Wilmington, North Carolina 28403
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(Address of Principal Executive Offices)
(Zip Code)
(910) 392-1606
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(Registrant's Telephone Number, Including Area Code)
Not Applicable
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(Former name or address, if changed from last report)
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Item 5. Other Events.
On September 25, 1998, Applied Analytical Industries, Inc. (the
"Company") issued a press release (the "Release") announcing the Company's
estimates of revenues and net income for certain future periods. The Release is
filed as Exhibit 99.1 hereto and is incorporated by reference herein.
The Company does not undertake to update any of the estimates set
forth in the Release, which information constitutes only the Company's current
estimates with respect to revenues and net income for the periods identified in
the Release. Information in the Release may contain certain "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. These statements involve
risks and uncertainties that could cause actual results to differ materially,
including without limitation, the following: the ability of acquired businesses
to be integrated with AAI's operations; the Company's dependence on continued
strict government regulation of the drug development process; the Company's
dependence on research and development expenditures and production-related
compliance testing expenditures by the pharmaceutical and biotechnology
industries (and the consequent risk that a general economic decline in these
industries or any reduction in the outsourcing of research, development and
testing activities within these industries could adversely affect the Company's
business); fluctuation in the Company's quarterly results due to a number of
factors, including without limitation, the commencement, completion or
cancellation of large contracts, progress of ongoing contracts, achieving
expected levels of licensing and royalty revenues, potential acquisitions, the
timing of start-up expenses for new facilities and changes in the mix of
services; the ability to acquire and maintain large client contracts; the
ability to hire and retain qualified employees; the reliance on certain key
executive officers; and other items that may cause the actual results to differ
materially, which may be discussed in the Company's recent Form 10-K and Form
10-Q, its registration statement on Form S-3, and other filings with the
Securities and Exchange Commission.
Item 7. Financial Statements and Exhibits.
(a) Financial Statements
Not applicable.
(b) Pro Forma Financial Information
Not applicable.
(c) Exhibits
Exhibit 99.1 -- Press release dated September 25, 1998
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: September 25, 1998
APPLIED ANALYTICAL INDUSTRIES, INC.
By: /s/ Eugene T. Haley
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Eugene T. Haley
Vice President and Chief Financial Officer
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EXHIBIT INDEX
Exhibit No. Exhibit
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Exhibit 99.1 Press release dated September 25, 1998
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Exhibit 99.1
FOR IMMEDIATE RELEASE
September 25, 1998
Contact: Pamela S. Dietze
Investor Relations Coordinator
Applied Analytical Industries, Inc.
(910) 392-1606
AAI Estimates Revenues and Income
WILMINGTON, NC -- Applied Analytical Industries, Inc. (NASDAQ: AAII) announced
that it currently estimates revenues and net income per share for the third
quarter of 1998 to be approximately $20 million and $.09, respectively, which
are in-line with analysts' estimates. In addition, the company announced that,
based upon the continuation of current trends, it currently estimates that for
1998 revenues and net income per share will be approximately $80 million and
$.35, respectively, and for 1999, revenues will be approximately $100 million
and net income should be in line with current analysts' estimates.
"We are pleased with our growth quarter by quarter this year, both in terms of
revenues and earnings," said Dr. Frederick Sancilio, CEO of AAI. "The company's
core businesses remain strong. We continue to expect that our investments in new
products will begin to achieve substantial returns in 1999 and thereafter."
AAI is a leading contract research and development organization (CRO), providing
pharmaceutical product development and support services to the worldwide
pharmaceutical and biotechnology industries. The company offers seamless
outsourcing as well as an integrated broad spectrum of pharmaceutical services,
both clinical and non-clinical. Additionally, AAI leverages drug development
expertise to generate licensing and royalty revenues by licensing internally
developed drugs and drug technologies to pharmaceutical client companies
worldwide.
Information in the press release may contain certain "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. These statements involve
risks and uncertainties that could cause actual results to differ materially,
including without limitation, the following: the ability of acquired businesses
to be integrated with AAI's operations; the company's dependence on continued
strict government regulation of the drug development process; the company's
dependence on research and development expenditures and production-related
compliance testing expenditures by the pharmaceutical and biotechnology
industries (and the consequent risk that a general economic decline in these
industries or any reduction in the outsourcing of research, development and
testing activities within these industries could adversely affect the company's
business); fluctuation in the company's quarterly results due to a number of
factors, including without limitation, the commencement, completion or
cancellation of large contracts, progress of ongoing contracts, achieving
expected levels of licensing and royalty revenues, potential acquisitions, the
timing of start-up expenses for new facilities and changes in the mix of
services; the ability to acquire and maintain large client contracts; the
ability to hire and retain qualified employees; the reliance on certain key
executive officers; and other items that may cause the actual results to differ
materially, which may be discussed in the company's recent Form 10-K and Form
10-Q, its registration statement on Form S-3, and other filings with the
Securities and Exchange Commission.
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